Ready Capital Co. (NYSE:RC) Given Average Recommendation of “Hold” by Brokerages

Shares of Ready Capital Co. (NYSE:RC) have been given an average rating of “Hold” by the eight analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, six have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $9.04.

Several research analysts have commented 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 research note on Monday, August 12th. Wedbush reissued a “neutral” rating and set a $9.00 target price on shares of Ready Capital in a research note on Monday, August 12th. UBS Group lowered their target price on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a research note on Friday, November 15th. Finally, Piper Sandler lowered their target price on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research note on Monday, September 16th.

Hedge Funds Weigh In On Ready Capital

Several hedge funds have recently modified their holdings of RC. Janus Henderson Group PLC increased its holdings in Ready Capital by 131.0% in the 1st quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock worth $1,539,000 after buying an additional 95,562 shares during the period. Clear Harbor Asset Management LLC grew its stake in Ready Capital by 84.0% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock valued at $10,989,000 after acquiring an additional 657,465 shares during the period. Wolverine Asset Management LLC grew its stake in Ready Capital by 2,902.2% in the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock valued at $3,069,000 after acquiring an additional 388,891 shares during the period. Spire Wealth Management grew its stake in Ready Capital by 1,115.6% in the 2nd quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock valued at $1,376,000 after acquiring an additional 154,419 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in Ready Capital in the 3rd quarter valued at $730,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Stock Up 2.7 %

NYSE RC opened at $7.57 on Tuesday. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average of $7.22 and a two-hundred day moving average of $8.04. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of -10.81 and a beta of 1.43. Ready Capital has a 52 week low of $6.65 and a 52 week high of $11.67.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were issued a $0.25 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a yield of 13.21%. Ready Capital’s dividend payout ratio is presently -142.86%.

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.