Ready Capital (NYSE:RC) Price Target Cut to $4.00 by Analysts at B. Riley

Ready Capital (NYSE:RC) had its target price trimmed by B. Riley from $6.00 to $4.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

A number of other research analysts also recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on Ready Capital from $3.75 to $4.25 and gave the company an “underperform” rating in a report on Thursday, July 10th. UBS Group lowered their target price on Ready Capital from $4.75 to $4.50 and set a “neutral” rating on the stock in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Ready Capital presently has a consensus rating of “Hold” and an average target price of $5.96.

Ready Capital Trading Up 1.8%

Shares of NYSE:RC opened at $3.91 on Monday. Ready Capital has a 1 year low of $3.77 and a 1 year high of $8.64. The stock’s fifty day moving average price is $4.37 and its 200-day moving average price is $4.90. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.61 and a quick ratio of 1.78. The company has a market cap of $642.53 million, a P/E ratio of -2.11 and a beta of 1.47.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.13). Ready Capital had a negative net margin of 40.59% and a positive return on equity of 3.76%. The firm had revenue of ($9.77) million during the quarter, compared to the consensus estimate of $167.26 million. Sell-side analysts expect that Ready Capital will post 0.93 earnings per share for the current year.

Ready Capital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 30th were given a $0.125 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.50 dividend on an annualized basis and a yield of 12.8%. Ready Capital’s dividend payout ratio is presently -27.03%.

Institutional Trading of Ready Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of RC. JPMorgan Chase & Co. increased its position in Ready Capital by 82.7% in the fourth quarter. JPMorgan Chase & Co. now owns 615,431 shares of the real estate investment trust’s stock worth $4,197,000 after buying an additional 278,658 shares in the last quarter. Invesco Ltd. grew its position in shares of Ready Capital by 6.8% during the fourth quarter. Invesco Ltd. now owns 3,116,019 shares of the real estate investment trust’s stock worth $21,251,000 after purchasing an additional 197,770 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Ready Capital during the fourth quarter worth about $1,839,000. Sterling Capital Management LLC grew its position in shares of Ready Capital by 822.8% during the fourth quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 4,616 shares in the last quarter. Finally, Townsquare Capital LLC grew its position in shares of Ready Capital by 18.8% during the fourth quarter. Townsquare Capital LLC now owns 86,627 shares of the real estate investment trust’s stock worth $591,000 after purchasing an additional 13,704 shares in the last quarter. Hedge funds and other institutional investors 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.