Ready Capital Corp (NYSE:RC) Announces $0.01 Quarterly Dividend

Ready Capital Corp (NYSE:RC) announced a quarterly dividend on Monday, June 15th. Investors of record on Tuesday, June 30th will be given a dividend of 0.01 per share by the real estate investment trust on Friday, July 31st. This represents a c) annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, June 30th.

Ready Capital has decreased its dividend by an average of 0.2%annually over the last three years. Ready Capital has a payout ratio of 7.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Ready Capital to earn ($0.38) per share next year, which means the company may not be able to cover its $0.04 annual dividend with an expected future payout ratio of -10.5%.

Ready Capital Stock Performance

NYSE:RC opened at $1.73 on Tuesday. The stock has a market cap of $285.00 million, a P/E ratio of -0.54 and a beta of 1.44. The firm’s fifty day simple moving average is $1.77 and its 200 day simple moving average is $1.95. Ready Capital has a twelve month low of $1.50 and a twelve month high of $4.75. The company has a quick ratio of 1.60, a current ratio of 1.60 and a debt-to-equity ratio of 0.95.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.18). The company had revenue of $130.55 million during the quarter, compared to the consensus estimate of $68.67 million. Ready Capital had a negative net margin of 102.10% and a negative return on equity of 14.69%. As a group, research analysts predict that Ready Capital will post -0.94 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on RC. Piper Sandler cut their price target on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Ready Capital in a research report on Tuesday, June 2nd. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $2.81.

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.