Ready Capital Corp (NYSE:RC) Receives $3.55 Average Target Price from Brokerages

by · The Cerbat Gem

Shares of Ready Capital Corp (NYSE:RC – Get Free Report) have earned a consensus recommendation of “Reduce” from the eight analysts that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $3.55.

Several research firms recently issued reports on RC. Keefe, Bruyette & Woods decreased their price target on Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a report on Wednesday, November 12th. Piper Sandler reduced their target price on shares of Ready Capital from $3.50 to $2.50 and set a “neutral” rating on the stock in a research note on Monday, December 22nd. Zacks Research upgraded shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “sell (d)” rating on shares of Ready Capital in a report on Wednesday, October 8th. Finally, UBS Group reduced their price objective on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a research note on Friday, November 14th.

Read Our Latest Report on RC

Ready Capital Stock Performance

RC stock opened at $2.17 on Wednesday. The company has a 50 day moving average price of $2.45 and a 200 day moving average price of $3.48. Ready Capital has a fifty-two week low of $1.97 and a fifty-two week high of $7.14. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a market capitalization of $351.01 million, a PE ratio of -1.13 and a beta of 1.46.

Ready Capital (NYSE:RC – Get Free Report) last announced its quarterly earnings data on Tuesday, September 9th. The real estate investment trust reported ($0.10) EPS for the quarter. The firm had revenue of ($9.77) million during the quarter. Ready Capital had a negative net margin of 47.30% and a negative return on equity of 7.02%. Analysts forecast that Ready Capital will post 0.93 EPS for the current year.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Wednesday, December 31st. Ready Capital’s dividend payout ratio (DPR) is currently -2.09%.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RC. Invesco Ltd. boosted its holdings in Ready Capital by 21.2% during the third quarter. Invesco Ltd. now owns 4,239,678 shares of the real estate investment trust’s stock worth $16,408,000 after buying an additional 742,226 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Ready Capital by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 4,023,581 shares of the real estate investment trust’s stock valued at $17,585,000 after acquiring an additional 58,899 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Ready Capital by 7.5% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,069,769 shares of the real estate investment trust’s stock worth $8,010,000 after acquiring an additional 145,002 shares during the last quarter. Private Management Group Inc. boosted its stake in Ready Capital by 0.6% during the 2nd quarter. Private Management Group Inc. now owns 1,626,817 shares of the real estate investment trust’s stock worth $7,109,000 after acquiring an additional 8,924 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Ready Capital during the second quarter valued at approximately $6,542,000. Institutional investors own 55.87% of the company’s stock.

Ready Capital Company Profile

(Get Free Report)

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.

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