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

Shares of Ready Capital Corp (NYSE:RC) have been given a consensus recommendation of “Reduce” by the six brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $2.8125.

RC has been the topic of a number of research analyst reports. Piper Sandler cut their target price on Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research report on Monday, March 2nd. Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a research report on Thursday, January 22nd.

Ready Capital Stock Up 0.9%

Shares of NYSE RC opened at $1.74 on Tuesday. The firm has a market cap of $286.66 million, a price-to-earnings ratio of -0.55 and a beta of 1.47. The company has a quick ratio of 1.48, a current ratio of 1.60 and a debt-to-equity ratio of 0.95. Ready Capital has a 52-week low of $1.50 and a 52-week high of $4.75. The business’s 50 day moving average is $1.75 and its two-hundred day moving average is $2.11.

Ready Capital (NYSE:RC) last announced its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.18). The firm had revenue of $130.55 million during the quarter, compared to analysts’ expectations of $68.67 million. Ready Capital had a negative net margin of 102.10% and a negative return on equity of 14.69%. Research analysts predict that Ready Capital will post -1.24 EPS for the current year.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st were paid a $0.01 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.04 annualized dividend and a dividend yield of 2.3%. Ready Capital’s payout ratio is -1.26%.

Insider Activity at Ready Capital

In other Ready Capital news, Director Gilbert E. Nathan purchased 30,000 shares of the company’s stock in a transaction on Friday, March 6th. The stock was acquired at an average price of $1.95 per share, for a total transaction of $58,500.00. Following the completion of the purchase, the director directly owned 216,358 shares in the company, valued at approximately $421,898.10. The trade was a 16.10% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ready Capital

Several institutional investors have recently modified their holdings of RC. Quantum Portfolio Management LLC acquired a new position in shares of Ready Capital in the first quarter worth $84,956,000. Private Management Group Inc. grew its stake in shares of Ready Capital by 197.0% in the fourth quarter. Private Management Group Inc. now owns 4,806,088 shares of the real estate investment trust’s stock worth $10,477,000 after acquiring an additional 3,188,135 shares in the last quarter. UBS Group AG grew its stake in shares of Ready Capital by 161.4% in the fourth quarter. UBS Group AG now owns 3,155,403 shares of the real estate investment trust’s stock worth $6,879,000 after acquiring an additional 1,948,208 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Ready Capital in the second quarter worth $6,542,000. Finally, Invesco Ltd. grew its stake in shares of Ready Capital by 21.2% in the third quarter. Invesco Ltd. now owns 4,239,678 shares of the real estate investment trust’s stock worth $16,408,000 after acquiring an additional 742,226 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 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.