Ready Capital (NYSE:RC) Stock Gets Price Target Cut from UBS Group

Ready Capital (NYSE:RC) had its target price cut by UBS Group from $2.00 to $1.25 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the company. Zacks Research upgraded Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Keefe, Bruyette & Woods cut their price objective on Ready Capital from $1.40 to $1.25 and set an “underperform” rating for the company in a report on Friday, October 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Ready Capital in a research report on Friday, August 28th. Finally, Piper Sandler lowered their target price on shares of Ready Capital from $1.25 to $1.00 and set a “neutral” rating on the stock in a research note on Monday, November 9th. Three 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.com, the company has an average rating of “Reduce” and an average target price of $1.17.

Ready Capital Price Performance

Shares of Ready Capital stock traded down $0.09 during trading on Thursday, hitting $0.82. The stock had a trading volume of 1,811,725 shares, compared to its average volume of 2,565,325. The company has a current ratio of 1.88, a quick ratio of 1.91 and a debt-to-equity ratio of 0.89. Ready Capital has a 12 month low of $0.82 and a 12 month high of $2.80. The firm has a market cap of $132.03 million, a price-to-earnings ratio of -0.22 and a beta of 1.55. The business’s 50-day moving average is $1.26 and its 200 day moving average is $1.62.

Ready Capital (NYSE:RC) last posted its quarterly earnings data on Thursday, November 5th. The real estate investment trust reported ($0.53) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.11). Ready Capital had a negative net margin of 163.95% and a negative return on equity of 9.25%. The business had revenue of $25.33 million for the quarter, compared to the consensus estimate of $23.10 million. As a group, sell-side analysts anticipate that Ready Capital will post -1.01 earnings per share for the current year.

Ready Capital Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Wednesday, September 30th were paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Ready Capital’s payout ratio is -1.08%.

Institutional Investors Weigh In On Ready Capital

Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Ready Capital in the 2nd quarter worth approximately $31,059,000. Private Management Group Inc. boosted its stake in shares of Ready Capital by 3.0% during the third quarter. Private Management Group Inc. now owns 8,168,443 shares of the real estate investment trust’s stock valued at $9,475,000 after purchasing an additional 235,922 shares during the period. GSA Capital Partners LLP bought a new position in shares of Ready Capital in the second quarter worth approximately $856,000. Bank of New York Mellon Corp bought a new position in shares of Ready Capital in the second quarter worth approximately $845,000. Finally, Ieq Capital LLC bought a new position in shares of Ready Capital in the second quarter worth approximately $817,000. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

About Ready Capital

Ready Capital Corporation is a real estate finance company focused on commercial real estate lending. It originates, acquires, finances and services loans secured by commercial properties, including bridge and construction loans for property owners and investors. The company also invests in commercial real estate-related assets and provides financing through programs such as Small Business Administration lending. Its activities serve borrowers and property owners across the United States. Ready Capital is externally managed by Waterfall Asset Management and trades on the New York Stock Exchange under the symbol RC.