Brokerages Set Ready Capital Co. (NYSE:RC) Target Price at $7.04

Ready Capital Co. (NYSE:RC) has received a consensus recommendation of “Hold” from the nine research firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $7.04.

Several research analysts have recently weighed in on RC shares. B. Riley reissued a “neutral” rating and set a $10.00 price objective (down from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Citizens Jmp lowered shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research note on Monday, March 3rd. Keefe, Bruyette & Woods dropped their price target on Ready Capital from $6.25 to $4.00 and set an “underperform” rating on the stock in a research note on Wednesday, March 5th. Wedbush reiterated a “neutral” rating and set a $6.00 price objective (down previously from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. Finally, UBS Group dropped their target price on Ready Capital from $5.00 to $4.75 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th.

Insider Buying and Selling at Ready Capital

In related news, CEO Thomas E. Capasse bought 10,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $4.80 per share, with a total value of $48,000.00. Following the completion of the acquisition, the chief executive officer now owns 319,925 shares of the company’s stock, valued at $1,535,640. This represents a 3.23 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.09% of the company’s stock.

Institutional Trading of Ready Capital

Institutional investors and hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in Ready Capital by 21.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock valued at $15,458,000 after buying an additional 398,005 shares in the last quarter. Barclays PLC raised its position in shares of Ready Capital by 205.9% during the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock valued at $3,699,000 after buying an additional 326,467 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Ready Capital by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust’s stock valued at $77,522,000 after acquiring an additional 768,891 shares during the last quarter. GraniteShares Advisors LLC purchased a new position in Ready Capital in the fourth quarter worth about $2,480,000. Finally, JPMorgan Chase & Co. increased its stake in Ready Capital by 50.5% during the third quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust’s stock worth $2,570,000 after acquiring an additional 112,934 shares during the last quarter. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Price Performance

NYSE RC opened at $4.37 on Friday. Ready Capital has a one year low of $4.16 and a one year high of $9.54. The stock has a 50-day moving average of $4.80 and a 200 day moving average of $6.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. The company has a market capitalization of $752.03 million, a price-to-earnings ratio of -6.24 and a beta of 1.45.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Monday, March 31st were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 11.45%. The ex-dividend date of this dividend was Monday, March 31st. Ready Capital’s dividend payout ratio (DPR) is -18.94%.

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.