Ready Capital Corp (NYSE:RC) Receives $2.62 Consensus PT from Brokerages

Shares of Ready Capital Corp (NYSE:RC) have been assigned a consensus rating of “Reduce” from the six brokerages that are covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $2.6250.

Several equities research analysts have recently issued reports on the stock. Zacks Research cut shares of Ready Capital from a “hold” rating to a “strong sell” rating in a research report on Monday, July 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Ready Capital in a research report on Tuesday, June 2nd. Finally, UBS Group cut their target price on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th.

Ready Capital Price Performance

Shares of Ready Capital stock opened at $1.46 on Friday. The company has a market capitalization of $240.40 million, a price-to-earnings ratio of -0.46 and a beta of 1.43. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.95. The stock’s 50-day simple moving average is $1.68 and its 200-day simple moving average is $1.80. Ready Capital has a 52 week low of $1.44 and a 52 week high of $4.53.

Ready Capital (NYSE:RC) last issued its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.18). Ready Capital had a negative net margin of 102.10% and a negative return on equity of 14.69%. The business had revenue of $130.55 million for the quarter, compared to the consensus estimate of $68.67 million. As a group, analysts expect that Ready Capital will post -0.94 earnings per share for the current fiscal year.

Ready Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, June 30th. Ready Capital’s payout ratio is -1.26%.

Hedge Funds Weigh In On Ready Capital

Several institutional investors have recently added to or reduced their stakes in RC. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ready Capital during the 1st quarter worth approximately $89,000. United Services Automobile Association purchased a new position in shares of Ready Capital in the first quarter valued at $59,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Ready Capital by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 442,432 shares of the real estate investment trust’s stock valued at $2,252,000 after purchasing an additional 9,892 shares in the last quarter. Focus Partners Wealth increased its position in Ready Capital by 13.1% in the first quarter. Focus Partners Wealth now owns 263,820 shares of the real estate investment trust’s stock worth $1,343,000 after purchasing an additional 30,477 shares during the last quarter. Finally, Intech Investment Management LLC increased its position in Ready Capital by 13.1% in the first quarter. Intech Investment Management LLC now owns 230,177 shares of the real estate investment trust’s stock worth $1,172,000 after purchasing an additional 26,607 shares during the last quarter. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Company Profile

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.