Ready Capital Corp (NYSE:RC) Given Consensus Recommendation of “Reduce” by Brokerages

Shares of Ready Capital Corp (NYSE:RC) have earned a consensus rating of “Reduce” from the six research firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $2.8125.

Several research analysts recently weighed in on RC shares. Piper Sandler dropped their price target on Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research report on Monday. Keefe, Bruyette & Woods dropped their target price on Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a report on Wednesday, November 12th. UBS Group lowered their price objective on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a research report on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Ready Capital in a research report on Thursday, January 22nd.

Ready Capital Stock Up 3.0%

Shares of NYSE:RC opened at $2.08 on Thursday. The firm has a 50 day simple moving average of $2.04 and a 200 day simple moving average of $2.85. Ready Capital has a 52 week low of $1.55 and a 52 week high of $5.47. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.56 and a current ratio of 1.48. The company has a market cap of $338.79 million, a PE ratio of -1.41 and a beta of 1.45.

Ready Capital (NYSE:RC) last announced its earnings results on Thursday, February 26th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.02. The company had revenue of $207.55 million for the quarter, compared to the consensus estimate of $133.50 million. Ready Capital had a negative net margin of 39.55% and a negative return on equity of 10.29%. As a group, research analysts expect that Ready Capital will post 0.93 earnings per share for the current year.

Ready Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, December 31st were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.04 dividend on an annualized basis and a yield of 1.9%. Ready Capital’s dividend payout ratio (DPR) is presently -2.72%.

Institutional Investors Weigh In On Ready Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in RC. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ready Capital in the 1st quarter valued at approximately $89,000. United Services Automobile Association bought a new stake in Ready Capital in the first quarter worth approximately $59,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Ready Capital by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 442,432 shares of the real estate investment trust’s stock worth $2,252,000 after acquiring an additional 9,892 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Ready Capital by 13.1% during the 1st quarter. Focus Partners Wealth now owns 263,820 shares of the real estate investment trust’s stock worth $1,343,000 after purchasing an additional 30,477 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of Ready Capital by 13.1% during the 1st quarter. Intech Investment Management LLC now owns 230,177 shares of the real estate investment trust’s stock valued at $1,172,000 after purchasing an additional 26,607 shares in the last quarter. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.