Ready Capital (NYSE:RC - Free Report) had its target price trimmed by UBS Group from $7.00 to $5.00 in a research report released on Friday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust's stock.
A number of other brokerages have also recently issued reports on RC. JMP Securities decreased their price objective on shares of Ready Capital from $10.50 to $9.50 and set a "market outperform" rating for the company in a report on Thursday, December 12th. Wedbush restated a "neutral" rating and set a $6.00 price target (down from $8.00) on shares of Ready Capital in a report on Tuesday, March 4th. B. Riley restated a "neutral" rating and set a $10.00 price target (down from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. Citizens Jmp cut shares of Ready Capital from an "outperform" rating to a "market perform" rating in a report on Monday, March 3rd. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Ready Capital from $6.25 to $4.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $7.50.
View Our Latest Stock Analysis on RC
Ready Capital Stock Down 0.9 %
NYSE:RC traded down $0.05 during trading hours on Friday, reaching $5.02. The company's stock had a trading volume of 2,491,849 shares, compared to its average volume of 2,663,792. The company has a market cap of $818.20 million, a price-to-earnings ratio of -7.16 and a beta of 1.43. Ready Capital has a one year low of $4.74 and a one year high of $9.53. The business's 50-day moving average is $6.42 and its 200-day moving average is $7.05. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67.
Ready Capital Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 9.97%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital's payout ratio is presently -18.94%.
Insider Activity at Ready Capital
In other Ready Capital news, insider Adam Zausmer purchased 10,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $5.42 per share, with a total value of $54,200.00. Following the completion of the transaction, the insider now directly owns 301,105 shares of the company's stock, valued at approximately $1,631,989.10. This trade represents a 3.44 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.09% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Ready Capital by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust's stock worth $77,522,000 after purchasing an additional 768,891 shares in the last quarter. State Street Corp increased its holdings in shares of Ready Capital by 4.8% during the third quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust's stock worth $49,746,000 after buying an additional 287,068 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Ready Capital by 4.1% during the third quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust's stock worth $29,292,000 after buying an additional 150,479 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Ready Capital by 6.8% during the fourth quarter. Invesco Ltd. now owns 3,116,019 shares of the real estate investment trust's stock worth $21,251,000 after buying an additional 197,770 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Ready Capital by 21.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust's stock worth $15,458,000 after buying an additional 398,005 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company's stock.
Ready Capital Company Profile
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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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