Ready Capital (NYSE:RC) Given New $2.00 Price Target at Piper Sandler

Ready Capital (NYSE:RC) had its price target cut by equities researchers at Piper Sandler from $2.50 to $2.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. Piper Sandler’s price objective suggests a potential upside of 1.78% from the company’s previous close.

A number of other research firms have also commented on RC. Weiss Ratings restated a “sell (d)” rating on shares of Ready Capital in a research report on Thursday, January 22nd. UBS Group dropped their target price on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating for the company in a research report on Friday, November 14th. Finally, Keefe, Bruyette & Woods reduced their target price on Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a report on Wednesday, November 12th. Six analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $3.45.

Ready Capital Stock Performance

RC traded up $0.12 on Monday, hitting $1.97. The company had a trading volume of 605,663 shares, compared to its average volume of 2,708,598. Ready Capital has a 1-year low of $1.55 and a 1-year high of $5.70. The stock has a market cap of $318.58 million, a price-to-earnings ratio of -1.33 and a beta of 1.45. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.48 and a quick ratio of 1.56. The company’s fifty day moving average price is $2.05 and its 200 day moving average price is $2.88.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Thursday, February 26th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $207.55 million for the quarter, compared to analysts’ expectations of $133.50 million. Ready Capital had a negative return on equity of 10.29% and a negative net margin of 39.55%. Equities analysts predict that Ready Capital will post 0.93 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ready Capital

Institutional investors and hedge funds have recently made changes to their positions in the stock. Penserra Capital Management LLC boosted its stake in shares of Ready Capital by 61.8% in the 2nd quarter. Penserra Capital Management LLC now owns 244,788 shares of the real estate investment trust’s stock valued at $1,069,000 after purchasing an additional 93,477 shares during the last quarter. XTX Topco Ltd grew its holdings in Ready Capital by 153.0% in the second quarter. XTX Topco Ltd now owns 269,425 shares of the real estate investment trust’s stock worth $1,177,000 after purchasing an additional 162,936 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Ready Capital by 887.7% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 398,339 shares of the real estate investment trust’s stock valued at $1,741,000 after purchasing an additional 358,008 shares during the period. Geode Capital Management LLC boosted its position in shares of Ready Capital by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 4,023,581 shares of the real estate investment trust’s stock worth $17,585,000 after purchasing an additional 58,899 shares in the last quarter. Finally, Inceptionr LLC increased its position in Ready Capital by 186.6% in the 2nd quarter. Inceptionr LLC now owns 102,859 shares of the real estate investment trust’s stock valued at $449,000 after buying an additional 66,965 shares in the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.