Ready Capital Corp (NYSE:RC) Given Average Rating of “Reduce” by Brokerages

Shares of Ready Capital Corp (NYSE:RC) have earned an average rating of “Reduce” from the eight research firms that are covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $3.55.

RC has been the subject of a number of recent research reports. Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a research note on Thursday, January 22nd. UBS Group reduced their price objective on Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a research note on Friday, November 14th. Piper Sandler lowered their price objective on Ready Capital from $3.50 to $2.50 and set a “neutral” rating for the company in a research note on Monday, December 22nd. Finally, Keefe, Bruyette & Woods cut their target price on Ready Capital from $3.50 to $2.50 and set an “underperform” rating on the stock in a research report on Wednesday, November 12th.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Nomura Asset Management Co. Ltd. lifted its stake in shares of Ready Capital by 163.6% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 5,800 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 3,600 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Ready Capital during the fourth quarter worth $27,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of Ready Capital in the 4th quarter valued at $28,000. Austin Wealth Management LLC bought a new position in shares of Ready Capital in the 4th quarter worth $29,000. Finally, Huntington National Bank lifted its stake in shares of Ready Capital by 234.6% during the 3rd quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 6,134 shares during the last quarter. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Stock Performance

NYSE:RC opened at $1.65 on Thursday. The company has a market cap of $266.70 million, a price-to-earnings ratio of -0.86 and a beta of 1.45. Ready Capital has a 1 year low of $1.61 and a 1 year high of $6.97. The stock’s 50 day simple moving average is $2.07 and its two-hundred day simple moving average is $2.92. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.56 and a quick ratio of 1.56.

Ready Capital Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, December 31st were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.04 dividend on an annualized basis and a dividend yield of 2.4%. Ready Capital’s payout ratio is currently -2.09%.

About Ready Capital

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.