Ready Capital (NYSE:RC) Releases Earnings Results, Misses Expectations By $0.11 EPS

Ready Capital (NYSE:RC) announced its earnings results on Thursday. The real estate investment trust reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.11), FiscalAI reports. Ready Capital had a negative net margin of 163.95% and a negative return on equity of 8.91%. The company had revenue of $25.33 million for the quarter, compared to analysts’ expectations of $23.10 million.

Ready Capital Price Performance

NYSE:RC traded down $0.20 during midday trading on Friday, reaching $0.87. The stock had a trading volume of 7,556,149 shares, compared to its average volume of 1,703,971. Ready Capital has a 1-year low of $0.85 and a 1-year high of $2.98. The firm’s fifty day simple moving average is $1.34 and its 200-day simple moving average is $1.66. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.91 and a current ratio of 1.91.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Wednesday, September 30th were paid a $0.01 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $0.04 dividend on an annualized basis and a yield of 4.6%. Ready Capital’s dividend payout ratio (DPR) is presently -1.15%.

Analyst Upgrades and Downgrades

RC has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a research note on Friday, August 28th. UBS Group cut their target price on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. 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 report on Friday, October 9th. Zacks Research raised Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Keefe, Bruyette & Woods decreased their target price on Ready Capital from $1.40 to $1.25 and set an “underperform” rating for the company in a research report on Friday, October 9th. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $1.50.

Ready Capital Company Profile

Ready Capital Corporation (NYSE: RC) is a real estate finance company that operates as a mortgage real estate investment trust. The company provides financing to owners, operators and developers of commercial real estate, with a focus on small- to mid-sized properties and borrowers that may not be served by traditional banks.

Ready Capital originates, acquires, finances and services a range of commercial real estate loans. Its offerings have included bridge loans, construction loans, loans secured by transitional properties, multifamily financing and small business administration (SBA) loans.