Ready Capital (NYSE:RC) Announces Earnings Results

Ready Capital (NYSE:RC) issued its earnings results on Thursday. The real estate investment trust reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.01, FiscalAI reports. Ready Capital had a negative return on equity of 18.68% and a negative net margin of 131.76%.The business had revenue of $151.87 million during the quarter, compared to analyst estimates of $16.41 million.

Ready Capital Stock Up 10.4%

Ready Capital stock traded up $0.16 during mid-day trading on Friday, reaching $1.71. 2,573,858 shares of the company were exchanged, compared to its average volume of 1,226,243. The business has a fifty day moving average of $1.64 and a 200 day moving average of $1.77. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.60 and a current ratio of 1.60. The firm has a market cap of $282.69 million, a P/E ratio of -0.49 and a beta of 1.45. Ready Capital has a 12-month low of $1.39 and a 12-month high of $4.46.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were paid a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.04 dividend on an annualized basis and a yield of 2.3%. Ready Capital’s payout ratio is -1.15%.

Wall Street Analysts Forecast Growth

RC has been the topic of several research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Ready Capital in a research note on Tuesday, June 2nd. Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Finally, UBS Group lowered their price objective on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ready Capital presently has a consensus rating of “Reduce” and an average price target of $2.62.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP boosted its position in Ready Capital by 4,494.6% during the third quarter. Quarry LP now owns 9,373 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 9,169 shares in the last quarter. Ausdal Financial Partners Inc. purchased a new position in Ready Capital in the third quarter valued at about $39,000. Franklin Resources Inc. bought a new position in Ready Capital in the third quarter worth about $44,000. M&T Bank Corp bought a new position in Ready Capital in the second quarter worth about $50,000. Finally, United Services Automobile Association purchased a new stake in shares of Ready Capital during the first quarter valued at about $59,000. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

About Ready Capital

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.