UBS Group Lowers Ready Capital (NYSE:RC) Price Target to $7.50

Ready Capital (NYSE:RC) had its price target lowered by UBS Group from $8.50 to $7.50 in a research note published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

A number of other analysts have also issued reports on the company. Keefe, Bruyette & Woods reduced their target price on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. Piper Sandler reduced their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Wedbush restated a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a report on Monday, August 12th. Finally, BTIG Research initiated coverage on Ready Capital in a report on Friday, July 19th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Ready Capital currently has an average rating of “Hold” and an average price target of $9.04.

Ready Capital Price Performance

Shares of NYSE:RC opened at $7.19 on Friday. Ready Capital has a one year low of $6.65 and a one year high of $11.67. The stock has a fifty day moving average of $7.34 and a 200-day moving average of $8.14. The company has a market capitalization of $1.21 billion, a PE ratio of -10.27 and a beta of 1.42. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 13.91%. The ex-dividend date was Monday, September 30th. Ready Capital’s payout ratio is -142.86%.

Hedge Funds Weigh In On Ready Capital

Hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC increased its position in Ready Capital by 131.0% during the first quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock worth $1,539,000 after buying an additional 95,562 shares during the last quarter. Clear Harbor Asset Management LLC increased its position in Ready Capital by 84.0% during the third quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after buying an additional 657,465 shares during the last quarter. Wolverine Asset Management LLC increased its position in Ready Capital by 2,902.2% during the third quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after buying an additional 388,891 shares during the last quarter. Spire Wealth Management grew its position in shares of Ready Capital by 1,115.6% in the second quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock valued at $1,376,000 after purchasing an additional 154,419 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Ready Capital by 6.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 98,156 shares of the real estate investment trust’s stock valued at $897,000 after purchasing an additional 5,874 shares during 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.