Ready Capital Corp (NYSE:RC) Stock Has Average Target Price of $2.17

Ready Capital Corp (NYSE:RC) has been given a consensus recommendation of “Reduce” by the five brokerages that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation and three have assigned a hold recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $1.50.

A number of research firms recently weighed in on RC. Piper Sandler lowered their price target on Ready Capital from $2.00 to $1.25 and set a “neutral” rating on the stock in a report on Friday, October 9th. Keefe, Bruyette & Woods dropped their price objective on Ready Capital from $1.40 to $1.25 and set an “underperform” rating for the company in a research note on Friday, October 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of Ready Capital in a report on Friday, August 28th. Zacks Research upgraded Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, UBS Group cut their price target on Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th.

Ready Capital Stock Performance

Shares of RC opened at $1.12 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.97. Ready Capital has a 52-week low of $1.06 and a 52-week high of $3.39. The company has a 50-day simple moving average of $1.57 and a 200-day simple moving average of $1.65.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.01. Ready Capital had a negative net margin of 131.76% and a negative return on equity of 16.78%. The firm had revenue of $151.87 million for the quarter, compared to the consensus estimate of $16.41 million. On average, analysts predict that Ready Capital will post -1.00 earnings per share for the current year.

Ready Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, September 30th. Ready Capital’s dividend payout ratio is presently -1.15%.

Hedge Funds Weigh In On Ready Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RC. Green Ridge Wealth Planning LLC purchased a new position in shares of Ready Capital during the 4th quarter worth approximately $32,000. Focus Partners Advisor Solutions LLC purchased a new stake in Ready Capital in the 2nd quarter valued at approximately $26,000. Public Employees Retirement System of Ohio purchased a new stake in Ready Capital in the 2nd quarter valued at approximately $28,000. HB Wealth Management LLC lifted its stake in Ready Capital by 44.2% in the 2nd quarter. HB Wealth Management LLC now owns 18,951 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 5,812 shares in the last quarter. Finally, HBK Sorce Advisory LLC acquired a new stake in Ready Capital during the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation (NYSE: RC) is a real estate finance company organized as a real estate investment trust (REIT). The company focuses on originating, acquiring, financing and servicing loans secured by commercial real estate, primarily in the United States.

Ready Capital provides financing for a range of property types and transactions, including bridge loans, construction loans, mortgage loans and other forms of debt financing. Its portfolio has included loans backed by multifamily, residential, small-balance commercial and other income-producing properties.