Piper Sandler Trims Ready Capital (NYSE:RC) Target Price to $8.00

Ready Capital (NYSE:RC) had its price target lowered by equities research analysts at Piper Sandler from $9.50 to $8.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Piper Sandler’s price target points to a potential upside of 3.76% from the stock’s current price.

Several other brokerages also recently commented on RC. Wedbush reiterated a “neutral” rating and set a $9.00 target price on shares of Ready Capital in a research note on Monday, August 12th. Keefe, Bruyette & Woods reduced their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research report on Monday, August 12th. Finally, BTIG Research started coverage on shares of Ready Capital in a research report on Friday, July 19th. They issued a “neutral” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $9.38.

Ready Capital Stock Up 1.0 %

NYSE:RC opened at $7.71 on Monday. The company has a market cap of $1.30 billion, a PE ratio of 4.79 and a beta of 1.42. Ready Capital has a 52-week low of $7.54 and a 52-week high of $11.67. The stock has a 50-day simple moving average of $8.62 and a 200 day simple moving average of $8.60. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.69 and a current ratio of 1.69.

Ready Capital (NYSE:RC) last issued its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. The firm had revenue of $234.12 million during the quarter, compared to the consensus estimate of $61.77 million. During the same period in the previous year, the company posted $0.35 earnings per share. On average, sell-side analysts expect that Ready Capital will post 1.03 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Waterfall Asset Management LLC acquired a new stake in Ready Capital during the fourth quarter worth approximately $40,067,000. Vanguard Group Inc. increased its position 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 purchasing an additional 735,949 shares during the period. TrueMark Investments LLC bought a new stake in Ready Capital during the second quarter worth about $3,082,000. Van ECK Associates Corp lifted its position in Ready Capital by 29.4% during the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after purchasing an additional 304,750 shares during the period. Finally, Clear Harbor Asset Management LLC increased its holdings in Ready Capital by 63.1% in the 2nd quarter. Clear Harbor Asset Management LLC now owns 782,785 shares of the real estate investment trust’s stock valued at $6,403,000 after buying an additional 302,930 shares during the period. Institutional investors and hedge funds own 55.87% of the company’s stock.

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.