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

Shares of Ready Capital Co. (NYSE:RC) have received a consensus rating of “Hold” from the eight brokerages that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $9.38.

A number of analysts recently weighed in on RC shares. Wedbush restated a “neutral” rating and set a $9.00 target price on shares of Ready Capital in a research note on Monday, August 12th. BTIG Research assumed coverage on shares of Ready Capital in a research report on Friday, July 19th. They issued a “neutral” rating on the stock. Keefe, Bruyette & Woods decreased 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 report on Monday, August 12th. Finally, Piper Sandler dropped 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

Shares of RC stock opened at $7.69 on Thursday. The firm has a 50 day moving average of $8.47 and a two-hundred day moving average of $8.56. The stock has a market capitalization of $1.29 billion, a PE ratio of 4.78 and a beta of 1.42. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. Ready Capital has a 52 week low of $7.52 and a 52 week high of $11.67.

Ready Capital (NYSE:RC) last released 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). The company 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 quarter last year, the business posted $0.35 earnings per share. On average, research analysts predict that Ready Capital will post 1.02 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a yield of 13.00%. Ready Capital’s dividend payout ratio is currently 74.53%.

Hedge Funds Weigh In On Ready Capital

Large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC acquired a new stake in shares of Ready Capital in the 2nd quarter valued at about $126,000. Algert Global LLC acquired a new stake in shares of Ready Capital in the second quarter valued at approximately $135,000. AQR Capital Management LLC purchased a new position in shares of Ready Capital during the second quarter worth approximately $146,000. Marshall Wace LLP acquired a new position in shares of Ready Capital in the 2nd quarter valued at $514,000. Finally, Xponance Inc. purchased a new stake in Ready Capital in the 2nd quarter valued at $84,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

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.