Ready Capital Corp (NYSE:RC) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of Ready Capital Corp (NYSE:RC) have been assigned a consensus rating of “Reduce” from the six brokerages that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $2.8125.

A number of research analysts have recently weighed in on RC shares. Weiss Ratings restated a “sell (d)” rating on shares of Ready Capital in a report on Thursday, January 22nd. Piper Sandler lowered their price target on Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research report on Monday, March 2nd.

Insider Activity at Ready Capital

In other news, Director Gilbert E. Nathan bought 30,000 shares of the stock in a transaction dated Friday, March 6th. The stock was bought at an average price of $1.95 per share, for a total transaction of $58,500.00. Following the completion of the acquisition, the director directly owned 216,358 shares in the company, valued at approximately $421,898.10. This trade represents a 16.10% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ready Capital

Institutional investors have recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. lifted its position 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 buying an additional 3,600 shares in the last quarter. Huntington National Bank boosted its stake in shares of Ready Capital by 234.6% in the 3rd quarter. Huntington National Bank now owns 8,749 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 6,134 shares during the last quarter. Quarry LP grew its holdings in shares of Ready Capital by 4,494.6% in the third quarter. Quarry LP now owns 9,373 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 9,169 shares in the last quarter. Ausdal Financial Partners Inc. purchased a new stake in shares of Ready Capital during the third quarter valued at approximately $39,000. Finally, Franklin Resources Inc. purchased a new stake in shares of Ready Capital during the third quarter valued at approximately $44,000. 55.87% of the stock is owned by institutional investors.

Ready Capital Trading Down 3.9%

RC opened at $1.52 on Monday. Ready Capital has a fifty-two week low of $1.51 and a fifty-two week high of $5.24. The firm has a market capitalization of $247.41 million, a PE ratio of -1.03 and a beta of 1.45. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.48 and a quick ratio of 1.48. The company’s 50-day moving average is $1.95 and its 200 day moving average is $2.65.

Ready Capital (NYSE:RC) last released its quarterly earnings results on Thursday, February 26th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $207.55 million during the quarter, compared to the consensus estimate of $133.50 million. Ready Capital had a negative return on equity of 10.29% and a negative net margin of 39.55%. As a group, research analysts predict that Ready Capital will post 0.93 earnings per share for the current fiscal year.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be paid a $0.01 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.04 annualized dividend and a dividend yield of 2.6%. Ready Capital’s dividend payout ratio is presently -2.72%.

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.