Keefe, Bruyette & Woods Cuts Ready Capital (NYSE:RC) Price Target to $1.25

Ready Capital (NYSE:RC) had its price target reduced by investment analysts at Keefe, Bruyette & Woods from $1.40 to $1.25 in a report issued on Friday, Benzinga reports. The brokerage presently has an “underperform” rating on the real estate investment trust’s stock. Keefe, Bruyette & Woods’ target price points to a potential downside of 2.72% from the stock’s previous close.

A number of other analysts have also commented on RC. Zacks Research raised Ready Capital from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a research note on Friday, August 28th. Piper Sandler dropped their price objective on shares of Ready Capital from $2.00 to $1.25 and set a “neutral” rating for the company in a report on Friday. Finally, UBS Group cut their target price on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $1.50.

Ready Capital Price Performance

Shares of RC traded down $0.04 during trading hours on Friday, reaching $1.28. The stock had a trading volume of 813,266 shares, compared to its average volume of 1,865,482. Ready Capital has a 12 month low of $1.07 and a 12 month high of $3.52. The stock has a market capitalization of $212.27 million, a PE ratio of -0.37 and a beta of 1.55. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.91 and a current ratio of 1.91. The company’s 50-day moving average is $1.61 and its two-hundred day moving average is $1.67.

Ready Capital (NYSE:RC) last issued its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported ($0.47) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.01. The business had revenue of $151.87 million for the quarter, compared to analyst estimates of $16.41 million. Ready Capital had a negative return on equity of 16.78% and a negative net margin of 131.76%. Research analysts expect that Ready Capital will post -0.99 EPS for the current year.

Hedge Funds Weigh In On Ready Capital

Several hedge funds and other institutional investors have recently bought and sold shares of RC. HB Wealth Management LLC lifted its stake in shares of Ready Capital by 44.2% in the 2nd quarter. HB Wealth Management LLC now owns 18,951 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 5,812 shares during the period. OceanIQ Capital LLC acquired a new position in shares of Ready Capital during the second quarter worth approximately $109,000. Private Management Group Inc. lifted its stake in shares of Ready Capital by 9.5% in the second 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 buying an additional 689,928 shares in the last quarter. Beacon Pointe Advisors LLC bought a new position in Ready Capital in the 2nd quarter valued at about $41,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Ready Capital in the second quarter valued at approximately $28,000. Institutional investors and hedge funds own 55.87% of the company’s stock.

About Ready Capital

Ready Capital Corporation (NYSE: RC) is a real estate finance company organized as a real estate investment trust (REIT). The company focuses on originating, acquiring, financing and servicing loans secured by commercial real estate, primarily in the United States.

Ready Capital provides financing for a range of property types and transactions, including bridge loans, construction loans, mortgage loans and other forms of debt financing. Its portfolio has included loans backed by multifamily, residential, small-balance commercial and other income-producing properties.