Ready Capital (NYSE:RC) Releases Earnings Results, Beats Expectations By $0.01 EPS

Ready Capital (NYSE:RC) released its earnings results on Wednesday. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01, Zacks reports. The business had revenue of $232.35 million for the quarter, compared to the consensus estimate of $64.34 million. Ready Capital had a return on equity of 7.99% and a net margin of 35.69%. During the same quarter in the previous year, the business earned $0.31 earnings per share.

Ready Capital Stock Up 3.3 %

Shares of NYSE:RC traded up $0.28 during mid-day trading on Thursday, hitting $8.73. 1,691,685 shares of the company traded hands, compared to its average volume of 1,426,022. The stock has a market cap of $1.47 billion, a P/E ratio of 3.61 and a beta of 1.41. The stock has a 50-day moving average price of $8.75 and a two-hundred day moving average price of $9.49. Ready Capital has a 12-month low of $8.25 and a 12-month high of $11.97. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.44.

Ready Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.20 dividend on an annualized basis and a yield of 13.75%. Ready Capital’s dividend payout ratio (DPR) is currently 51.28%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. 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 report on Wednesday, March 20th. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $8.00 price target (down from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. StockNews.com downgraded shares of Ready Capital from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. BTIG Research dropped their price target on shares of Ready Capital from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, April 17th. Finally, B. Riley reiterated a “buy” rating and issued a $12.00 price target (down from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $10.93.

Insiders Place Their Bets

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

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.