Ready Capital (NYSE:RC) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Ready Capital (NYSE:RC) announced its earnings results on Thursday. The real estate investment trust reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.01, FiscalAI reports. The company had revenue of $151.87 million during the quarter, compared to analyst estimates of $16.41 million. Ready Capital had a negative net margin of 131.76% and a negative return on equity of 18.68%.

Ready Capital Trading Up 10.4%

Shares of RC stock traded up $0.16 on Friday, hitting $1.71. 2,573,858 shares of the company’s stock traded hands, compared to its average volume of 1,226,243. The stock has a market capitalization of $282.69 million, a price-to-earnings ratio of -0.49 and a beta of 1.45. The company’s fifty day simple moving average is $1.64 and its 200 day simple moving average is $1.77. Ready Capital has a one year low of $1.39 and a one year high of $4.46. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.60 and a current ratio of 1.60.

Ready Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were issued a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.04 annualized dividend and a dividend yield of 2.3%. Ready Capital’s dividend payout ratio (DPR) is currently -1.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. UBS Group dropped 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ready Capital in a research report on Tuesday, June 2nd. Finally, Zacks Research raised Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday. Four investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Ready Capital currently has a consensus rating of “Reduce” and an average target price of $2.62.

Institutional Trading of Ready Capital

Institutional investors have recently added to or reduced their stakes in the business. CW Advisors LLC lifted its position in Ready Capital by 11.6% in the 2nd quarter. CW Advisors LLC now owns 27,590 shares of the real estate investment trust’s stock valued at $121,000 after acquiring an additional 2,878 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Ready Capital by 3.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,372 shares of the real estate investment trust’s stock valued at $369,000 after purchasing an additional 2,905 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of Ready Capital by 29.0% in the 2nd quarter. Cerity Partners LLC now owns 15,220 shares of the real estate investment trust’s stock worth $67,000 after purchasing an additional 3,419 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Ready Capital by 65.3% in the 2nd quarter. BNP Paribas Financial Markets now owns 17,226 shares of the real estate investment trust’s stock worth $75,000 after purchasing an additional 6,807 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of Ready Capital by 6.1% in the 4th quarter. Deutsche Bank AG now owns 123,280 shares of the real estate investment trust’s stock worth $269,000 after purchasing an additional 7,133 shares in the last quarter. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

About Ready Capital

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.