Keefe, Bruyette & Woods Cuts Ready Capital (NYSE:RC) Price Target to $3.50

Ready Capital (NYSE:RC) had its price target lowered by Keefe, Bruyette & Woods from $3.75 to $3.50 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an underperform rating on the real estate investment trust’s stock.

RC has been the topic of a number of other research reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ready Capital in a report on Wednesday. Wall Street Zen cut shares of Ready Capital from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. B. Riley dropped their price objective on shares of Ready Capital from $6.00 to $4.00 and set a “neutral” rating on the stock in a report on Monday, August 11th. Finally, UBS Group dropped their price objective on shares of Ready Capital from $4.50 to $4.00 and set a “neutral” rating on the stock in a report on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $5.40.

Ready Capital Stock Down 0.3%

Shares of NYSE:RC opened at $3.45 on Thursday. The stock has a market capitalization of $566.94 million, a price-to-earnings ratio of -1.86 and a beta of 1.45. Ready Capital has a 1-year low of $3.42 and a 1-year high of $7.64. The company’s fifty day moving average is $4.04 and its two-hundred day moving average is $4.31. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.61 and a current ratio of 1.61.

Ready Capital (NYSE:RC) last issued its earnings results on Tuesday, September 9th. The real estate investment trust reported ($0.10) earnings per share for the quarter. Ready Capital had a positive return on equity of 3.76% and a negative net margin of 40.59%.The business had revenue of ($9.77) million for the quarter. Equities analysts anticipate that Ready Capital will post 0.93 EPS for the current year.

Ready Capital Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Tuesday, September 30th will be paid a $0.125 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $0.50 annualized dividend and a yield of 14.5%. Ready Capital’s dividend payout ratio (DPR) is currently -27.03%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC raised its holdings in shares of Ready Capital by 11.0% in the 3rd quarter. Voya Investment Management LLC now owns 486,007 shares of the real estate investment trust’s stock valued at $1,881,000 after acquiring an additional 48,120 shares in the last quarter. Shorepoint Capital Partners LLC purchased a new stake in shares of Ready Capital in the 3rd quarter valued at about $108,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Ready Capital in the 2nd quarter valued at about $136,000. Public Sector Pension Investment Board raised its holdings in shares of Ready Capital by 8.8% in the 2nd quarter. Public Sector Pension Investment Board now owns 581,322 shares of the real estate investment trust’s stock valued at $2,540,000 after acquiring an additional 46,848 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of Ready Capital by 8.2% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 145,398 shares of the real estate investment trust’s stock valued at $636,000 after acquiring an additional 11,061 shares in the last quarter. Institutional investors own 55.87% of the company’s stock.

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.