Ready Capital Co. (NYSE:RC) Receives Consensus Recommendation of “Hold” from Analysts

Ready Capital Co. (NYSE:RC) has been given an average rating of “Hold” by the eight brokerages that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $9.38.

Several brokerages have recently commented on RC. Piper Sandler decreased their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday. Keefe, Bruyette & Woods lowered their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. Wedbush restated a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a report on Monday, August 12th. Finally, BTIG Research started coverage on shares of Ready Capital in a research note on Friday, July 19th. They issued a “neutral” rating for the company.

Institutional Trading of Ready Capital

A number of institutional investors and hedge funds have recently made changes to their positions in RC. HB Wealth Management LLC increased its stake in shares of Ready Capital by 3.4% during the second quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust’s stock worth $272,000 after purchasing an additional 1,101 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Ready Capital by 2.2% in the second quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust’s stock valued at $521,000 after acquiring an additional 1,375 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in shares of Ready Capital by 12.6% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 12,970 shares of the real estate investment trust’s stock worth $118,000 after purchasing an additional 1,455 shares during the period. CWM LLC increased its position in shares of Ready Capital by 94.6% in the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 1,634 shares in the last quarter. Finally, Texas Permanent School Fund Corp raised its position in Ready Capital by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 138,085 shares of the real estate investment trust’s stock valued at $1,261,000 after purchasing an additional 1,718 shares during the period. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

Ready Capital Trading Up 0.9 %

NYSE:RC opened at $8.05 on Thursday. The firm has a 50-day simple moving average of $8.58 and a 200-day simple moving average of $8.58. Ready Capital has a one year low of $7.52 and a one year high of $11.67. The firm has a market cap of $1.35 billion, a P/E ratio of 5.00 and a beta of 1.42. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.69 and a current ratio of 1.69.

Ready Capital (NYSE:RC) last announced its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. The company had revenue of $234.12 million during the quarter, compared to analysts’ expectations of $61.77 million. During the same quarter in the prior year, the business posted $0.35 earnings per share. Equities analysts anticipate that Ready Capital will post 1.02 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 12.42%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s payout ratio is currently 74.53%.

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.