Ready Capital (NYSE:RC - Free Report) had its price target lowered by UBS Group from $4.75 to $4.50 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust's stock.
A number of other research analysts also recently issued reports on RC. Citizens Jmp downgraded shares of Ready Capital from an "outperform" rating to a "market perform" rating in a research report on Monday, March 3rd. Wedbush reiterated a "neutral" rating and set a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a research report on Tuesday, March 4th. Finally, 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 report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat, Ready Capital has a consensus rating of "Hold" and an average target price of $6.96.
Check Out Our Latest Report on Ready Capital
Ready Capital Trading Up 1.8%
NYSE:RC traded up $0.08 during mid-day trading on Wednesday, reaching $4.21. 2,205,588 shares of the company's stock traded hands, compared to its average volume of 2,115,000. Ready Capital has a 12-month low of $3.93 and a 12-month high of $9.54. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. The company has a 50 day moving average price of $4.57 and a 200-day moving average price of $5.99. The firm has a market capitalization of $716.98 million, a price-to-earnings ratio of -6.01 and a beta of 1.45.
Ready Capital (NYSE:RC - Get Free Report) last posted its earnings results on Thursday, May 8th. The real estate investment trust reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.21). The business had revenue of $40.24 million for the quarter, compared to analysts' expectations of $212.33 million. Ready Capital had a negative net margin of 11.65% and a positive return on equity of 7.53%. On average, sell-side analysts predict that Ready Capital will post 0.93 earnings per share for the current year.
Ready Capital Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 11.89%. The ex-dividend date was Monday, March 31st. Ready Capital's dividend payout ratio (DPR) is presently -28.74%.
Insider Transactions at Ready Capital
In other Ready Capital news, insider Adam Zausmer bought 10,000 shares of the stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $5.42 per share, for a total transaction of $54,200.00. Following the completion of the acquisition, the insider now owns 301,105 shares of the company's stock, valued at approximately $1,631,989.10. This trade represents a 3.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.10% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC boosted its holdings in Ready Capital by 822.8% in the fourth quarter. Sterling Capital Management LLC now owns 5,177 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 4,616 shares in the last quarter. Larson Financial Group LLC purchased a new position in shares of Ready Capital in the 1st quarter worth about $27,000. US Bancorp DE boosted its stake in Ready Capital by 404.7% in the 1st quarter. US Bancorp DE now owns 6,021 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 4,828 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in Ready Capital by 3,075.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,350 shares of the real estate investment trust's stock valued at $43,000 after purchasing an additional 6,150 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Ready Capital during the 1st quarter valued at about $32,000. Institutional investors own 55.87% of the company's stock.
Ready Capital Company Profile
(
Get Free Report)
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.
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