Ready Capital Co. (NYSE:RC) Receives $9.38 Consensus PT from Analysts

Shares of Ready Capital Co. (NYSE:RC) have received an average rating of “Hold” from the eight analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $9.38.

Several equities analysts recently weighed in on the company. BTIG Research started coverage on shares of Ready Capital in a report on Friday, July 19th. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods cut their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research note on Monday, August 12th. Piper Sandler decreased their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $9.00 price target on shares of Ready Capital in a research note on Monday, August 12th.

Ready Capital Stock Down 4.6 %

NYSE:RC opened at $7.97 on Thursday. Ready Capital has a twelve month low of $7.52 and a twelve month high of $11.67. The company’s 50 day moving average is $8.55 and its two-hundred day moving average is $8.58. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. The company has a market cap of $1.34 billion, a PE ratio of 4.95 and a beta of 1.42.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). The business had revenue of $234.12 million during the quarter, compared to analysts’ expectations of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same period last year, the company earned $0.35 earnings per share. Analysts anticipate that Ready Capital will post 1.02 EPS for the current year.

Ready Capital Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 12.55%. Ready Capital’s dividend payout ratio is currently 62.11%.

Hedge Funds Weigh In On Ready Capital

Hedge funds have recently made changes to their positions in the stock. CWM LLC lifted its holdings in Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 1,634 shares in the last quarter. EntryPoint Capital LLC purchased a new position in Ready Capital in the first quarter valued at $40,000. MCF Advisors LLC purchased a new position in Ready Capital in the first quarter valued at $42,000. Xponance Inc. acquired a new position in Ready Capital during the 2nd quarter worth $84,000. Finally, Cadence Bank purchased a new stake in Ready Capital during the 1st quarter worth about $91,000. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Company Profile

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.