Ready Capital Corp (NYSE:RC) Receives $2.81 Average PT from Analysts

Ready Capital Corp (NYSE:RC) has been assigned a consensus recommendation of “Reduce” from the six ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $2.8125.

Several research firms have commented on RC. Piper Sandler lowered their price target on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a research note on Thursday, January 22nd.

Insider Activity

In other news, Director Gilbert E. Nathan bought 30,000 shares of the stock in a transaction dated Friday, March 6th. The shares were acquired at an average cost of $1.95 per share, with a total value of $58,500.00. Following the purchase, the director directly owned 216,358 shares in the company, valued at $421,898.10. The trade was a 16.10% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. CW Advisors LLC raised its position in shares of Ready Capital by 11.6% during the 2nd quarter. CW Advisors LLC now owns 27,590 shares of the real estate investment trust’s stock worth $121,000 after purchasing an additional 2,878 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Ready Capital by 3.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,372 shares of the real estate investment trust’s stock valued at $369,000 after buying an additional 2,905 shares during the period. Cerity Partners LLC grew its stake in shares of Ready Capital by 29.0% in the 2nd quarter. Cerity Partners LLC now owns 15,220 shares of the real estate investment trust’s stock valued at $67,000 after buying an additional 3,419 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its position in shares of Ready Capital by 15.1% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 35,060 shares of the real estate investment trust’s stock worth $136,000 after purchasing an additional 4,600 shares during the period. Finally, Huntington National Bank boosted its position in shares of Ready Capital by 234.6% during the 3rd quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 6,134 shares during the period. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Price Performance

NYSE:RC opened at $1.83 on Friday. Ready Capital has a one year low of $1.50 and a one year high of $4.75. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.48 and a current ratio of 1.48. The firm has a market cap of $297.26 million, a price-to-earnings ratio of -1.24 and a beta of 1.45. The firm’s fifty day moving average is $1.73 and its two-hundred day moving average is $2.26.

Ready Capital (NYSE:RC) last posted its quarterly earnings results on Thursday, February 26th. The real estate investment trust reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.02. Ready Capital had a negative net margin of 39.55% and a negative return on equity of 10.29%. The company had revenue of $207.55 million for the quarter, compared to analyst estimates of $133.50 million. Research analysts expect that Ready Capital will post -0.47 EPS for the current year.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, March 31st. Ready Capital’s dividend payout ratio is presently -2.72%.

About Ready Capital

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.