Keefe, Bruyette & Woods Issues Pessimistic Forecast for Ready Capital (NYSE:RC) Stock Price

Ready Capital (NYSE:RC) had its price objective lowered by Keefe, Bruyette & Woods from $6.75 to $6.25 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has an underperform rating on the real estate investment trust’s stock.

Several other equities research analysts have also commented on the stock. JMP Securities reduced their price target on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a report on Thursday, December 12th. Piper Sandler cut their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. UBS Group lowered their target price on Ready Capital from $8.50 to $7.50 and set a “neutral” rating for the company in a report on Friday, November 15th. Finally, B. Riley reaffirmed a “neutral” rating and set a $10.00 target price (down previously from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Ready Capital currently has a consensus rating of “Hold” and an average target price of $8.61.

Ready Capital Stock Performance

RC stock opened at $6.75 on Tuesday. Ready Capital has a 1-year low of $6.45 and a 1-year high of $10.00. The business has a 50-day moving average price of $7.15 and a 200 day moving average price of $7.74. The company has a market capitalization of $1.14 billion, a P/E ratio of -9.64 and a beta of 1.43. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67.

Ready Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 14.83%. The ex-dividend date is Tuesday, December 31st. Ready Capital’s dividend payout ratio is currently -142.86%.

Institutional Trading of Ready Capital

A number of institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. raised its stake in Ready Capital by 2.2% in the second quarter. Victory Capital Management Inc. now owns 63,699 shares of the real estate investment trust’s stock valued at $521,000 after buying an additional 1,375 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Ready Capital by 4.0% during the third quarter. Louisiana State Employees Retirement System now owns 81,300 shares of the real estate investment trust’s stock valued at $620,000 after acquiring an additional 3,100 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Ready Capital by 2.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 132,098 shares of the real estate investment trust’s stock valued at $1,008,000 after purchasing an additional 3,123 shares during the last quarter. KBC Group NV boosted its stake in Ready Capital by 64.1% in the 3rd quarter. KBC Group NV now owns 8,318 shares of the real estate investment trust’s stock worth $63,000 after purchasing an additional 3,248 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ready Capital by 12.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,682 shares of the real estate investment trust’s stock worth $326,000 after purchasing an additional 4,729 shares during the last quarter. Institutional investors and hedge funds own 55.87% of the company’s stock.

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.