Ready Capital (NYSE:RC) Stock Gets Price Target Trim from UBS Group

Ready Capital (NYSE:RC) had its price target reduced by equities researchers at UBS Group from $2.00 to $1.25 in a research report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. UBS Group‘s price objective would indicate a potential upside of 42.69% from the company’s previous close.

Several other brokerages have also issued reports on RC. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a research 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. Piper Sandler decreased their price target on Ready Capital from $1.25 to $1.00 and set a “neutral” rating for the company in a research note on Monday. Finally, Keefe, Bruyette & Woods lowered their price objective on Ready Capital from $1.40 to $1.25 and set an “underperform” rating for the company in a research report on Friday, October 9th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Ready Capital currently has a consensus rating of “Reduce” and a consensus price target of $1.17.

Ready Capital Trading Down 5.8%

Shares of RC stock traded down $0.05 during trading hours on Thursday, hitting $0.88. 185,066 shares of the company’s stock traded hands, compared to its average volume of 1,920,789. The stock’s 50 day simple moving average is $1.29 and its 200 day simple moving average is $1.64. The stock has a market cap of $140.36 million, a PE ratio of -0.23 and a beta of 1.55. Ready Capital has a 12 month low of $0.83 and a 12 month high of $2.80. The company has a quick ratio of 1.91, a current ratio of 1.88 and a debt-to-equity ratio of 0.89.

Ready Capital (NYSE:RC) last issued its quarterly earnings results on Thursday, November 5th. The real estate investment trust reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.11). The business had revenue of $25.33 million for the quarter, compared to analyst estimates of $23.10 million. Ready Capital had a negative return on equity of 9.25% and a negative net margin of 163.95%. On average, sell-side analysts anticipate that Ready Capital will post -1.01 EPS for the current year.

Institutional Investors Weigh In On Ready Capital

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Ready Capital in the second quarter valued at $31,059,000. Private Management Group Inc. grew its holdings in Ready Capital by 3.0% during the 3rd quarter. Private Management Group Inc. now owns 8,168,443 shares of the real estate investment trust’s stock worth $9,475,000 after acquiring an additional 235,922 shares during the period. GSA Capital Partners LLP acquired a new stake in Ready Capital during the 2nd quarter worth about $856,000. Bank of New York Mellon Corp bought a new position in shares of Ready Capital in the 2nd quarter worth about $845,000. Finally, Ieq Capital LLC bought a new position in shares of Ready Capital in the 2nd quarter worth about $817,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

About Ready Capital

Ready Capital Corporation is a real estate finance company focused on commercial real estate lending. It originates, acquires, finances and services loans secured by commercial properties, including bridge and construction loans for property owners and investors. The company also invests in commercial real estate-related assets and provides financing through programs such as Small Business Administration lending. Its activities serve borrowers and property owners across the United States. Ready Capital is externally managed by Waterfall Asset Management and trades on the New York Stock Exchange under the symbol RC.