Ready Capital Co. to Issue Quarterly Dividend of $0.25 (NYSE:RC)

Ready Capital Co. (NYSE:RC) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.25 per share by the real estate investment trust on Friday, January 31st. This represents a $1.00 dividend on an annualized basis and a yield of 13.35%. The ex-dividend date is Tuesday, December 31st.

Ready Capital has increased its dividend payment by an average of 61.0% per year over the last three years. Ready Capital has a dividend payout ratio of 94.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect Ready Capital to earn $1.07 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 93.5%.

Ready Capital Price Performance

Shares of NYSE RC traded down $0.02 during mid-day trading on Tuesday, reaching $7.49. The company’s stock had a trading volume of 2,567,750 shares, compared to its average volume of 1,563,148. The stock has a fifty day moving average of $7.18 and a two-hundred day moving average of $7.97. The firm has a market capitalization of $1.26 billion, a PE ratio of -10.64 and a beta of 1.43. Ready Capital has a 52 week low of $6.65 and a 52 week high of $11.11. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on RC shares. Piper Sandler decreased their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. UBS Group decreased their price objective on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, JMP Securities lowered their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $9.11.

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.