Piper Sandler Issues Pessimistic Forecast for Ready Capital (NYSE:RC) Stock Price

Ready Capital (NYSE:RC) had its price target reduced by equities researchers at Piper Sandler from $2.50 to $2.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Piper Sandler’s price objective would suggest a potential upside of 1.78% from the company’s current price.

Several other brokerages have also issued reports on RC. UBS Group cut their target price on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating for the company in a research report on Friday, November 14th. Keefe, Bruyette & Woods cut their price objective on shares of Ready Capital from $3.50 to $2.50 and set an “underperform” rating for the company in a research report on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ready Capital in a report on Thursday, January 22nd. Six analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Ready Capital presently has an average rating of “Reduce” and a consensus target price of $3.45.

Ready Capital Stock Up 6.2%

Shares of NYSE RC traded up $0.12 during midday trading on Monday, hitting $1.97. The stock had a trading volume of 605,663 shares, compared to its average volume of 2,708,598. The company has a market cap of $318.58 million, a P/E ratio of -1.33 and a beta of 1.45. The company has a quick ratio of 1.56, a current ratio of 1.48 and a debt-to-equity ratio of 0.90. The business’s 50 day moving average is $2.05 and its 200-day moving average is $2.88. Ready Capital has a 52 week low of $1.55 and a 52 week high of $5.70.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Thursday, February 26th. The real estate investment trust reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. Ready Capital had a negative return on equity of 10.29% and a negative net margin of 39.55%.The company had revenue of $207.55 million during the quarter, compared to the consensus estimate of $133.50 million. As a group, analysts predict that Ready Capital will post 0.93 EPS for the current year.

Institutional Trading of Ready Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RC. Penserra Capital Management LLC increased its position in shares of Ready Capital by 61.8% in the second quarter. Penserra Capital Management LLC now owns 244,788 shares of the real estate investment trust’s stock worth $1,069,000 after acquiring an additional 93,477 shares in the last quarter. XTX Topco Ltd increased its holdings in shares of Ready Capital by 153.0% in the 2nd quarter. XTX Topco Ltd now owns 269,425 shares of the real estate investment trust’s stock valued at $1,177,000 after acquiring an additional 162,936 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Ready Capital by 887.7% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 398,339 shares of the real estate investment trust’s stock worth $1,741,000 after purchasing an additional 358,008 shares during the period. Geode Capital Management LLC lifted its stake in Ready Capital by 1.5% in the second quarter. Geode Capital Management LLC now owns 4,023,581 shares of the real estate investment trust’s stock valued at $17,585,000 after buying an additional 58,899 shares during the last quarter. Finally, Inceptionr LLC boosted its stake in Ready Capital by 186.6% during the 2nd quarter. Inceptionr LLC now owns 102,859 shares of the real estate investment trust’s stock valued at $449,000 after purchasing an additional 66,965 shares during the period. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.