Ready Capital (NYSE:RC) Posts Quarterly Earnings Results

Ready Capital (NYSE:RC) issued its quarterly earnings data on Thursday. The real estate investment trust reported ($0.47) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.01, FiscalAI reports. Ready Capital had a negative return on equity of 18.68% and a negative net margin of 131.76%.The firm had revenue of $151.87 million during the quarter, compared to analyst estimates of $16.41 million.

Ready Capital Stock Up 10.4%

RC traded up $0.16 on Friday, reaching $1.71. 2,573,858 shares of the company traded hands, compared to its average volume of 1,226,243. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.95. The firm has a fifty day simple moving average of $1.64 and a two-hundred day simple moving average of $1.77. Ready Capital has a one year low of $1.39 and a one year high of $4.46.

Ready Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Tuesday, June 30th were issued a dividend of $0.01 per share. The ex-dividend date was Tuesday, June 30th. This represents a $0.04 dividend on an annualized basis and a yield of 2.3%. Ready Capital’s dividend payout ratio (DPR) is presently -1.15%.

Analyst Upgrades and Downgrades

RC has been the subject of a number of research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ready Capital in a research report on Tuesday, June 2nd. Zacks Research upgraded shares of Ready Capital from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Finally, UBS Group decreased their price target on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research note on Thursday, July 16th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Ready Capital presently has an average rating of “Reduce” and a consensus target price of $2.62.

Hedge Funds Weigh In On Ready Capital

Institutional investors have recently made changes to their positions in the company. Quarry LP boosted its stake in shares of Ready Capital by 4,494.6% during the third quarter. Quarry LP now owns 9,373 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 9,169 shares in the last quarter. Ausdal Financial Partners Inc. purchased a new stake in Ready Capital during the third quarter worth $39,000. Franklin Resources Inc. purchased a new stake in Ready Capital during the third quarter worth $44,000. M&T Bank Corp bought a new stake in Ready Capital during the 2nd quarter valued at $50,000. Finally, SummitTX Capital L.P. purchased a new position in shares of Ready Capital in the 4th quarter valued at $53,000. 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.