Ready Capital (NYSE:RC) Downgraded by Zacks Investment Research to Hold

Ready Capital (NYSE:RC – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Ready Capital Corporation is a publicly-traded mortgage REIT and is externally managed by Waterfall Asset Management LLC. The company provides non-bank real estate and small business. It lends primarily to multifamily and commercial real estate, delivering value-add bridge loans and fixed rate financings for stabilized assets. The company approved Freddie Mac Small Balance Loan lender and provides residential mortgage lending through its wholly-owned subsidiary GMFS Inc. Ready Capital Corporation, formerly known as Sutherland Asset Management Corporation, is based in New York, United States. “

Separately, StockNews.com started coverage on Ready Capital in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $17.42.

NYSE RC opened at $14.65 on Thursday. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.77. Ready Capital has a twelve month low of $13.24 and a twelve month high of $16.78. The stock has a 50-day moving average of $15.08 and a 200 day moving average of $15.27. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 6.81 and a beta of 1.09.

Ready Capital (NYSE:RC – Get Rating) last issued its quarterly earnings results on Thursday, February 24th. The real estate investment trust reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.17. Ready Capital had a net margin of 39.09% and a return on equity of 14.56%. During the same period last year, the firm posted $0.51 EPS. Equities analysts predict that Ready Capital will post 2.05 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Comerica Bank increased its stake in Ready Capital by 14.4% during the 1st quarter. Comerica Bank now owns 57,526 shares of the real estate investment trust’s stock valued at $861,000 after buying an additional 7,221 shares during the period. Wiley BROS. Aintree Capital LLC acquired a new stake in shares of Ready Capital during the first quarter valued at approximately $824,000. Truist Financial Corp lifted its position in shares of Ready Capital by 20.5% in the 1st quarter. Truist Financial Corp now owns 31,103 shares of the real estate investment trust’s stock valued at $469,000 after acquiring an additional 5,293 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in Ready Capital by 14.7% in the 1st quarter. Louisiana State Employees Retirement System now owns 32,700 shares of the real estate investment trust’s stock worth $489,000 after purchasing an additional 4,200 shares during the period. Finally, Concorde Asset Management LLC raised its stake in Ready Capital by 57.2% during the 1st quarter. Concorde Asset Management LLC now owns 133,250 shares of the real estate investment trust’s stock valued at $2,007,000 after purchasing an additional 48,494 shares during the period. Institutional investors own 42.94% of the company’s stock.

Ready Capital Company Profile (Get Rating)

Ready Capital Corporation operates as a real estate finance company in the United States. The company acquires, originates, manages, services, and finances small to medium balance commercial (SBC) loans, small business administration (SBA) loans, residential mortgage loans, and mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments.

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