Ready Capital Corp (NYSE:RC) Stock Has Average Price Target of $2.17

Shares of Ready Capital Corp (NYSE:RC) have earned an average recommendation of “Reduce” from the five research firms that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $1.50.

Several research analysts have recently commented on RC shares. Piper Sandler reduced their target price on Ready Capital from $2.00 to $1.25 and set a “neutral” rating for the company in a research note on Friday. Zacks Research raised Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Keefe, Bruyette & Woods dropped their price target on Ready Capital from $1.40 to $1.25 and set an “underperform” rating on the stock in a research note on Friday. UBS Group cut their price target on Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a report on Friday, August 28th.

Ready Capital Price Performance

Shares of NYSE RC opened at $1.31 on Friday. The business’s 50 day moving average price is $1.60 and its two-hundred day moving average price is $1.67. The company has a market cap of $217.23 million, a PE ratio of -0.38 and a beta of 1.55. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.97. Ready Capital has a twelve month low of $1.07 and a twelve month high of $3.52.

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

Ready Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Wednesday, September 30th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, September 30th. Ready Capital’s payout ratio is currently -1.15%.

Hedge Funds Weigh In On Ready Capital

Several large investors have recently modified their holdings of RC. HB Wealth Management LLC lifted its stake in shares of Ready Capital by 44.2% during the 2nd quarter. HB Wealth Management LLC now owns 18,951 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 5,812 shares during the last quarter. OceanIQ Capital LLC bought a new stake in shares of Ready Capital during the 2nd quarter worth about $109,000. Private Management Group Inc. grew its stake in 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 valued at $13,882,000 after buying an additional 689,928 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new position in Ready Capital in the 2nd quarter valued at about $41,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Ready Capital in the 2nd quarter valued at about $28,000. 55.87% of the stock is owned by institutional investors.

Ready Capital Company Profile

Ready Capital Corporation (NYSE: RC) is a real estate finance company organized as a real estate investment trust (REIT). The company focuses on originating, acquiring, financing and servicing loans secured by commercial real estate, primarily in the United States.

Ready Capital provides financing for a range of property types and transactions, including bridge loans, construction loans, mortgage loans and other forms of debt financing. Its portfolio has included loans backed by multifamily, residential, small-balance commercial and other income-producing properties.