Ready Capital Co. (NYSE:RC) Plans Quarterly Dividend of $0.25

Ready Capital Co. (NYSE:RC) declared a quarterly dividend on Friday, September 13th, NASDAQ reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.25 per share by the real estate investment trust on Thursday, October 31st. This represents a $1.00 annualized dividend and a dividend yield of 12.77%. The ex-dividend date is Monday, September 30th.

Ready Capital has raised its dividend by an average of 61.0% annually over the last three years. Ready Capital has a dividend payout ratio of 84.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Ready Capital to earn $1.17 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 85.5%.

Ready Capital Stock Performance

Shares of Ready Capital stock opened at $7.83 on Friday. The firm has a market capitalization of $1.32 billion, a P/E ratio of 4.86 and a beta of 1.42. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The business’s fifty day simple moving average is $8.41 and its 200 day simple moving average is $8.55. Ready Capital has a 12 month low of $7.52 and a 12 month high of $11.67.

Ready Capital (NYSE:RC) last announced its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The company had revenue of $234.12 million during the quarter, compared to the consensus estimate of $61.77 million. During the same period in the prior year, the firm posted $0.35 EPS. As a group, analysts anticipate that Ready Capital will post 1.02 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RC shares. Wedbush reissued a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. Keefe, Bruyette & Woods lowered their target price on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a report on Monday, August 12th. Piper Sandler cut their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, BTIG Research began coverage on Ready Capital in a research note on Friday, July 19th. They set a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $9.38.

About Ready Capital

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.