Ready Capital Co. (NYSE:RC) Declares $0.30 Quarterly Dividend

Ready Capital Co. (NYSE:RC) declared a quarterly dividend on Monday, June 17th, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be given a dividend of 0.30 per share by the real estate investment trust on Wednesday, July 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 14.04%. The ex-dividend date of this dividend is Friday, June 28th.

Ready Capital has increased its dividend by an average of 61.0% annually over the last three years. Ready Capital has a payout ratio of 93.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Ready Capital to earn $1.31 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 91.6%.

Ready Capital Price Performance

RC opened at $8.55 on Tuesday. The firm has a market capitalization of $1.44 billion, a PE ratio of 5.31 and a beta of 1.42. The business’s 50-day moving average is $8.50 and its two-hundred day moving average is $9.21. Ready Capital has a 1 year low of $7.93 and a 1 year high of $11.97. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.76 and a quick ratio of 1.76.

Ready Capital (NYSE:RC) last announced its earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.01. Ready Capital had a net margin of 23.81% and a return on equity of 8.11%. The company had revenue of $232.35 million during the quarter, compared to the consensus estimate of $64.34 million. During the same period last year, the firm earned $0.31 earnings per share. Research analysts anticipate that Ready Capital will post 1.17 earnings per share for the current fiscal year.

Insider Activity at Ready Capital

In related news, Director Gilbert E. Nathan purchased 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average price of $8.29 per share, with a total value of $82,900.00. Following the acquisition, the director now owns 95,249 shares in the company, valued at $789,614.21. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.95% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. UBS Group cut their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a report on Wednesday, March 20th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $8.00 price target (down previously from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. LADENBURG THALM/SH SH lowered Ready Capital from a “buy” rating to a “neutral” rating in a report on Friday, May 10th. StockNews.com downgraded Ready Capital from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Finally, B. Riley reiterated a “buy” rating and issued a $12.00 price target (down previously from $13.00) on shares of Ready Capital in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $10.93.

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.