Ready Capital Co. (NYSE:RC - Free Report) - Stock analysts at Wedbush dropped their FY2024 earnings per share (EPS) estimates for shares of Ready Capital in a research note issued on Tuesday, November 12th. Wedbush analyst J. Mccanless now expects that the real estate investment trust will post earnings per share of $0.95 for the year, down from their previous forecast of $1.00. Wedbush currently has a "Neutral" rating and a $9.00 price objective on the stock. The consensus estimate for Ready Capital's current full-year earnings is $0.92 per share. Wedbush also issued estimates for Ready Capital's Q4 2024 earnings at $0.22 EPS, Q1 2025 earnings at $0.25 EPS, Q2 2025 earnings at $0.27 EPS, Q3 2025 earnings at $0.28 EPS, FY2025 earnings at $1.10 EPS and FY2026 earnings at $1.15 EPS.
Several other brokerages have also recently weighed in on RC. BTIG Research assumed coverage on shares of Ready Capital in a research note on Friday, July 19th. They set a "neutral" rating for the company. Piper Sandler lowered their price target on shares of Ready Capital from $9.50 to $8.00 and set a "neutral" rating on the stock in a research note on Monday, September 16th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Ready Capital from $8.00 to $7.75 and set an "underperform" rating for the company in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $9.38.
Read Our Latest Analysis on Ready Capital
Ready Capital Price Performance
Ready Capital stock traded down $0.08 during midday trading on Wednesday, reaching $7.12. The stock had a trading volume of 1,640,863 shares, compared to its average volume of 1,557,491. The firm's fifty day simple moving average is $7.40 and its 200-day simple moving average is $8.17. The company has a quick ratio of 1.69, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. Ready Capital has a 1-year low of $6.65 and a 1-year high of $11.67.
Ready Capital Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 14.05%. Ready Capital's dividend payout ratio is presently -142.86%.
Hedge Funds Weigh In On Ready Capital
Institutional investors have recently bought and sold shares of the business. HB Wealth Management LLC boosted its stake in shares of Ready Capital by 3.4% during the 2nd quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust's stock worth $272,000 after acquiring an additional 1,101 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Ready Capital by 2.2% in the second quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust's stock valued at $521,000 after purchasing an additional 1,375 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its position in shares of Ready Capital by 12.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 12,970 shares of the real estate investment trust's stock valued at $118,000 after purchasing an additional 1,455 shares during the period. CWM LLC lifted its stake in shares of Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust's stock worth $27,000 after buying an additional 1,634 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its holdings in shares of Ready Capital by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 138,085 shares of the real estate investment trust's stock worth $1,261,000 after buying an additional 1,718 shares during the period. Institutional investors and hedge funds own 55.87% of the company's stock.
About Ready Capital
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Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.
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