Ready Capital (NYSE:RC) Stock Price Target Lowered at Piper Sandler

Ready Capital (NYSE:RC) had its price target reduced by equities researchers at Piper Sandler from $1.25 to $1.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the real estate investment trust’s stock. Piper Sandler‘s price objective suggests a potential downside of 1.57% from the stock’s previous close.

Several other research analysts also recently weighed in on the stock. UBS Group decreased their price target on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Ready Capital in a research report on Friday, August 28th. Keefe, Bruyette & Woods cut their price objective on Ready Capital from $1.40 to $1.25 and set an “underperform” rating on the stock in a research report on Friday, October 9th. Finally, Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $1.42.

Ready Capital Stock Up 19.3%

Shares of RC stock traded up $0.16 during trading hours on Monday, hitting $1.02. 5,140,511 shares of the company’s stock traded hands, compared to its average volume of 1,895,507. The stock has a market cap of $167.83 million, a price-to-earnings ratio of -0.28 and a beta of 1.55. The stock’s fifty day simple moving average is $1.34 and its two-hundred day simple moving average is $1.66. Ready Capital has a 12-month low of $0.83 and a 12-month high of $2.98. The company has a quick ratio of 1.91, a current ratio of 1.88 and a debt-to-equity ratio of 0.89.

Ready Capital (NYSE:RC) last announced its quarterly earnings data on Thursday, November 5th. The real estate investment trust reported ($0.53) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.11). Ready Capital had a negative net margin of 163.95% and a negative return on equity of 9.25%. The firm had revenue of $25.33 million for the quarter, compared to analysts’ expectations of $23.10 million. On average, analysts expect that Ready Capital will post -1.00 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Private Management Group Inc. boosted its holdings in Ready Capital by 3.0% in the 3rd quarter. Private Management Group Inc. now owns 8,168,443 shares of the real estate investment trust’s stock worth $9,475,000 after buying an additional 235,922 shares during the last quarter. HB Wealth Management LLC boosted its position in shares of Ready Capital by 44.2% during the 2nd quarter. HB Wealth Management LLC now owns 18,951 shares of the real estate investment trust’s stock worth $33,000 after purchasing an additional 5,812 shares during the period. OceanIQ Capital LLC acquired a new stake in shares of Ready Capital during the second quarter worth about $109,000. Beacon Pointe Advisors LLC acquired a new stake in shares of Ready Capital in the second quarter valued at $41,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Ready Capital in the second quarter worth approximately $28,000. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation (NYSE: RC) is a real estate finance company that operates as a mortgage real estate investment trust. The company provides financing to owners, operators and developers of commercial real estate, with a focus on small- to mid-sized properties and borrowers that may not be served by traditional banks.

Ready Capital originates, acquires, finances and services a range of commercial real estate loans. Its offerings have included bridge loans, construction loans, loans secured by transitional properties, multifamily financing and small business administration (SBA) loans.