Ready Capital Co. (NYSE:RC) Receives $9.38 Average Target Price from Analysts

Shares of Ready Capital Co. (NYSE:RC) have been given an average rating of “Hold” by the eight brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $9.38.

A number of equities analysts have recently commented on the stock. Piper Sandler cut their target price on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Wedbush restated a “neutral” rating and issued a $9.00 price objective on shares of Ready Capital in a research note on Monday, August 12th. BTIG Research started coverage on shares of Ready Capital in a report on Friday, July 19th. They issued a “neutral” rating for the company. Finally, Keefe, Bruyette & Woods lowered their price target on Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a report on Monday, August 12th.

Ready Capital Trading Up 4.4 %

RC opened at $7.31 on Friday. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. Ready Capital has a 52 week low of $6.65 and a 52 week high of $11.67. The business’s 50 day moving average is $7.44 and its two-hundred day moving average is $8.19. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -10.44 and a beta of 1.42.

Ready Capital Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.68%. Ready Capital’s dividend payout ratio (DPR) is -142.86%.

Hedge Funds Weigh In On Ready Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Clear Harbor Asset Management LLC grew its stake in shares of Ready Capital by 84.0% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after purchasing an additional 657,465 shares during the period. Wolverine Asset Management LLC grew its position in Ready Capital by 2,902.2% during the third quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after buying an additional 388,891 shares during the period. TrueMark Investments LLC purchased a new position in Ready Capital in the second quarter valued at about $3,082,000. Van ECK Associates Corp lifted its position in shares of Ready Capital by 29.4% during the 2nd quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock valued at $10,978,000 after acquiring an additional 304,750 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in shares of Ready Capital by 99.5% during the 3rd quarter. Advisors Asset Management Inc. now owns 399,401 shares of the real estate investment trust’s stock valued at $3,047,000 after acquiring an additional 199,202 shares during the period. Institutional investors and hedge funds own 55.87% of the company’s stock.

Ready Capital Company Profile

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.