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

Shares of Ready Capital Corp (NYSE:RC) have earned a consensus recommendation of “Reduce” from the eight analysts that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating and six have issued a hold rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $3.55.

A number of equities research analysts have recently weighed in on the stock. UBS Group cut their price objective on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating for the company in a research note on Friday, November 14th. Keefe, Bruyette & Woods lowered their price target on shares of Ready Capital from $3.50 to $2.50 and set an “underperform” rating for the company in a research note on Wednesday, November 12th. Weiss Ratings restated a “sell (d)” rating on shares of Ready Capital in a research report on Wednesday, October 8th. Zacks Research upgraded Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 14th. Finally, Piper Sandler lowered their target price on Ready Capital from $3.50 to $2.50 and set a “neutral” rating for the company in a research note on Monday, December 22nd.

Ready Capital Price Performance

Shares of Ready Capital stock opened at $2.05 on Wednesday. The firm has a market capitalization of $331.56 million, a PE ratio of -1.07 and a beta of 1.46. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.79. Ready Capital has a 12 month low of $1.98 and a 12 month high of $7.14. The business’s 50-day moving average price is $2.50 and its 200-day moving average price is $3.51.

Ready Capital (NYSE:RC) last issued its earnings results on Tuesday, September 9th. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter. Ready Capital had a negative return on equity of 7.02% and a negative net margin of 47.30%.The firm had revenue of ($9.77) million during the quarter. Sell-side analysts forecast that Ready Capital will post 0.93 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be given a $0.01 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.04 annualized dividend and a yield of 2.0%. Ready Capital’s payout ratio is presently -2.09%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. CW Advisors LLC raised its holdings in Ready Capital by 11.6% during the 2nd quarter. CW Advisors LLC now owns 27,590 shares of the real estate investment trust’s stock valued at $121,000 after buying an additional 2,878 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Ready Capital by 3.6% during the second quarter. The Manufacturers Life Insurance Company now owns 84,372 shares of the real estate investment trust’s stock valued at $369,000 after acquiring an additional 2,905 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Ready Capital by 29.0% during the second quarter. Cerity Partners LLC now owns 15,220 shares of the real estate investment trust’s stock valued at $67,000 after acquiring an additional 3,419 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Ready Capital by 163.6% during the second quarter. Nomura Asset Management Co. Ltd. now owns 5,800 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 3,600 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in shares of Ready Capital by 18.3% in the second quarter. PNC Financial Services Group Inc. now owns 23,270 shares of the real estate investment trust’s stock worth $102,000 after purchasing an additional 3,605 shares during the last quarter. Institutional investors own 55.87% of the company’s stock.

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.