Ready Capital Corp (NYSE:RC) Receives Consensus Recommendation of “Reduce” from Analysts

Ready Capital Corp (NYSE:RC) has been assigned a consensus rating of “Reduce” from the eight research firms that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $3.55.

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

Institutional Trading of Ready Capital

A number of hedge funds have recently bought and sold shares of RC. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Ready Capital by 163.6% during the 2nd 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 last quarter. Huntington National Bank grew its holdings in Ready Capital by 234.6% in the 3rd quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 6,134 shares in the last quarter. Quarry LP increased its stake in shares of Ready Capital by 4,494.6% in the 3rd quarter. Quarry LP now owns 9,373 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 9,169 shares during the last quarter. Ausdal Financial Partners Inc. purchased a new position in shares of Ready Capital during the 3rd quarter worth $39,000. Finally, Simon Quick Advisors LLC acquired a new position in shares of Ready Capital during the 2nd quarter valued at about $46,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Trading Down 0.9%

Ready Capital stock opened at $1.65 on Thursday. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.79. The stock has a 50-day moving average price of $2.07 and a 200 day moving average price of $2.92. Ready Capital has a 52 week low of $1.61 and a 52 week high of $6.97. The company has a market capitalization of $266.70 million, a price-to-earnings ratio of -0.86 and a beta of 1.45.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, December 31st. Ready Capital’s dividend payout ratio (DPR) is currently -2.09%.

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.