B. Riley Cuts Ready Capital (NYSE:RC) Price Target to $4.00

Ready Capital (NYSE:RC) had its price objective reduced by B. Riley from $6.00 to $4.00 in a report published on Monday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the company. Keefe, Bruyette & Woods boosted their target price on Ready Capital from $3.75 to $4.25 and gave the company an “underperform” rating in a research note on Thursday, July 10th. UBS Group reduced their target price on Ready Capital from $4.75 to $4.50 and set a “neutral” rating on the stock in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ready Capital currently has an average rating of “Hold” and a consensus target price of $5.96.

Ready Capital Price Performance

Shares of Ready Capital stock opened at $3.91 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.61 and a quick ratio of 1.78. Ready Capital has a one year low of $3.77 and a one year high of $8.64. The stock has a market capitalization of $642.53 million, a P/E ratio of -2.11 and a beta of 1.47. The business’s 50 day simple moving average is $4.37 and its two-hundred day simple moving average is $4.90.

Ready Capital (NYSE:RC) last posted its earnings results on Thursday, August 7th. The real estate investment trust reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.13). Ready Capital had a negative net margin of 40.59% and a positive return on equity of 3.76%. The business had revenue of ($9.77) million for the quarter, compared to analysts’ expectations of $167.26 million. Analysts forecast that Ready Capital will post 0.93 EPS for the current year.

Ready Capital Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 12.8%. The ex-dividend date of this dividend was Monday, June 30th. Ready Capital’s dividend payout ratio is presently -27.03%.

Institutional Investors Weigh In On Ready Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. grew its stake in shares of Ready Capital by 163.6% in the second quarter. Nomura Asset Management Co. Ltd. now owns 5,800 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 3,600 shares during the last quarter. Larson Financial Group LLC purchased a new stake in shares of Ready Capital in the first quarter worth $27,000. US Bancorp DE grew its stake in shares of Ready Capital by 404.7% in the first quarter. US Bancorp DE now owns 6,021 shares of the real estate investment trust’s stock worth $31,000 after acquiring an additional 4,828 shares during the last quarter. Bogart Wealth LLC purchased a new stake in shares of Ready Capital in the second quarter worth $31,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Ready Capital in the first quarter worth $32,000. 55.87% of the stock is 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.