Ready Capital’s (RC) Neutral Rating Reaffirmed at Wedbush

Wedbush reiterated their neutral rating on shares of Ready Capital (NYSE:RC) in a research note published on Tuesday,RTT News reports. Wedbush currently has a $6.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $8.00.

RC has been the subject of several other reports. UBS Group lowered their price target on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a report on Friday, November 15th. B. Riley reaffirmed a “neutral” rating and issued a $10.00 target price (down previously from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Keefe, Bruyette & Woods cut their price target on Ready Capital from $6.75 to $6.25 and set an “underperform” rating on the stock in a research note on Tuesday, January 14th. Citizens Jmp downgraded Ready Capital from an “outperform” rating to a “market perform” rating in a research note on Monday. Finally, JMP Securities cut their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $8.18.

Ready Capital Price Performance

Shares of RC stock opened at $4.95 on Tuesday. The business has a fifty day simple moving average of $6.78 and a 200 day simple moving average of $7.25. The company has a market cap of $833.39 million, a P/E ratio of -7.06 and a beta of 1.43. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. Ready Capital has a twelve month low of $4.74 and a twelve month high of $9.53.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 10.11%. The ex-dividend date is Monday, March 31st. Ready Capital’s dividend payout ratio is presently -142.86%.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors have recently modified their holdings of the company. Shorepoint Capital Partners LLC lifted its holdings in Ready Capital by 2.4% in the fourth quarter. Shorepoint Capital Partners LLC now owns 64,500 shares of the real estate investment trust’s stock valued at $440,000 after buying an additional 1,500 shares during the period. Dorsey & Whitney Trust CO LLC raised its position in shares of Ready Capital by 3.6% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 44,038 shares of the real estate investment trust’s stock worth $300,000 after acquiring an additional 1,543 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Ready Capital by 18.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,193 shares of the real estate investment trust’s stock valued at $104,000 after purchasing an additional 2,328 shares during the period. HighTower Advisors LLC lifted its stake in shares of Ready Capital by 3.9% in the 4th quarter. HighTower Advisors LLC now owns 76,803 shares of the real estate investment trust’s stock valued at $524,000 after purchasing an additional 2,917 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in shares of Ready Capital by 4.0% during the 3rd quarter. Louisiana State Employees Retirement System now owns 81,300 shares of the real estate investment trust’s stock valued at $620,000 after purchasing an additional 3,100 shares in the last quarter. 55.87% of the stock is owned by institutional investors.

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.