Brokerages Set Ready Capital Co. (NYSE:RC) Price Target at $9.38

Shares of Ready Capital Co. (NYSE:RC) have earned a consensus rating of “Hold” from the eight brokerages that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $9.38.

A number of research analysts recently weighed in on RC shares. Keefe, Bruyette & Woods cut their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. BTIG Research initiated coverage on shares of Ready Capital in a research report on Friday, July 19th. They issued a “neutral” rating on the stock. Wedbush reaffirmed a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a report on Monday, August 12th. Finally, Piper Sandler dropped their target price on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th.

Ready Capital Stock Performance

Shares of RC opened at $7.36 on Monday. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 4.57 and a beta of 1.41. The company’s fifty day moving average is $7.96 and its 200-day moving average is $8.40. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. Ready Capital has a 12 month low of $7.00 and a 12 month high of $11.67.

Ready Capital (NYSE:RC) last posted its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The business had revenue of $234.12 million for the quarter, compared to analyst estimates of $61.77 million. During the same period in the previous year, the company earned $0.35 earnings per share. Equities analysts expect that Ready Capital will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 13.59%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s dividend payout ratio (DPR) is presently 62.11%.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors have recently added to or reduced their stakes in RC. Virtu Financial LLC acquired a new stake in Ready Capital during the fourth quarter worth $327,000. Centaurus Financial Inc. acquired a new stake in shares of Ready Capital during the 4th quarter valued at about $111,000. Wellington Management Group LLP boosted its position in shares of Ready Capital by 6.6% during the 4th quarter. Wellington Management Group LLP now owns 428,999 shares of the real estate investment trust’s stock valued at $4,397,000 after acquiring an additional 26,515 shares in the last quarter. Vanguard Group Inc. increased its stake 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 period. Finally, MJP Associates Inc. ADV raised its position in Ready Capital by 28.2% in the first quarter. MJP Associates Inc. ADV now owns 37,614 shares of the real estate investment trust’s stock worth $343,000 after purchasing an additional 8,285 shares in the last quarter. 55.87% of the stock is owned by institutional investors and hedge funds.

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.