Brokerages Set Ready Capital Co. (NYSE:RC) Target Price at $10.93

Ready Capital Co. (NYSE:RC) has been assigned an average rating of “Hold” from the six research firms that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $10.93.

Several research firms recently issued reports on RC. BTIG Research dropped their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, April 17th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $8.00 price target (down previously from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. StockNews.com downgraded shares of Ready Capital from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. UBS Group dropped their price target on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research note on Wednesday, March 20th. Finally, B. Riley reaffirmed a “buy” rating and set a $12.00 price target (down previously from $13.00) on shares of Ready Capital in a research note on Monday, March 4th.

Insider Buying and Selling at Ready Capital

In other news, Director Gilbert E. Nathan bought 10,000 shares of Ready Capital stock in a transaction on Thursday, March 14th. The stock was purchased at an average cost of $8.65 per share, with a total value of $86,500.00. Following the purchase, the director now directly owns 83,099 shares of the company’s stock, valued at approximately $718,806.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Gilbert E. Nathan purchased 10,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were bought at an average cost of $8.65 per share, for a total transaction of $86,500.00. Following the transaction, the director now owns 83,099 shares of the company’s stock, valued at $718,806.35. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kevin M. Luebbers purchased 5,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average price of $8.43 per share, for a total transaction of $42,150.00. Following the completion of the transaction, the director now directly owns 119,925 shares in the company, valued at approximately $1,010,967.75. The disclosure for this purchase can be found here. Insiders bought 17,150 shares of company stock valued at $148,280 in the last ninety days. Company insiders own 0.95% of the company’s stock.

Institutional Trading of Ready Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Illinois Municipal Retirement Fund acquired a new stake in shares of Ready Capital during the third quarter valued at approximately $950,000. Mariner LLC grew its position in Ready Capital by 2.2% during the third quarter. Mariner LLC now owns 779,864 shares of the real estate investment trust’s stock valued at $7,884,000 after purchasing an additional 16,532 shares in the last quarter. Penserra Capital Management LLC grew its position in Ready Capital by 14.4% during the third quarter. Penserra Capital Management LLC now owns 43,761 shares of the real estate investment trust’s stock valued at $442,000 after purchasing an additional 5,512 shares in the last quarter. Integrated Advisors Network LLC purchased a new position in Ready Capital during the third quarter valued at approximately $124,000. Finally, Wellington Management Group LLP purchased a new position in Ready Capital during the third quarter valued at approximately $4,069,000. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Stock Performance

Shares of RC stock opened at $8.82 on Monday. The company’s fifty day simple moving average is $8.82 and its 200-day simple moving average is $9.60. Ready Capital has a 52 week low of $8.25 and a 52 week high of $11.97. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.44. The company has a market cap of $1.52 billion, a PE ratio of 3.77 and a beta of 1.40.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 13.61%. The ex-dividend date of this dividend is Wednesday, March 27th. Ready Capital’s payout ratio is 51.28%.

About Ready Capital

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.