Ready Capital (NYSE:RC) Upgraded to “Sell” at Wall Street Zen

Wall Street Zen upgraded shares of Ready Capital (NYSE:RC) from a strong sell rating to a sell rating in a report issued on Saturday morning,Wall Street Zen reports.

A number of other analysts have also commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Ready Capital in a research note on Friday, August 28th. Piper Sandler dropped their price objective on shares of Ready Capital from $1.25 to $1.00 and set a “neutral” rating on the stock in a research note on Monday, November 9th. Zacks Research upgraded shares of Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Keefe, Bruyette & Woods decreased their target price on shares of Ready Capital from $1.40 to $1.25 and set an “underperform” rating for the company in a research report on Friday, October 9th. Finally, UBS Group lowered their target price on shares of Ready Capital from $2.00 to $1.25 and set a “neutral” rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Ready Capital currently has an average rating of “Reduce” and an average target price of $1.17.

Ready Capital Stock Down 9.5%

Ready Capital stock traded down $0.09 during mid-day trading on Friday, reaching $0.82. The stock had a trading volume of 1,811,725 shares, compared to its average volume of 2,565,325. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.91 and a current ratio of 1.88. Ready Capital has a fifty-two week low of $0.82 and a fifty-two week high of $2.80. The stock’s 50-day simple moving average is $1.26 and its 200-day simple moving average is $1.62. The firm has a market capitalization of $132.03 million, a PE ratio of -0.22 and a beta of 1.55.

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

Ready Capital Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Wednesday, September 30th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Wednesday, September 30th. Ready Capital’s dividend payout ratio is presently -1.08%.

Hedge Funds Weigh In On Ready Capital

Several large investors have recently bought and sold shares of RC. BlackRock Inc. bought a new stake in shares of Ready Capital in the 2nd quarter worth $31,059,000. Private Management Group Inc. raised its holdings in shares of Ready Capital by 3.0% in the third quarter. Private Management Group Inc. now owns 8,168,443 shares of the real estate investment trust’s stock valued at $9,475,000 after purchasing an additional 235,922 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Ready Capital during the second quarter valued at about $856,000. Bank of New York Mellon Corp bought a new position in shares of Ready Capital during the second quarter valued at about $845,000. Finally, Ieq Capital LLC purchased a new position in Ready Capital during the second quarter worth about $817,000. 55.87% of the stock is currently owned by institutional investors.

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.