Analysts Set Ready Capital Co. (NYSE:RC) Target Price at $9.38

Ready Capital Co. (NYSE:RC) has earned an average rating of “Hold” from the eight analysts that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $9.38.

Several analysts have recently weighed in on RC shares. Keefe, Bruyette & Woods dropped their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a report on Monday, August 12th. Wedbush restated a “neutral” rating and set a $9.00 price target on shares of Ready Capital in a research report on Monday, August 12th. BTIG Research began coverage on Ready Capital in a research report on Friday, July 19th. They issued a “neutral” rating for the company. Finally, 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 report on Monday, September 16th.

Ready Capital Stock Performance

Ready Capital stock opened at $7.36 on Monday. The firm has a market capitalization of $1.24 billion, a P/E ratio of 4.57 and a beta of 1.41. The stock has a fifty day moving average price of $7.96 and a two-hundred day moving average price of $8.40. Ready Capital has a 52-week low of $7.00 and a 52-week high of $11.67. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.69.

Ready Capital (NYSE:RC) last announced its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. The firm had revenue of $234.12 million for the quarter, compared to analyst estimates of $61.77 million. During the same quarter last year, the business earned $0.35 EPS. As a group, analysts anticipate that Ready Capital will post 0.98 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 13.59%. Ready Capital’s payout ratio is 62.11%.

Institutional Trading of Ready Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC raised its position in shares of Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 1,634 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Ready Capital during the first quarter worth $40,000. MCF Advisors LLC bought a new stake in Ready Capital in the first quarter valued at about $42,000. Xponance Inc. acquired a new position in Ready Capital in the second quarter valued at about $84,000. Finally, Cadence Bank bought a new position in Ready Capital during the first quarter worth about $91,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

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.