Ready Capital (NYSE:RC) PT Lowered to $8.00 at Piper Sandler

Ready Capital (NYSE:RC) had its price objective cut by Piper Sandler from $9.50 to $8.00 in a report issued 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 stock. Wedbush reaffirmed a neutral rating and set a $9.00 price target on shares of Ready Capital in a research note on Monday, August 12th. BTIG Research started coverage on shares of Ready Capital in a research report on Friday, July 19th. They set a neutral rating on the stock. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Ready Capital from $8.00 to $7.75 and set an underperform rating for the company in a research report on Monday, August 12th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ready Capital has a consensus rating of Hold and an average target price of $9.38.

Ready Capital Price Performance

Shares of NYSE:RC opened at $8.05 on Monday. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $8.58 and a 200 day moving average price of $8.58. Ready Capital has a 52 week low of $7.52 and a 52 week high of $11.67. The company has a market cap of $1.35 billion, a P/E ratio of 5.00 and a beta of 1.42.

Ready Capital (NYSE:RC) last posted its quarterly earnings results on Wednesday, August 7th. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.19). Ready Capital had a negative net margin of 5.67% and a positive return on equity of 7.32%. The business had revenue of $234.12 million during the quarter, compared to analyst estimates of $61.77 million. During the same period in the prior year, the business earned $0.35 earnings per share. Research analysts predict that Ready Capital will post 1.02 earnings per share for the current year.

Ready Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be given a $0.25 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.00 annualized dividend and a dividend yield of 12.42%. Ready Capital’s dividend payout ratio is presently 74.53%.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC raised its holdings in shares of Ready Capital by 94.6% in the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 1,634 shares during the last quarter. EntryPoint Capital LLC acquired a new position in Ready Capital in the 1st quarter valued at about $40,000. MCF Advisors LLC purchased a new position in Ready Capital in the 1st quarter valued at about $42,000. Naviter Wealth LLC acquired a new stake in shares of Ready Capital during the 1st quarter worth about $94,000. Finally, Cadence Bank purchased a new stake in shares of Ready Capital during the first quarter worth about $91,000. Hedge funds and other institutional investors 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.