Ready Capital (NYSE:RC) Stock Gets Price Target Reduction from Keefe, Bruyette & Woods

Ready Capital (NYSE:RC) had its price objective reduced by Keefe, Bruyette & Woods from $1.40 to $1.25 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an underperform rating on the real estate investment trust’s stock.

RC has been the topic of several other research reports. Zacks Research upgraded Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. UBS Group cut their price target on Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a report on Friday, August 28th. Finally, Piper Sandler lowered their price objective on shares of Ready Capital from $2.00 to $1.25 and set a “neutral” rating on the stock in a research report on Friday. Three equities 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, the stock currently has an average rating of “Reduce” and a consensus target price of $1.50.

Ready Capital Stock Up 1.2%

Shares of NYSE:RC opened at $1.31 on Friday. The stock has a market cap of $217.23 million, a P/E ratio of -0.38 and a beta of 1.55. The firm has a fifty day moving average price of $1.60 and a 200 day moving average price of $1.67. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.91 and a quick ratio of 1.91. Ready Capital has a 1-year low of $1.07 and a 1-year high of $3.52.

Ready Capital (NYSE:RC) last issued its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.01. Ready Capital had a negative net margin of 131.76% and a negative return on equity of 16.78%. The company had revenue of $151.87 million for the quarter, compared to the consensus estimate of $16.41 million. Sell-side analysts predict that Ready Capital will post -0.99 EPS for the current year.

Ready Capital Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be given a $0.01 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.04 dividend on an annualized basis and a yield of 3.0%. Ready Capital’s dividend payout ratio (DPR) is presently -1.15%.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors have recently added to or reduced their stakes in RC. Focus Partners Advisor Solutions LLC purchased a new position in shares of Ready Capital during the 2nd quarter worth approximately $26,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Ready Capital in the 2nd quarter valued at approximately $28,000. HBK Sorce Advisory LLC acquired a new stake in shares of Ready Capital in the 2nd quarter valued at approximately $30,000. Green Ridge Wealth Planning LLC purchased a new stake in shares of Ready Capital in the fourth quarter valued at approximately $32,000. Finally, HB Wealth Management LLC boosted its stake in shares of Ready Capital by 44.2% in the second quarter. HB Wealth Management LLC now owns 18,951 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 5,812 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 (NYSE: RC) is a real estate finance company organized as a real estate investment trust (REIT). The company focuses on originating, acquiring, financing and servicing loans secured by commercial real estate, primarily in the United States.

Ready Capital provides financing for a range of property types and transactions, including bridge loans, construction loans, mortgage loans and other forms of debt financing. Its portfolio has included loans backed by multifamily, residential, small-balance commercial and other income-producing properties.