Ready Capital’s (RC) “Neutral” Rating Reiterated at Wedbush

Wedbush reissued their neutral rating on shares of Ready Capital (NYSE:RC) in a research report report published on Monday morning, Benzinga reports. The brokerage currently has a $9.00 target price on the real estate investment trust’s stock. Wedbush also issued estimates for Ready Capital’s Q3 2024 earnings at $0.24 EPS, Q4 2024 earnings at $0.28 EPS, FY2024 earnings at $1.00 EPS and FY2025 earnings at $1.20 EPS.

Several other research firms also recently commented on RC. LADENBURG THALM/SH SH downgraded Ready Capital from a buy rating to a neutral rating in a research note on Friday, May 10th. BTIG Research assumed coverage on Ready Capital in a report on Friday, July 19th. They set a neutral rating for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $10.04.

Ready Capital Price Performance

Shares of NYSE RC opened at $8.41 on Monday. The company has a current ratio of 1.69, a quick ratio of 1.76 and a debt-to-equity ratio of 0.52. The stock has a market cap of $1.41 billion, a P/E ratio of 5.22 and a beta of 1.43. The stock has a 50 day moving average of $8.69 and a two-hundred day moving average of $8.75. Ready Capital has a twelve month low of $7.93 and a twelve month high of $11.67.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). The business had revenue of $234.12 million during the quarter, compared to analysts’ expectations of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same quarter last year, the company earned $0.35 EPS. On average, research analysts forecast that Ready Capital will post 1.05 earnings per share for the current year.

Ready Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, June 28th were paid a $0.30 dividend. The ex-dividend date was Friday, June 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 14.28%. Ready Capital’s dividend payout ratio (DPR) is presently 74.53%.

Insider Buying and Selling

In other Ready Capital news, Director Gilbert E. Nathan bought 10,000 shares of Ready Capital stock in a transaction on Friday, May 24th. The stock was bought at an average price of $8.29 per share, with a total value of $82,900.00. Following the completion of the acquisition, the director now owns 95,249 shares in the company, valued at $789,614.21. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.09% of the stock is currently owned by corporate insiders.

Institutional Trading of Ready Capital

Several hedge funds and other institutional investors have recently made changes to their positions in RC. CWM LLC grew its position in Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 1,634 shares during the period. EdgeRock Capital LLC acquired a new stake in shares of Ready Capital in the 4th quarter worth approximately $36,000. EntryPoint Capital LLC purchased a new position in Ready Capital in the 1st quarter valued at approximately $40,000. MCF Advisors LLC acquired a new position in Ready Capital during the first quarter worth $42,000. Finally, Xponance Inc. purchased a new stake in Ready Capital during the second quarter worth $84,000. 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.