Ready Capital (NYSE:RC) Given New $9.50 Price Target at JMP Securities

Ready Capital (NYSE:RC - Free Report) had its price target trimmed by JMP Securities from $10.50 to $9.50 in a report issued on Thursday,Benzinga reports. The firm currently has a market outperform rating on the real estate investment trust's stock.

Several other brokerages have also weighed in on RC. UBS Group lowered their price objective on Ready Capital from $8.50 to $7.50 and set a "neutral" rating for the company in a report on Friday, November 15th. Piper Sandler reduced their price objective on Ready Capital from $9.50 to $8.00 and set a "neutral" rating on the stock in a research note on Monday, September 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Ready Capital has a consensus rating of "Hold" and an average price target of $9.11.

Ready Capital Trading Up 1.6 %

Shares of Ready Capital stock traded up $0.11 during trading hours on Thursday, hitting $7.35. The company's stock had a trading volume of 1,532,517 shares, compared to its average volume of 1,555,988. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $1.24 billion, a PE ratio of -10.36 and a beta of 1.43. The business has a fifty day moving average of $7.17 and a 200 day moving average of $7.98. Ready Capital has a 1-year low of $6.65 and a 1-year high of $11.67.

Ready Capital Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.61%. Ready Capital's dividend payout ratio (DPR) is presently -142.86%.

Institutional Trading of Ready Capital

Hedge funds have recently bought and sold shares of the company. Clear Harbor Asset Management LLC lifted its holdings in shares of Ready Capital by 84.0% in the third quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust's stock valued at $10,989,000 after purchasing an additional 657,465 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Ready Capital by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust's stock worth $14,257,000 after acquiring an additional 195,663 shares in the last quarter. Wolverine Asset Management LLC boosted its position in Ready Capital by 2,902.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust's stock worth $3,069,000 after acquiring an additional 388,891 shares during the period. Intech Investment Management LLC purchased a new position in Ready Capital during the 3rd quarter valued at about $730,000. Finally, Spire Wealth Management increased its holdings in shares of 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 valued at $1,376,000 after purchasing an additional 154,419 shares during the period. 55.87% of the stock is owned by hedge funds and other institutional investors.

Ready Capital Company Profile

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.