Brokerages Set Ready Capital Co. (NYSE:RC) Target Price at $9.38

Ready Capital Co. (NYSE:RC) has received an average recommendation of “Hold” from the eight ratings firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $9.38.

Several brokerages have recently commented on RC. Keefe, Bruyette & Woods decreased their target price on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a report on Monday, August 12th. BTIG Research began coverage on shares of Ready Capital in a research report on Friday, July 19th. They set a “neutral” rating for the company. Wedbush reiterated a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. Finally, Piper Sandler dropped their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th.

Ready Capital Price Performance

Shares of NYSE:RC opened at $7.94 on Thursday. The firm has a market capitalization of $1.33 billion, a PE ratio of 4.93 and a beta of 1.42. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average is $8.53 and its 200-day moving average is $8.57. Ready Capital has a 1-year low of $7.52 and a 1-year high of $11.67.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.19). Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. The company had revenue of $234.12 million during the quarter, compared to the consensus estimate of $61.77 million. During the same quarter in the prior year, the company posted $0.35 earnings per share. Sell-side analysts predict that Ready Capital will post 1.02 earnings per share for the current year.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 12.59%. Ready Capital’s dividend payout ratio (DPR) is presently 62.11%.

Institutional Trading of Ready Capital

Large investors have recently added to or reduced their stakes in the company. Waterfall Asset Management LLC bought a new stake in Ready Capital in the 4th quarter valued at $40,067,000. Vanguard Group Inc. increased its holdings in Ready Capital by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after purchasing an additional 735,949 shares during the period. TrueMark Investments LLC bought a new position in shares of Ready Capital during the second quarter worth about $3,082,000. Van ECK Associates Corp raised its holdings in Ready Capital by 29.4% during the 2nd quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after purchasing an additional 304,750 shares during the last quarter. Finally, Clear Harbor Asset Management LLC raised its stake in Ready Capital by 63.1% during the second quarter. Clear Harbor Asset Management LLC now owns 782,785 shares of the real estate investment trust’s stock worth $6,403,000 after buying an additional 302,930 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

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.