Ready Capital (NYSE:RC) Price Target Cut to $8.00 by Analysts at Piper Sandler

Ready Capital (NYSE:RC) had its price target decreased by Piper Sandler from $9.50 to $8.00 in a research report report published on Monday, Benzinga reports. Piper Sandler currently has a neutral rating on the real estate investment trust’s stock.

A number of other brokerages have also recently weighed in on RC. Keefe, Bruyette & Woods decreased their price objective on Ready Capital from $8.00 to $7.75 and set an underperform rating on the stock in a report on Monday, August 12th. BTIG Research started coverage on Ready Capital in a research note on Friday, July 19th. They issued a neutral rating on the stock. Finally, Wedbush reiterated a neutral rating and issued a $9.00 price target on shares of Ready Capital in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $9.38.

Ready Capital Price Performance

Shares of NYSE:RC opened at $8.35 on Monday. Ready Capital has a twelve month low of $7.52 and a twelve month high of $11.67. The stock’s 50 day moving average is $8.57 and its 200-day moving average is $8.58. 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 firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 5.18 and a beta of 1.42.

Ready Capital (NYSE:RC) last announced its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.07 earnings per share 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 firm had revenue of $234.12 million for the quarter, compared to the consensus estimate of $61.77 million. During the same period last year, the company posted $0.35 earnings per share. Sell-side analysts forecast that Ready Capital will post 1.02 EPS for the current fiscal year.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 11.98%. The ex-dividend date of this dividend is Monday, September 30th. Ready Capital’s dividend payout ratio (DPR) is presently 74.53%.

Hedge Funds Weigh In On Ready Capital

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Ready Capital by 7.1% during the 4th quarter. Vanguard Group Inc. now owns 11,163,763 shares of the real estate investment trust’s stock valued at $114,429,000 after purchasing an additional 735,949 shares during the last quarter. Waterfall Asset Management LLC bought a new position in shares of Ready Capital during the fourth quarter valued at approximately $40,067,000. Van ECK Associates Corp raised its holdings in shares of Ready Capital by 29.4% in the second quarter. Van ECK Associates Corp now owns 1,342,070 shares of the real estate investment trust’s stock worth $10,978,000 after buying an additional 304,750 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Ready Capital by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,300,267 shares of the real estate investment trust’s stock worth $13,328,000 after purchasing an additional 30,730 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Ready Capital by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,189,988 shares of the real estate investment trust’s stock valued at $9,734,000 after buying an additional 38,371 shares in the last quarter. 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.