Ready Capital (NYSE:RC) Stock Gets Price Target Trim from Piper Sandler

Ready Capital (NYSE:RC) had its target price decreased by Piper Sandler from $1.25 to $1.00 in a report released on Monday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the real estate investment trust’s stock.

Several other analysts also recently commented on RC. UBS Group dropped their price objective on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Zacks Research raised shares of Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Weiss Ratings reissued a “sell (e+)” rating on shares of Ready Capital in a report on Friday, August 28th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Ready Capital from $1.40 to $1.25 and set an “underperform” rating for the company in a research report on Friday, October 9th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $1.42.

Ready Capital Trading Down 6.6%

Shares of NYSE RC opened at $0.94 on Monday. The business’s 50 day moving average price is $1.29 and its 200 day moving average price is $1.64. Ready Capital has a 52 week low of $0.83 and a 52 week high of $2.86. The company has a current ratio of 1.88, a quick ratio of 1.91 and a debt-to-equity ratio of 0.89.

Ready Capital (NYSE:RC) last issued its quarterly earnings results on Thursday, November 5th. The real estate investment trust reported ($0.53) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.11). Ready Capital had a negative return on equity of 9.25% and a negative net margin of 163.95%. The business had revenue of $25.33 million during the quarter, compared to analyst estimates of $23.10 million. On average, equities analysts predict that Ready Capital will post -1.01 EPS for the current fiscal year.

Ready Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Wednesday, September 30th were given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 4.2%. The ex-dividend date was Wednesday, September 30th. Ready Capital’s dividend payout ratio (DPR) is currently -1.08%.

Institutional Investors Weigh In On Ready Capital

Several hedge funds have recently bought and sold shares of RC. BlackRock Inc. acquired a new stake in shares of Ready Capital during the 2nd quarter worth approximately $31,059,000. Private Management Group Inc. lifted its stake in shares of Ready Capital by 9.5% in the 2nd quarter. Private Management Group Inc. now owns 7,932,521 shares of the real estate investment trust’s stock valued at $13,882,000 after purchasing an additional 689,928 shares during the period. GSA Capital Partners LLP acquired a new position in shares of Ready Capital in the 2nd quarter valued at $856,000. Bank of New York Mellon Corp acquired a new position in shares of Ready Capital in the 2nd quarter valued at $845,000. Finally, Ieq Capital LLC purchased a new stake in Ready Capital during the second quarter worth $817,000. Hedge funds and other institutional investors own 55.87% of the company’s stock.

About Ready Capital

Ready Capital Corporation (NYSE: RC) is a real estate finance company that operates as a mortgage real estate investment trust. The company provides financing to owners, operators and developers of commercial real estate, with a focus on small- to mid-sized properties and borrowers that may not be served by traditional banks. Ready Capital originates, acquires, finances and services a range of commercial real estate loans. Its offerings have included bridge loans, construction loans, loans secured by transitional properties, multifamily financing and small business administration (SBA) loans.