Ready Capital Corp (NYSE:RC) Receives $2.81 Consensus Target Price from Analysts

Shares of Ready Capital Corp (NYSE:RC) have earned a consensus rating of “Reduce” from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $2.8125.

Several equities research analysts recently weighed in on RC shares. Weiss Ratings restated a “sell (d)” rating on shares of Ready Capital in a research note on Thursday, January 22nd. Piper Sandler decreased their target price on Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Monday, March 2nd.

Insiders Place Their Bets

In other news, Director Gilbert E. Nathan acquired 30,000 shares of Ready Capital stock in a transaction on Friday, March 6th. The stock was bought at an average price of $1.95 per share, for a total transaction of $58,500.00. Following the completion of the purchase, the director owned 216,358 shares in the company, valued at $421,898.10. This represents a 16.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Ready Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC purchased a new stake in Ready Capital in the fourth quarter valued at approximately $27,000. Eurizon Capital SGR S.p.A. purchased a new stake in Ready Capital in the fourth quarter valued at approximately $28,000. Austin Wealth Management LLC purchased a new stake in Ready Capital in the fourth quarter valued at approximately $29,000. Green Ridge Wealth Planning LLC purchased a new stake in Ready Capital in the fourth quarter valued at approximately $32,000. Finally, Huntington National Bank lifted its stake in Ready Capital by 234.6% in the third quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 6,134 shares during the last quarter. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Price Performance

RC stock opened at $1.85 on Friday. The business has a 50 day moving average price of $1.72 and a 200 day moving average price of $2.29. The stock has a market cap of $300.51 million, a price-to-earnings ratio of -1.26 and a beta of 1.45. Ready Capital has a fifty-two week low of $1.50 and a fifty-two week high of $4.75. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.90.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, February 26th. The real estate investment trust reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.02. The firm had revenue of $207.55 million during the quarter, compared to analysts’ expectations of $133.50 million. Ready Capital had a negative return on equity of 10.29% and a negative net margin of 39.55%. Equities research analysts anticipate that Ready Capital will post 0.93 earnings per share for the current fiscal year.

Ready Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.01 per share. The ex-dividend date is Tuesday, March 31st. This represents a $0.04 annualized dividend and a yield of 2.2%. Ready Capital’s payout ratio is presently -2.72%.

About Ready Capital

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.