Ready Capital Co. (NYSE:RC) Receives Average Recommendation of “Hold” from Brokerages

Shares of Ready Capital Co. (NYSE:RC) have earned an average rating of “Hold” from the eight research firms that are presently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $9.11.

A number of equities research analysts recently issued reports on the company. JMP Securities reduced their target price on Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research note on Thursday, December 12th. UBS Group reduced their price objective on Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a research report on Friday, November 15th. Finally, Piper Sandler dropped their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th.

Ready Capital Stock Down 4.1 %

Shares of NYSE RC opened at $7.05 on Friday. The firm’s 50-day moving average is $7.20 and its two-hundred day moving average is $7.91. The company has a market capitalization of $1.19 billion, a PE ratio of -10.07 and a beta of 1.43. Ready Capital has a 12-month low of $6.65 and a 12-month high of $10.71. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67.

Ready Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.00 annualized dividend and a yield of 14.18%. Ready Capital’s dividend payout ratio (DPR) is presently -142.86%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RC. Bank of New York Mellon Corp increased its holdings in shares of Ready Capital by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock worth $9,734,000 after buying an additional 38,371 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Ready Capital during the second quarter worth about $151,000. HB Wealth Management LLC raised its holdings in shares of Ready Capital by 3.4% in the 2nd quarter. HB Wealth Management LLC now owns 33,216 shares of the real estate investment trust’s stock worth $272,000 after purchasing an additional 1,101 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Ready Capital by 32.2% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,953 shares of the real estate investment trust’s stock worth $310,000 after purchasing an additional 9,235 shares during the period. Finally, Spire Wealth Management grew its holdings in shares of Ready Capital by 1,115.6% during the 2nd quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock worth $1,376,000 after purchasing an additional 154,419 shares during the period. 55.87% of the stock is currently owned by hedge funds and other institutional investors.

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.