Ready Capital (NYSE:RC) PT Lowered to $10.00

Ready Capital (NYSE:RC) had its price target lowered by BTIG Research from $12.00 to $10.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Several other brokerages have also issued reports on RC. B. Riley reaffirmed 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. UBS Group decreased their price objective on shares of Ready Capital from $10.50 to $9.50 and set a neutral rating for the company in a research report on Wednesday, March 20th. Keefe, Bruyette & Woods reiterated an underperform rating and issued a $8.00 target price (down from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. Finally, StockNews.com lowered shares of Ready Capital from a buy rating to a hold rating in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $10.93.

Ready Capital Price Performance

NYSE RC opened at $8.62 on Wednesday. The firm’s fifty day simple moving average is $8.83 and its two-hundred day simple moving average is $9.61. The firm has a market capitalization of $1.49 billion, a P/E ratio of 3.68 and a beta of 1.40. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.44. Ready Capital has a 12-month low of $8.25 and a 12-month high of $11.97.

Ready Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, March 27th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 13.92%. Ready Capital’s payout ratio is 51.28%.

Insider Activity at Ready Capital

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RC. BlackRock Inc. lifted its holdings in Ready Capital by 75.0% in the 2nd quarter. BlackRock Inc. now owns 27,249,233 shares of the real estate investment trust’s stock valued at $307,371,000 after purchasing an additional 11,675,364 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Ready Capital by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock worth $114,429,000 after buying an additional 735,949 shares in the last quarter. State Street Corp boosted its position in Ready Capital by 66.3% during the second quarter. State Street Corp now owns 5,798,238 shares of the real estate investment trust’s stock worth $66,212,000 after acquiring an additional 2,312,011 shares during the last quarter. Waterfall Asset Management LLC purchased a new stake in Ready Capital during the 4th quarter valued at about $40,067,000. Finally, Geode Capital Management LLC raised its holdings in Ready Capital by 90.2% in the 2nd quarter. Geode Capital Management LLC now owns 3,129,990 shares of the real estate investment trust’s stock valued at $35,306,000 after acquiring an additional 1,484,317 shares during the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Company Profile

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.