Ready Capital (NYSE:RC) Price Target Cut to $7.75

Ready Capital (NYSE:RC) had its target price lowered by Keefe, Bruyette & Woods from $8.00 to $7.75 in a report published on Monday, Benzinga reports. Keefe, Bruyette & Woods currently has an underperform rating on the real estate investment trust’s stock.

RC has been the subject of a number of other reports. LADENBURG THALM/SH SH cut shares of Ready Capital from a buy rating to a neutral rating in a research note on Friday, May 10th. BTIG Research assumed coverage on Ready Capital in a research report on Friday, July 19th. They set a neutral rating for the company. Finally, Wedbush reiterated a neutral rating and issued a $9.00 price target on shares of Ready Capital in a report on Monday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Ready Capital presently has a consensus rating of Hold and a consensus target price of $10.04.

Ready Capital Trading Up 0.7 %

Shares of RC stock opened at $8.41 on Monday. The company has a market cap of $1.41 billion, a PE ratio of 5.22 and a beta of 1.43. Ready Capital has a 1 year low of $7.93 and a 1 year high of $11.67. The stock’s 50 day simple moving average is $8.69 and its two-hundred day simple moving average is $8.75. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.69 and a quick ratio of 1.76.

Ready Capital (NYSE:RC) last released 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 company had revenue of $234.12 million for the quarter, compared to analysts’ expectations of $61.77 million. Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. During the same quarter in the previous year, the company posted $0.35 EPS. Research analysts predict that Ready Capital will post 1.05 earnings per share for the current year.

Ready Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, June 28th. This represents a $1.20 annualized dividend and a yield of 14.28%. Ready Capital’s payout ratio is currently 74.53%.

Insider Buying and Selling at Ready Capital

In other news, Director Gilbert E. Nathan purchased 10,000 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average price of $8.29 per share, for a total transaction of $82,900.00. Following the completion of the purchase, the director now owns 95,249 shares in the company, valued at approximately $789,614.21. The purchase was disclosed in a document filed with the SEC, which is available at this link. 1.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ready Capital

Several institutional investors have recently bought and sold shares of the business. CWM LLC boosted its position in Ready Capital by 94.6% during the 2nd quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 1,634 shares in the last quarter. EdgeRock Capital LLC purchased a new position in Ready Capital in the fourth quarter valued at about $36,000. EntryPoint Capital LLC purchased a new position in Ready Capital in the first quarter valued at about $40,000. MCF Advisors LLC purchased a new stake in shares of Ready Capital during the first quarter valued at about $42,000. Finally, Xponance Inc. bought a new stake in shares of Ready Capital in the 2nd quarter valued at about $84,000. 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.