Ready Capital (NYSE:RC) Price Target Cut to $4.00 by Analysts at B. Riley

Ready Capital (NYSE:RC) had its price target trimmed by B. Riley from $6.00 to $4.00 in a research note released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Several other research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Ready Capital from $3.75 to $4.25 and gave the stock an “underperform” rating in a research report on Thursday, July 10th. UBS Group reduced their price target on shares of Ready Capital from $4.75 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Ready Capital currently has a consensus rating of “Hold” and an average target price of $6.04.

Ready Capital Price Performance

NYSE:RC opened at $3.80 on Monday. Ready Capital has a one year low of $3.77 and a one year high of $8.73. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.78 and a current ratio of 1.61. The firm has a market cap of $647.09 million, a price-to-earnings ratio of -2.05 and a beta of 1.47. The firm’s fifty day moving average is $4.39 and its two-hundred day moving average is $4.92.

Ready Capital (NYSE:RC) last announced its quarterly earnings results on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.13). Ready Capital had a negative net margin of 40.59% and a positive return on equity of 3.76%. The business had revenue of ($9.77) million during the quarter, compared to analysts’ expectations of $167.26 million. Research analysts expect that Ready Capital will post 0.93 EPS for the current year.

Ready Capital Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 13.2%. The ex-dividend date was Monday, June 30th. Ready Capital’s dividend payout ratio (DPR) is presently -27.03%.

Institutional Investors Weigh In On Ready Capital

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Ready Capital by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 11,450,959 shares of the real estate investment trust’s stock worth $58,285,000 after acquiring an additional 84,131 shares in the last quarter. Geode Capital Management LLC raised its stake in 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 acquiring an additional 58,899 shares in the last quarter. Invesco Ltd. raised its stake in Ready Capital by 16.1% during the 1st quarter. Invesco Ltd. now owns 3,618,181 shares of the real estate investment trust’s stock worth $18,417,000 after acquiring an additional 502,162 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Ready Capital by 0.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,276,719 shares of the real estate investment trust’s stock worth $11,588,000 after acquiring an additional 10,134 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Ready Capital by 5.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,018,413 shares of the real estate investment trust’s stock worth $13,766,000 after acquiring an additional 98,895 shares in the last quarter. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Company Profile

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.