Ready Capital Co. (NYSE:RC) Announces Quarterly Dividend of $0.30

Ready Capital Co. (NYSE:RC) declared a quarterly dividend on Monday, June 17th, Wall Street Journal reports. Investors of record on Friday, June 28th will be given a dividend of 0.30 per share by the real estate investment trust on Wednesday, July 31st. This represents a $1.20 dividend on an annualized basis and a yield of 14.04%. The ex-dividend date is Friday, June 28th.

Ready Capital has raised its dividend payment by an average of 61.0% annually over the last three years. Ready Capital has a dividend payout ratio of 93.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect Ready Capital to earn $1.31 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 91.6%.

Ready Capital Stock Performance

RC stock opened at $8.55 on Tuesday. Ready Capital has a 1 year low of $7.93 and a 1 year high of $11.97. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 5.31 and a beta of 1.42. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.76 and a current ratio of 1.76. The stock’s fifty day moving average is $8.50 and its two-hundred day moving average is $9.21.

Ready Capital (NYSE:RC) last posted its earnings results on Wednesday, May 8th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. Ready Capital had a net margin of 23.81% and a return on equity of 8.11%. The firm had revenue of $232.35 million during the quarter, compared to analyst estimates of $64.34 million. During the same period in the previous year, the business posted $0.31 EPS. On average, research analysts predict that Ready Capital will post 1.17 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on RC shares. BTIG Research decreased their price objective on Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a report on Wednesday, April 17th. UBS Group decreased their price target on Ready Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research note on Wednesday, March 20th. LADENBURG THALM/SH SH cut shares of Ready Capital from a “buy” rating to a “neutral” rating in a research note on Friday, May 10th. StockNews.com lowered shares of Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Finally, B. Riley restated a “buy” rating and set a $12.00 price target (down from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $10.93.

Insider Activity at Ready Capital

In related news, Director Gilbert E. Nathan acquired 10,000 shares of Ready Capital stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $8.29 per share, with a total value of $82,900.00. Following the purchase, the director now directly owns 95,249 shares in the company, valued at approximately $789,614.21. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.95% 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.