Piper Sandler Lowers Ready Capital (NYSE:RC) Price Target to $2.00

Ready Capital (NYSE:RC) had its price target dropped by equities researchers at Piper Sandler from $2.50 to $2.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. Piper Sandler’s price objective would suggest a potential downside of 0.74% from the stock’s previous close.

RC has been the topic of several other reports. UBS Group lowered their target price on shares of Ready Capital from $3.50 to $2.75 and set a “neutral” rating on the stock in a research note on Friday, November 14th. Keefe, Bruyette & Woods reduced their price target on Ready Capital from $3.50 to $2.50 and set an “underperform” rating for the company in a report on Wednesday, November 12th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Ready Capital in a report on Thursday, January 22nd. Four investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Ready Capital currently has a consensus rating of “Reduce” and a consensus target price of $2.81.

Ready Capital Price Performance

Shares of NYSE RC opened at $2.02 on Monday. The stock has a market capitalization of $326.69 million, a price-to-earnings ratio of -1.37 and a beta of 1.45. Ready Capital has a 12 month low of $1.55 and a 12 month high of $5.47. The firm’s 50 day simple moving average is $2.04 and its 200-day simple moving average is $2.86. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.48 and a quick ratio of 1.56.

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

Institutional Trading of Ready Capital

Several hedge funds and other institutional investors have recently made changes to their positions in RC. Nomura Asset Management Co. Ltd. increased its holdings in 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 valued at $25,000 after acquiring an additional 3,600 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of Ready Capital in the fourth quarter valued at about $27,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Ready Capital in the fourth quarter valued at approximately $28,000. Austin Wealth Management LLC purchased a new position in shares of Ready Capital during the 4th quarter worth approximately $29,000. Finally, Huntington National Bank raised its position 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.

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.