Ready Capital Co. (NYSE:RC) to Issue Quarterly Dividend of $0.25

Ready Capital Co. (NYSE:RC) declared a quarterly dividend on Friday, September 13th, NASDAQ reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.25 per share by the real estate investment trust on Thursday, October 31st. This represents a $1.00 dividend on an annualized basis and a yield of 12.77%. The ex-dividend date is Monday, September 30th.

Ready Capital has increased its dividend payment by an average of 61.0% annually over the last three years. Ready Capital has a dividend payout ratio of 84.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Ready Capital to earn $1.17 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 85.5%.

Ready Capital Price Performance

Shares of RC remained flat at $7.83 during trading hours on Friday. The stock had a trading volume of 1,742,270 shares, compared to its average volume of 1,555,724. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.52. Ready Capital has a 1 year low of $7.52 and a 1 year high of $11.67. The company’s 50-day moving average is $8.41 and its 200 day moving average is $8.55. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of 4.86 and a beta of 1.42.

Ready Capital (NYSE:RC) last issued 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 firm had revenue of $234.12 million for the quarter, compared to the consensus estimate 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 posted $0.35 earnings per share. On average, research analysts expect that Ready Capital will post 1.02 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RC shares. BTIG Research started coverage on Ready Capital in a research note on Friday, July 19th. They issued a “neutral” rating on the stock. Wedbush reaffirmed a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a research report on Monday, August 12th. Keefe, Bruyette & Woods lowered their price target on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research report on Monday, August 12th. Finally, Piper Sandler cut their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $9.38.

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.