Ready Capital (NYSE:RC) PT Lowered to $10.00 at BTIG Research

Ready Capital (NYSE:RC) had its target price trimmed by BTIG Research from $12.00 to $10.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

A number of other equities analysts also recently issued reports on the company. StockNews.com downgraded Ready Capital from a buy rating to a hold rating in a report on Monday, March 4th. Keefe, Bruyette & Woods reiterated an underperform rating and issued a $8.00 price objective (down previously from $10.00) on shares of Ready Capital in a research note on Monday, March 4th. UBS Group reduced their price objective on Ready Capital from $10.50 to $9.50 and set a neutral rating for the company in a research note on Wednesday, March 20th. Finally, B. Riley reiterated a buy rating and issued a $12.00 price objective (down previously from $13.00) on shares of Ready Capital in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $10.93.

Ready Capital Stock Performance

Shares of RC opened at $8.64 on Wednesday. The stock has a 50 day moving average price of $8.83 and a 200 day moving average price of $9.61. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of 3.69 and a beta of 1.40. Ready Capital has a 52-week low of $8.25 and a 52-week high of $11.97.

Ready Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 13.90%. The ex-dividend date of this dividend is Wednesday, March 27th. Ready Capital’s dividend payout ratio (DPR) is presently 51.28%.

Insider Transactions at Ready Capital

In related news, Director Kevin M. Luebbers purchased 5,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was acquired at an average price of $8.43 per share, for a total transaction of $42,150.00. Following the completion of the purchase, the director now directly owns 119,925 shares of the company’s stock, valued at $1,010,967.75. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In other Ready Capital news, Director Gilbert E. Nathan acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were purchased at an average price of $8.65 per share, with a total value of $86,500.00. Following the completion of the acquisition, the director now directly owns 83,099 shares of the company’s stock, valued at approximately $718,806.35. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kevin M. Luebbers acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were acquired at an average cost of $8.43 per share, for a total transaction of $42,150.00. Following the acquisition, the director now directly owns 119,925 shares of the company’s stock, valued at $1,010,967.75. The disclosure for this purchase can be found here. Insiders purchased 17,150 shares of company stock worth $148,280 over the last 90 days. 0.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Pathstone Family Office LLC grew its holdings in Ready Capital by 4.0% in the fourth quarter. Pathstone Family Office LLC now owns 21,232 shares of the real estate investment trust’s stock valued at $237,000 after purchasing an additional 811 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in Ready Capital by 8.8% in the fourth quarter. Teacher Retirement System of Texas now owns 11,383 shares of the real estate investment trust’s stock valued at $127,000 after purchasing an additional 918 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Ready Capital by 8.0% in the fourth quarter. CIBC Asset Management Inc now owns 12,560 shares of the real estate investment trust’s stock valued at $140,000 after purchasing an additional 935 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Ready Capital by 9.3% in the third quarter. Commonwealth Equity Services LLC now owns 11,796 shares of the real estate investment trust’s stock valued at $119,000 after purchasing an additional 1,007 shares during the last quarter. Finally, American International Group Inc. grew its holdings in Ready Capital by 2.8% in the second quarter. American International Group Inc. now owns 39,633 shares of the real estate investment trust’s stock valued at $472,000 after purchasing an additional 1,090 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

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.