Ready Capital (NYSE:RC) Price Target Cut to $7.50 by Analysts at UBS Group

Ready Capital (NYSE:RC) had its price target trimmed by UBS Group from $8.50 to $7.50 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Several other research firms have also recently weighed in on RC. Keefe, Bruyette & Woods dropped 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 note on Monday, August 12th. Wedbush reiterated a “neutral” rating and issued a $9.00 price objective on shares of Ready Capital in a research report on Monday, August 12th. Piper Sandler reduced their target price on Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Finally, BTIG Research started coverage on Ready Capital in a research note on Friday, July 19th. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $9.04.

Ready Capital Trading Down 0.7 %

Shares of RC stock traded down $0.05 on Friday, hitting $7.02. 1,588,614 shares of the stock traded hands, compared to its average volume of 1,556,930. The company has a current ratio of 1.67, a quick ratio of 1.69 and a debt-to-equity ratio of 0.54. Ready Capital has a twelve month low of $6.65 and a twelve month high of $11.67. The firm’s 50-day moving average price is $7.34 and its two-hundred day moving average price is $8.14.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 14.25%. The ex-dividend date of this dividend was Monday, September 30th. Ready Capital’s payout ratio is -142.86%.

Institutional Investors Weigh In On Ready Capital

Several large investors have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of Ready Capital by 4.8% in the third quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock worth $49,746,000 after acquiring an additional 287,068 shares in the last quarter. Geode Capital Management LLC grew its stake in Ready Capital by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock worth $29,292,000 after purchasing an additional 150,479 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Ready Capital by 11.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock worth $14,257,000 after purchasing an additional 195,663 shares during the period. Clear Harbor Asset Management LLC raised its position in Ready Capital by 84.0% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock valued at $10,989,000 after purchasing an additional 657,465 shares in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Ready Capital by 1.8% in the 3rd quarter. Van ECK Associates Corp now owns 1,366,040 shares of the real estate investment trust’s stock valued at $9,508,000 after buying an additional 23,970 shares during the period. 55.87% of the stock is owned by hedge funds and other institutional investors.

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.