Ready Capital Corp (NYSE:RC) Stock Has Average Target Price of $2.17

Shares of Ready Capital Corp (NYSE:RC) have been assigned an average recommendation of “Reduce” from the five ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $1.50.

A number of research analysts recently weighed in on RC shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ready Capital in a report on Friday, August 28th. Piper Sandler dropped their price target on Ready Capital from $2.00 to $1.25 and set a “neutral” rating for the company in a research note on Friday. Keefe, Bruyette & Woods dropped their price target on Ready Capital from $1.40 to $1.25 and set an “underperform” rating for the company in a research note on Friday, October 9th. Zacks Research upgraded Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Finally, UBS Group reduced their price objective on Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of RC. HB Wealth Management LLC lifted its position in Ready Capital by 44.2% during 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. OceanIQ Capital LLC purchased a new stake in Ready Capital during the second quarter worth approximately $109,000. Private Management Group Inc. increased its position in shares of Ready Capital by 9.5% in the second quarter. Private Management Group Inc. now owns 7,932,521 shares of the real estate investment trust’s stock worth $13,882,000 after acquiring an additional 689,928 shares in the last quarter. Beacon Pointe Advisors LLC acquired a new stake in shares of Ready Capital in the second quarter worth $41,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Ready Capital in the second quarter worth $28,000. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Down 4.5%

Shares of NYSE RC opened at $1.12 on Friday. Ready Capital has a 52-week low of $1.07 and a 52-week high of $3.44. The firm has a fifty day moving average of $1.59 and a 200-day moving average of $1.66. 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 (NYSE:RC) last released its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.01. The business had revenue of $151.87 million during the quarter, compared to the consensus estimate of $16.41 million. Ready Capital had a negative return on equity of 16.78% and a negative net margin of 131.76%. On average, sell-side analysts predict that Ready Capital will post -1.00 EPS for the current year.

Ready Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, September 30th. Ready Capital’s dividend payout ratio is -1.15%.

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.