Ready Capital Co. (RC) To Go Ex-Dividend on September 30th

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 annualized dividend and a yield of 12.77%. The ex-dividend date of this dividend is Monday, September 30th.

Ready Capital has raised its dividend by an average of 61.0% annually over the last three years. Ready Capital has a dividend payout ratio of 84.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities 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 NYSE RC remained flat at $7.83 during midday trading on Friday. The stock had a trading volume of 1,742,270 shares, compared to its average volume of 1,555,724. The stock has a fifty day simple moving average of $8.41 and a 200-day simple moving average of $8.55. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 4.86 and a beta of 1.42. Ready Capital has a one year low of $7.52 and a one year high of $11.67. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.69 and a current ratio of 1.69.

Ready Capital (NYSE:RC) last released its earnings results 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 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 period last year, the business posted $0.35 earnings per share. Equities analysts expect that Ready Capital will post 1.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on RC. BTIG Research initiated coverage on Ready Capital in a research note on Friday, July 19th. They issued a “neutral” rating for the company. Wedbush reaffirmed a “neutral” rating and set a $9.00 price objective on shares of Ready Capital in a research note on Monday, August 12th. Piper Sandler decreased their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Finally, Keefe, Bruyette & Woods decreased their price objective on Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research note on Monday, August 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ready Capital currently has a consensus rating of “Hold” and an average price target 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.