Ready Capital (NYSE:RC) Releases Quarterly Earnings Results

Ready Capital (NYSE:RC) announced its quarterly earnings data on Thursday. The real estate investment trust reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.11), FiscalAI reports. Ready Capital had a negative return on equity of 8.91% and a negative net margin of 163.95%. The firm had revenue of $25.33 million for the quarter, compared to analysts’ expectations of $23.10 million.

Ready Capital Trading Down 18.7%

Shares of NYSE RC traded down $0.20 during midday trading on Friday, reaching $0.87. 7,556,149 shares of the company traded hands, compared to its average volume of 1,703,971. Ready Capital has a 52 week low of $0.85 and a 52 week high of $2.98. The stock has a 50-day moving average price of $1.34 and a 200 day moving average price of $1.66. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.91 and a quick ratio of 1.91.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Wednesday, September 30th were issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Wednesday, September 30th. Ready Capital’s dividend payout ratio is -1.15%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ready Capital in a research report on Friday, August 28th. Piper Sandler dropped their price objective on shares of Ready Capital from $2.00 to $1.25 and set a “neutral” rating for the company in a research note on Friday, October 9th. UBS Group reduced their target price on Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Keefe, Bruyette & Woods decreased their price objective on Ready Capital from $1.40 to $1.25 and set an “underperform” rating on the stock in a research note on Friday, October 9th. Finally, Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $1.50.

About Ready Capital

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.