Piper Sandler Lowers Ready Capital (NYSE:RC) Price Target to $8.00

Ready Capital (NYSE:RC) had its price target decreased by research analysts at Piper Sandler from $9.50 to $8.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Piper Sandler’s price target points to a potential upside of 3.76% from the stock’s current price.

A number of other brokerages have also recently issued reports on RC. Wedbush reaffirmed a “neutral” rating and issued a $9.00 target price on shares of Ready Capital in a report on Monday, August 12th. BTIG Research started coverage on Ready Capital in a report on Friday, July 19th. They set a “neutral” rating on the stock. Finally, 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. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $9.38.

Ready Capital Stock Up 1.0 %

Shares of NYSE RC opened at $7.71 on Monday. The stock has a 50-day moving average price of $8.62 and a two-hundred day moving average price of $8.60. Ready Capital has a 12 month low of $7.54 and a 12 month high of $11.67. 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 $1.30 billion, a price-to-earnings ratio of 4.79 and a beta of 1.42.

Ready Capital (NYSE:RC) last issued its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.19). The company had revenue of $234.12 million during the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $0.35 EPS. As a group, analysts forecast that Ready Capital will post 1.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ready Capital

Hedge funds have recently made changes to their positions in the stock. CWM LLC increased its position 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 valued at $27,000 after purchasing an additional 1,634 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of Ready Capital during the first quarter worth $40,000. MCF Advisors LLC acquired a new stake in shares of Ready Capital during the first quarter worth $42,000. Xponance Inc. bought a new position in Ready Capital during the second quarter worth $84,000. Finally, Cadence Bank acquired a new position in Ready Capital in the first quarter valued at $91,000. 55.87% of the stock is currently owned by institutional investors.

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.