Ready Capital (NYSE:RC) Price Target Cut to $10.00 by Analysts at BTIG Research

Ready Capital (NYSE:RC) had its price objective trimmed by BTIG Research from $12.00 to $10.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently issued reports on the company. UBS Group cut their price target on Ready Capital from $10.50 to $9.50 and set a neutral rating on the stock in a report on Wednesday, March 20th. Keefe, Bruyette & Woods restated an underperform rating and issued a $8.00 price target (down from $10.00) on shares of Ready Capital in a report on Monday, March 4th. B. Riley reiterated a buy rating and set a $12.00 price objective (down previously from $13.00) on shares of Ready Capital in a report on Monday, March 4th. Finally, StockNews.com downgraded Ready Capital from a buy rating to a hold rating in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, Ready Capital has an average rating of Hold and a consensus target price of $10.93.

Ready Capital Stock Performance

RC stock opened at $8.47 on Wednesday. Ready Capital has a 1-year low of $8.25 and a 1-year high of $11.97. The company has a current ratio of 1.89, a quick ratio of 1.89 and a debt-to-equity ratio of 0.44. The stock has a 50-day moving average price of $8.85 and a 200-day moving average price of $9.63. The firm has a market cap of $1.46 billion, a PE ratio of 3.62 and a beta of 1.40.

Ready Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $1.20 annualized dividend and a dividend yield of 14.17%. Ready Capital’s payout ratio is currently 51.28%.

Insider Activity at Ready Capital

In other news, Director Gilbert E. Nathan acquired 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average price of $8.65 per share, with a total value of $86,500.00. Following the acquisition, the director now owns 83,099 shares in the company, valued at approximately $718,806.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Gilbert E. Nathan bought 10,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were purchased at an average price of $8.65 per share, for a total transaction of $86,500.00. Following the completion of the transaction, the director now directly owns 83,099 shares in the company, valued at approximately $718,806.35. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kevin M. Luebbers purchased 5,000 shares of Ready Capital stock in a transaction dated Tuesday, March 5th. The stock was bought at an average price of $8.43 per share, with a total value of $42,150.00. Following the completion of the transaction, the director now owns 119,925 shares of the company’s stock, valued at approximately $1,010,967.75. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 17,150 shares of company stock worth $148,280. Insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Ready Capital

Several hedge funds have recently bought and sold shares of the company. Pathstone Family Office LLC grew its position in shares of Ready Capital by 4.0% during the 4th quarter. Pathstone Family Office LLC now owns 21,232 shares of the real estate investment trust’s stock valued at $237,000 after purchasing an additional 811 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Ready Capital by 8.8% in the 4th quarter. Teacher Retirement System of Texas now owns 11,383 shares of the real estate investment trust’s stock valued at $127,000 after acquiring an additional 918 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Ready Capital by 8.0% during the 4th quarter. CIBC Asset Management Inc now owns 12,560 shares of the real estate investment trust’s stock valued at $140,000 after acquiring an additional 935 shares during the last quarter. Commonwealth Equity Services LLC increased its position in shares of Ready Capital by 9.3% in the third quarter. Commonwealth Equity Services LLC now owns 11,796 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 1,007 shares during the last quarter. Finally, American International Group Inc. raised its position in shares of Ready Capital by 2.8% during the 2nd quarter. American International Group Inc. now owns 39,633 shares of the real estate investment trust’s stock valued at $472,000 after buying an additional 1,090 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.