Analysts Set Ready Capital Co. (NYSE:RC) Price Target at $9.38

Ready Capital Co. (NYSE:RC - Get Free Report) has been given a consensus recommendation of "Hold" by the eight research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $9.38.

A number of research analysts recently weighed in on RC shares. Wedbush reaffirmed a "neutral" rating and set a $9.00 price objective on shares of Ready Capital in a research report on Monday, August 12th. BTIG Research initiated coverage on Ready Capital in a report on Friday, July 19th. They set a "neutral" rating for the company. Piper Sandler dropped 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.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RC. Janus Henderson Group PLC boosted its holdings in Ready Capital by 131.0% in the 1st quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust's stock worth $1,539,000 after buying an additional 95,562 shares during the period. Clear Harbor Asset Management LLC grew its position in shares of Ready Capital by 84.0% during the third quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust's stock worth $10,989,000 after purchasing an additional 657,465 shares in the last quarter. Norden Group LLC raised its stake in Ready Capital by 24.7% during the 1st quarter. Norden Group LLC now owns 18,309 shares of the real estate investment trust's stock valued at $167,000 after purchasing an additional 3,630 shares during the period. Spire Wealth Management lifted its holdings in Ready Capital by 1,115.6% in the 2nd quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust's stock worth $1,376,000 after purchasing an additional 154,419 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Ready Capital by 6.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 98,156 shares of the real estate investment trust's stock worth $897,000 after purchasing an additional 5,874 shares during the period. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Trading Up 4.6 %

Shares of NYSE RC traded up $0.32 during midday trading on Friday, hitting $7.32. 2,875,638 shares of the company traded hands, compared to its average volume of 1,559,281. Ready Capital has a 12-month low of $6.65 and a 12-month high of $11.67. The firm has a market cap of $1.23 billion, a P/E ratio of -19.26 and a beta of 1.42. The stock has a 50-day moving average price of $7.44 and a 200 day moving average price of $8.20. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.69 and a current ratio of 1.69.

Ready Capital (NYSE:RC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.19). The firm had revenue of $234.12 million during the quarter, compared to analysts' expectations of $61.77 million. Ready Capital had a positive return on equity of 7.32% and a negative net margin of 5.67%. During the same period in the previous year, the company earned $0.35 earnings per share. As a group, analysts expect that Ready Capital will post 0.98 earnings per share for the current year.

Ready Capital Cuts Dividend

The firm also recently declared 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. This represents a $1.00 annualized dividend and a dividend yield of 13.66%. The ex-dividend date of this dividend was Monday, September 30th. Ready Capital's dividend payout ratio is presently -263.16%.

About Ready Capital

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.