Ready Capital Co. (NYSE:RC) Plans $0.13 Quarterly Dividend

Ready Capital Co. (NYSE:RC - Get Free Report) declared a quarterly dividend on Friday, June 13th, RTT News reports. Shareholders of record on Monday, June 30th will be given a dividend of 0.125 per share by the real estate investment trust on Thursday, July 31st. This represents a $0.50 annualized dividend and a yield of 11.38%.

Ready Capital has a dividend payout ratio of 89.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Analysts expect Ready Capital to earn $1.05 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 47.6%.

Ready Capital Trading Down 1.7%

Shares of NYSE:RC traded down $0.08 during mid-day trading on Friday, hitting $4.40. The company had a trading volume of 1,906,402 shares, compared to its average volume of 2,150,655. The firm has a fifty day moving average price of $4.39 and a 200 day moving average price of $5.70. The company has a market capitalization of $749.38 million, a PE ratio of -6.28 and a beta of 1.47. 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 has a one year low of $3.93 and a one year high of $9.54.

Ready Capital (NYSE:RC - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.21). The company had revenue of $40.24 million during the quarter, compared to the consensus estimate of $212.33 million. Ready Capital had a negative net margin of 11.65% and a positive return on equity of 7.53%. As a group, research analysts forecast that Ready Capital will post 0.93 EPS for the current year.

Hedge Funds Weigh In On Ready Capital

A number of hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Ready Capital by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 442,432 shares of the real estate investment trust's stock worth $2,252,000 after acquiring an additional 9,892 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Ready Capital in the 1st quarter worth about $59,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ready Capital in the 1st quarter worth about $89,000. Intech Investment Management LLC boosted its holdings in shares of Ready Capital by 13.1% in the 1st quarter. Intech Investment Management LLC now owns 230,177 shares of the real estate investment trust's stock worth $1,172,000 after buying an additional 26,607 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of Ready Capital in the 1st quarter worth about $154,000. 55.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RC shares. Keefe, Bruyette & Woods lowered their price objective on shares of Ready Capital from $4.00 to $3.75 and set an "underperform" rating for the company in a research note on Tuesday, May 13th. UBS Group lowered their price objective on shares of Ready Capital from $4.75 to $4.50 and set a "neutral" rating for the company in a research note on Wednesday, May 21st. Wedbush reiterated a "neutral" rating and issued a $6.00 price objective (down previously from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. Finally, Citizens Jmp lowered shares of Ready Capital from an "outperform" rating to a "market perform" rating in a research note on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $6.96.

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.