Ready Capital Co. (NYSE:RC) Given Average Recommendation of “Hold” by Brokerages

Shares of Ready Capital Co. (NYSE:RC) have received a consensus recommendation of “Hold” from the six ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $10.93.

Several analysts recently issued reports on the stock. B. Riley restated a “buy” rating and set a $12.00 target price (down from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. StockNews.com cut Ready Capital from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $8.00 price target (down previously from $10.00) on shares of Ready Capital in a report on Monday, March 4th. UBS Group decreased their price objective on Ready Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research note on Wednesday, March 20th. Finally, BTIG Research cut their price objective on Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, April 17th.

Insider Buying and Selling at Ready Capital

In other news, Director Kevin M. Luebbers acquired 5,000 shares of Ready Capital stock in a transaction on Tuesday, March 5th. The shares were acquired at an average price of $8.43 per share, with a total value of $42,150.00. Following the purchase, the director now directly owns 119,925 shares in the company, valued at approximately $1,010,967.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Ready Capital news, Director Kevin M. Luebbers purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was purchased at an average price of $8.43 per share, with a total value of $42,150.00. Following the acquisition, the director now owns 119,925 shares in the company, valued at $1,010,967.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gilbert E. Nathan acquired 10,000 shares of Ready Capital stock in a transaction on Thursday, March 14th. The shares were bought at an average cost of $8.65 per share, for a total transaction of $86,500.00. Following the completion of the purchase, the director now directly owns 83,099 shares of the company’s stock, valued at $718,806.35. The disclosure for this purchase can be found here. Insiders purchased a total of 17,150 shares of company stock valued at $148,280 in the last three months. 0.95% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bear Mountain Capital Inc. acquired a new position in shares of Ready Capital during the fourth quarter worth $30,000. EdgeRock Capital LLC acquired a new position in shares of Ready Capital in the fourth quarter valued at about $36,000. MCF Advisors LLC purchased a new position in shares of Ready Capital in the first quarter worth about $42,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Ready Capital by 112.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 7,645 shares of the real estate investment trust’s stock worth $77,000 after purchasing an additional 4,039 shares during the period. Finally, Naviter Wealth LLC purchased a new stake in Ready Capital in the first quarter valued at approximately $94,000. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Trading Up 1.7 %

Ready Capital stock opened at $8.85 on Monday. Ready Capital has a 52-week low of $8.25 and a 52-week high of $11.97. The company has a market cap of $1.53 billion, a P/E ratio of 3.78 and a beta of 1.40. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.44. The business has a 50-day simple moving average of $8.80 and a two-hundred day simple moving average of $9.57.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Thursday, March 28th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.20 dividend on an annualized basis and a yield of 13.56%. Ready Capital’s dividend payout ratio is presently 51.28%.

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.