Ready Capital (NYSE:RC) Shares Gap Down to $8.39

Ready Capital Co. (NYSE:RC) gapped down prior to trading on Friday . The stock had previously closed at $8.39, but opened at $8.18. Ready Capital shares last traded at $8.16, with a volume of 175,396 shares changing hands.

Analysts Set New Price Targets

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

Ready Capital Stock Up 1.1 %

The business’s fifty day simple moving average is $8.49 and its two-hundred day simple moving average is $9.09. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.76 and a quick ratio of 1.76. The company has a market cap of $1.38 billion, a PE ratio of 5.08 and a beta of 1.42.

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, topping the consensus estimate of $0.28 by $0.01. Ready Capital had a return on equity of 8.11% and a net margin of 23.81%. The business had revenue of $232.35 million during the quarter, compared to the consensus estimate of $64.34 million. During the same period in the prior year, the company posted $0.31 EPS. On average, analysts predict that Ready Capital Co. will post 1.17 earnings per share for the current year.

Ready Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, June 28th. This represents a $1.20 annualized dividend and a yield of 14.67%. Ready Capital’s dividend payout ratio (DPR) is currently 74.53%.

Insider Activity

In other Ready Capital news, Director Gilbert E. Nathan bought 10,000 shares of the stock in a transaction on Friday, May 24th. The shares were bought at an average price of $8.29 per share, with a total value of $82,900.00. Following the purchase, the director now directly owns 95,249 shares in the company, valued at approximately $789,614.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.09% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RC. Waterfall Asset Management LLC acquired a new position in Ready Capital in the 4th quarter valued at about $40,067,000. Vanguard Group Inc. lifted its holdings in Ready Capital by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after acquiring an additional 735,949 shares during the last quarter. Wellington Management Group LLP purchased a new position in Ready Capital in the third quarter worth approximately $4,069,000. Norden Group LLC increased its stake in Ready Capital by 773.1% during the first quarter. Norden Group LLC now owns 128,163 shares of the real estate investment trust’s stock worth $1,170,000 after acquiring an additional 113,484 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in Ready Capital by 11.9% in the fourth quarter. Van ECK Associates Corp now owns 1,013,596 shares of the real estate investment trust’s stock valued at $10,389,000 after purchasing an additional 107,501 shares during the period. 55.87% of the stock is currently owned by institutional investors and hedge funds.

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.