Ready Capital Co. (NYSE:RC) Receives $9.38 Consensus Target Price from Brokerages

Ready Capital Co. (NYSE:RC) has been given a consensus recommendation of “Hold” by the eight research firms that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $9.38.

A number of research firms recently issued reports on RC. Piper Sandler reduced their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Keefe, Bruyette & Woods decreased their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. BTIG Research started coverage on Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating for the company. Finally, Wedbush reaffirmed a “neutral” rating and set a $9.00 price target on shares of Ready Capital in a research note on Monday, August 12th.

Ready Capital Stock Down 3.4 %

Ready Capital stock opened at $7.69 on Thursday. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 4.78 and a beta of 1.42. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The stock has a 50 day moving average of $8.47 and a two-hundred day moving average of $8.56. Ready Capital has a twelve month low of $7.52 and a twelve month high of $11.67.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.19). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The business had revenue of $234.12 million during the quarter, compared to analysts’ expectations of $61.77 million. During the same quarter in the previous year, the company posted $0.35 EPS. As a group, research analysts expect that Ready Capital will post 1.02 earnings per share for the current year.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 13.00%. The ex-dividend date is Monday, September 30th. Ready Capital’s dividend payout ratio (DPR) is presently 74.53%.

Institutional Investors Weigh In On Ready Capital

Several large investors have recently made changes to their positions in RC. Victory Capital Management Inc. increased its holdings in Ready Capital by 11.5% in the 4th quarter. Victory Capital Management Inc. now owns 60,266 shares of the real estate investment trust’s stock valued at $618,000 after purchasing an additional 6,211 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Ready Capital by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock valued at $13,328,000 after buying an additional 30,730 shares during the period. BNP Paribas Financial Markets lifted its position in Ready Capital by 48.6% during the 4th quarter. BNP Paribas Financial Markets now owns 104,649 shares of the real estate investment trust’s stock worth $1,073,000 after acquiring an additional 34,223 shares in the last quarter. Jump Financial LLC boosted its holdings in Ready Capital by 106.7% in the 4th quarter. Jump Financial LLC now owns 22,516 shares of the real estate investment trust’s stock worth $231,000 after acquiring an additional 11,625 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its position in Ready Capital by 19.5% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 13,801 shares of the real estate investment trust’s stock valued at $141,000 after acquiring an additional 2,248 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.