Shares of Ready Capital Corp (NYSE:RC – Get Free Report) crossed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $1.64 and traded as low as $1.15. Ready Capital shares last traded at $1.1850, with a volume of 1,463,471 shares traded.
Analysts Set New Price Targets
A number of research analysts recently issued reports on the stock. Piper Sandler dropped their target price on shares of Ready Capital from $2.00 to $1.25 and set a “neutral” rating on the stock in a research report on Friday, October 9th. Zacks Research upgraded shares of Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. UBS Group decreased their price target on shares of Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, July 16th. Keefe, Bruyette & Woods dropped their price objective on shares of Ready Capital from $1.40 to $1.25 and set an “underperform” rating on the stock in a report on Friday, October 9th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Ready Capital in a report on Friday, August 28th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Ready Capital has an average rating of “Reduce” and a consensus price target of $1.50.
Read Our Latest Stock Analysis on Ready Capital
Ready Capital Price Performance
The firm’s 50-day moving average is $1.50 and its 200-day moving average is $1.64. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.91 and a quick ratio of 1.91.
Ready Capital (NYSE:RC – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The real estate investment trust reported ($0.47) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.01. Ready Capital had a negative net margin of 131.76% and a negative return on equity of 16.78%. The firm had revenue of $151.87 million for the quarter, compared to the consensus estimate of $16.41 million. On average, sell-side analysts expect that Ready Capital Corp will post -1.00 earnings per share for the current year.
Ready Capital Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Wednesday, September 30th. Ready Capital’s dividend payout ratio is currently -1.15%.
Hedge Funds Weigh In On Ready Capital
Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in Ready Capital during the 2nd quarter valued at about $31,059,000. Private Management Group Inc. raised 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 worth $13,882,000 after purchasing an additional 689,928 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Ready Capital in the second quarter worth approximately $856,000. Bank of New York Mellon Corp purchased a new stake in shares of Ready Capital in the second quarter worth approximately $845,000. Finally, Ieq Capital LLC bought a new position in shares of Ready Capital in the second quarter valued at approximately $817,000. Institutional investors own 55.87% of the company’s stock.
Ready Capital Company Profile
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.
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