Keefe, Bruyette & Woods Cuts Ready Capital (NYSE:RC) Price Target to $6.25

Ready Capital (NYSE:RC) had its price target lowered by Keefe, Bruyette & Woods from $6.75 to $6.25 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an underperform rating on the real estate investment trust’s stock.

Several other equities analysts also recently commented on RC. B. Riley restated a “neutral” rating and issued a $10.00 price objective (down from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. Piper Sandler lowered their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. UBS Group reduced their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Finally, JMP Securities lowered their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.61.

Ready Capital Stock Performance

RC opened at $6.75 on Tuesday. The company has a 50 day simple moving average of $7.15 and a two-hundred day simple moving average of $7.74. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The firm has a market cap of $1.14 billion, a P/E ratio of -9.64 and a beta of 1.43. Ready Capital has a 1-year low of $6.45 and a 1-year high of $10.00.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.00 annualized dividend and a dividend yield of 14.83%. Ready Capital’s payout ratio is -142.86%.

Hedge Funds Weigh In On Ready Capital

A number of large investors have recently bought and sold shares of RC. Barclays PLC lifted its position in shares of Ready Capital by 205.9% during the third quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock worth $3,699,000 after purchasing an additional 326,467 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Ready Capital by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock worth $14,257,000 after buying an additional 195,663 shares during the period. Clear Harbor Asset Management LLC lifted its holdings in Ready Capital by 84.0% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock valued at $10,989,000 after buying an additional 657,465 shares in the last quarter. Geode Capital Management LLC boosted its position in Ready Capital by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock valued at $29,292,000 after buying an additional 150,479 shares during the period. Finally, Wolverine Asset Management LLC grew its stake in Ready Capital by 2,902.2% in the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after acquiring an additional 388,891 shares in the last quarter. Hedge funds and other institutional investors own 55.87% of the company’s stock.

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.