Ready Capital Co. (NYSE:RC) Announces $0.25 Quarterly Dividend

Ready Capital Co. (NYSE:RC) announced a quarterly dividend on Tuesday, December 17th,Wall Street Journal reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.25 per share by the real estate investment trust on Friday, January 31st. This represents a $1.00 dividend on an annualized basis and a yield of 13.93%. The ex-dividend date of this dividend is Tuesday, December 31st.

Ready Capital has increased its dividend by an average of 61.0% per year over the last three years. Ready Capital has a payout ratio of 103.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Ready Capital to earn $1.07 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 93.5%.

Ready Capital Price Performance

RC stock opened at $7.18 on Thursday. The stock’s 50 day moving average price is $7.19 and its 200 day moving average price is $7.96. The firm has a market cap of $1.21 billion, a P/E ratio of -10.26 and a beta of 1.43. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. Ready Capital has a 1 year low of $6.65 and a 1 year high of $11.11.

Wall Street Analysts Forecast Growth

RC has been the topic of a number of analyst reports. JMP Securities decreased their target price on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating on the stock in a research report on Thursday, December 12th. UBS Group reduced their target price on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday, November 15th. Finally, Piper Sandler decreased their price target on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Ready Capital presently has a consensus rating of “Hold” and a consensus price target of $9.11.

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.