Ready Capital Corp (NYSE:RC) Receives $2.17 Average Price Target from Brokerages

Ready Capital Corp (NYSE:RC) has been assigned an average rating of “Reduce” from the five ratings firms that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation and three have issued a hold recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $2.1667.

RC has been the subject of several recent research reports. UBS Group lowered their price objective on Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a research report on Tuesday, June 2nd. Finally, Zacks Research upgraded shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th.

Hedge Funds Weigh In On Ready Capital

A number of institutional investors and hedge funds have recently made changes to their positions in the business. OceanIQ Capital LLC purchased a new position in shares of Ready Capital during the second quarter valued at approximately $109,000. Private Management Group Inc. boosted its position in shares of Ready Capital by 9.5% in the 2nd quarter. Private Management Group Inc. now owns 7,932,521 shares of the real estate investment trust’s stock worth $13,882,000 after purchasing an additional 689,928 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new stake in shares of Ready Capital in the 2nd quarter worth approximately $41,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Ready Capital in the 2nd quarter worth approximately $28,000. Finally, Corient Private Wealth LP purchased a new stake in shares of Ready Capital in the 2nd quarter worth approximately $101,000. Institutional investors own 55.87% of the company’s stock.

Ready Capital Trading Down 0.8%

RC opened at $1.89 on Thursday. The stock has a market cap of $311.38 million, a PE ratio of -0.54 and a beta of 1.45. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.97. The business has a 50 day moving average of $1.66 and a 200-day moving average of $1.73. Ready Capital has a 52 week low of $1.39 and a 52 week high of $4.46.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Thursday, August 6th. The real estate investment trust reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.01. The company had revenue of $151.87 million for the quarter, compared to analyst estimates of $16.41 million. Ready Capital had a negative return on equity of 16.78% and a negative net margin of 131.76%. Equities research analysts predict that Ready Capital will post -0.99 earnings per share for the current fiscal year.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.04 annualized dividend and a yield of 2.1%. Ready Capital’s payout ratio is presently -1.15%.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.