Ready Capital Co. (NYSE:RC) Receives Average Recommendation of “Hold” from Brokerages

Ready Capital Co. (NYSE:RC) has earned an average rating of “Hold” from the nine research firms that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $7.04.

Several equities research analysts have recently issued reports on RC shares. B. Riley reaffirmed a “neutral” rating and set a $10.00 target price (down from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods lowered their price objective on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating on the stock in a research report on Wednesday, March 5th. Citizens Jmp cut shares of Ready Capital from an “outperform” rating to a “market perform” rating in a research note on Monday, March 3rd. UBS Group decreased their price target on shares of Ready Capital from $5.00 to $4.75 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Finally, Wedbush reiterated a “neutral” rating and issued a $6.00 price objective (down previously from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th.

Insider Buying and Selling at Ready Capital

In related news, CEO Thomas E. Capasse bought 10,000 shares of Ready Capital stock in a transaction on Wednesday, March 5th. The stock was acquired at an average price of $4.80 per share, with a total value of $48,000.00. Following the acquisition, the chief executive officer now directly owns 319,925 shares of the company’s stock, valued at $1,535,640. This represents a 3.23 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.09% of the company’s stock.

Hedge Funds Weigh In On Ready Capital

A number of large investors have recently modified their holdings of the company. Barclays PLC boosted its holdings in Ready Capital by 205.9% in the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock valued at $3,699,000 after purchasing an additional 326,467 shares during the period. Principal Financial Group Inc. increased its stake in Ready Capital by 3.3% in the 3rd quarter. Principal Financial Group Inc. now owns 792,536 shares of the real estate investment trust’s stock worth $6,047,000 after acquiring an additional 25,545 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Ready Capital by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust’s stock valued at $2,570,000 after purchasing an additional 112,934 shares in the last quarter. Seed Wealth Management Inc. raised its position in shares of Ready Capital by 93.8% during the 4th quarter. Seed Wealth Management Inc. now owns 24,800 shares of the real estate investment trust’s stock valued at $169,000 after buying an additional 12,000 shares in the last quarter. Finally, Mutual Advisors LLC raised its position in shares of Ready Capital by 4.7% during the 4th quarter. Mutual Advisors LLC now owns 109,993 shares of the real estate investment trust’s stock valued at $742,000 after buying an additional 4,891 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors.

Ready Capital Stock Performance

Shares of RC opened at $4.49 on Friday. The stock has a 50 day moving average of $4.95 and a 200 day moving average of $6.30. The company has a market capitalization of $770.65 million, a price-to-earnings ratio of -6.41 and a beta of 1.23. Ready Capital has a 12 month low of $4.16 and a 12 month high of $9.54. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Monday, March 31st were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 11.15%. The ex-dividend date was Monday, March 31st. Ready Capital’s dividend payout ratio (DPR) is presently -18.94%.

About Ready Capital

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.