Zacks Research Upgrades Ready Capital (NYSE:RC) to "Hold"

Key Points

• Zacks Research upgraded Ready Capital from “strong sell” to “hold,” although the broader analyst consensus remains “Reduce,” with four Hold ratings and two Sell ratings.
• Ready Capital shares opened at $1.53, near their one-year low of $1.39 and well below the one-year high of $4.46; UBS also cut its price target from $2.50 to $2.00.
• The REIT reported a quarterly loss of $0.33 per share, missing the $0.15 loss expected by analysts, alongside negative return on equity and net margin. Institutional investors own approximately 55.87% of the stock.

Ready Capital (NYSE:RC - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other brokerages have also recently weighed in on RC. Weiss Ratings reissued a "sell (e+)" rating on shares of Ready Capital in a research note on Tuesday, June 2nd. UBS Group decreased their target price on shares of Ready Capital from $2.50 to $2.00 and set a "neutral" rating for the company in a report on Thursday, July 16th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Ready Capital has a consensus rating of "Reduce" and an average price target of $2.62.

Ready Capital Price Performance

Shares of NYSE:RC opened at $1.53 on Tuesday. The company has a market capitalization of $253.61 million, a PE ratio of -0.48 and a beta of 1.45. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.60 and a current ratio of 1.60. The stock has a fifty day moving average of $1.65 and a 200-day moving average of $1.77. Ready Capital has a one year low of $1.39 and a one year high of $4.46.

Ready Capital (NYSE:RC - Get Free Report) last issued its earnings results on Thursday, May 7th. The real estate investment trust reported ($0.33) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.18). Ready Capital had a negative return on equity of 14.69% and a negative net margin of 102.10%.The company had revenue of $130.55 million during the quarter, compared to analyst estimates of $68.67 million. As a group, equities analysts anticipate that Ready Capital will post -0.94 EPS for the current fiscal year.

Institutional Investors Weigh In On Ready Capital

A number of institutional investors have recently bought and sold shares of RC. UBS Group AG lifted its position in shares of Ready Capital by 161.4% in the fourth quarter. UBS Group AG now owns 3,155,403 shares of the real estate investment trust's stock worth $6,879,000 after purchasing an additional 1,948,208 shares in the last quarter. Catalyst Funds Management Pty Ltd purchased a new position in Ready Capital during the fourth quarter valued at approximately $100,000. Allworth Financial LP grew its position in Ready Capital by 354.5% during the fourth quarter. Allworth Financial LP now owns 16,380 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 12,776 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in Ready Capital in the 4th quarter valued at approximately $27,000. Finally, Kestra Private Wealth Services LLC acquired a new position in Ready Capital in the 4th quarter valued at approximately $99,000. 55.87% of the stock is currently owned by institutional investors and hedge funds.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.

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