Ready Capital Corp (NYSE:RC) Receives Consensus Rating of “Reduce” from Brokerages

Shares of Ready Capital Corp (NYSE:RC) have been assigned an average recommendation of “Reduce” from the six analysts that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $2.8125.

Several research firms have recently commented on RC. Weiss Ratings reissued a “sell (e+)” rating on shares of Ready Capital in a research report on Tuesday. Piper Sandler decreased their target price on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research report on Monday, March 2nd.

Institutional Investors Weigh In On Ready Capital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Huntington National Bank increased its position in shares of Ready Capital by 234.6% during the third quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 6,134 shares in the last quarter. Quarry LP increased its position in shares of 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 worth $36,000 after acquiring an additional 9,169 shares in the last quarter. Ausdal Financial Partners Inc. bought a new stake in shares of Ready Capital during the third quarter worth about $39,000. Franklin Resources Inc. bought a new stake in shares of Ready Capital during the third quarter worth about $44,000. Finally, M&T Bank Corp bought a new stake in shares of Ready Capital during the second quarter worth about $50,000. 55.87% of the stock is owned by institutional investors.

Ready Capital Price Performance

Shares of NYSE RC opened at $1.71 on Friday. The firm’s 50-day moving average price is $1.75 and its 200-day moving average price is $1.98. Ready Capital has a 1-year low of $1.50 and a 1-year high of $4.75. The firm has a market capitalization of $281.70 million, a P/E ratio of -0.54 and a beta of 1.44. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.95.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.18). The business had revenue of $130.55 million for the quarter, compared to the consensus estimate of $68.67 million. Ready Capital had a negative return on equity of 14.69% and a negative net margin of 102.10%. Equities research analysts anticipate that Ready Capital will post -1.4 earnings per share for the current fiscal year.

Ready Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.04 annualized dividend and a dividend yield of 2.3%. Ready Capital’s payout ratio is presently -1.26%.

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.