Ready Capital (NYSE:RC) Given New $7.50 Price Target at UBS Group

Ready Capital (NYSE:RC) had its target price decreased by UBS Group from $8.50 to $7.50 in a report released on Friday morning,Benzinga reports. UBS Group currently has a neutral rating on the real estate investment trust’s stock.

RC has been the topic of a number of other research reports. Keefe, Bruyette & Woods cut their price objective on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating on the stock in a research note on Monday, August 12th. Piper Sandler cut their price target 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. BTIG Research started coverage on Ready Capital in a report on Friday, July 19th. They issued a “neutral” rating for the company. Finally, Wedbush reaffirmed a “neutral” rating and set a $9.00 target price on shares of Ready Capital in a report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.04.

Ready Capital Price Performance

NYSE:RC traded down $0.05 during midday trading on Friday, hitting $7.02. The company’s stock had a trading volume of 1,588,614 shares, compared to its average volume of 1,556,930. Ready Capital has a fifty-two week low of $6.65 and a fifty-two week high of $11.67. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.69. The firm’s 50 day moving average is $7.34 and its 200-day moving average is $8.14.

Ready Capital Cuts Dividend

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

Institutional Trading of Ready Capital

Several institutional investors have recently modified their holdings of RC. Janus Henderson Group PLC lifted its holdings in Ready Capital by 131.0% in the 1st quarter. Janus Henderson Group PLC now owns 168,496 shares of the real estate investment trust’s stock valued at $1,539,000 after purchasing an additional 95,562 shares in the last quarter. Clear Harbor Asset Management LLC lifted its stake in shares of Ready Capital by 84.0% in the third quarter. Clear Harbor Asset Management LLC now owns 1,440,250 shares of the real estate investment trust’s stock worth $10,989,000 after buying an additional 657,465 shares in the last quarter. Spire Wealth Management lifted its stake in shares of Ready Capital by 1,115.6% in the second quarter. Spire Wealth Management now owns 168,261 shares of the real estate investment trust’s stock worth $1,376,000 after buying an additional 154,419 shares in the last quarter. Wolverine Asset Management LLC boosted its position in Ready Capital by 2,902.2% during the third quarter. Wolverine Asset Management LLC now owns 402,291 shares of the real estate investment trust’s stock worth $3,069,000 after acquiring an additional 388,891 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Ready Capital by 6.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 98,156 shares of the real estate investment trust’s stock valued at $897,000 after acquiring an additional 5,874 shares in 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.