Keefe, Bruyette & Woods Lowers Ready Capital (NYSE:RC) Price Target to $4.00

Ready Capital (NYSE:RC) had its target price reduced by Keefe, Bruyette & Woods from $6.25 to $4.00 in a report published on Wednesday morning,Benzinga reports. They currently have an underperform rating on the real estate investment trust’s stock.

Several other equities analysts also recently weighed in on the stock. B. Riley reissued a “neutral” rating and issued a $10.00 price target (down from $12.00) on shares of Ready Capital in a research note on Tuesday, January 7th. 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 note on Thursday, December 12th. Wedbush restated a “neutral” rating and set a $6.00 target price (down from $8.00) on shares of Ready Capital in a report on Tuesday. UBS Group cut their price target 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, Citizens Jmp downgraded Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Ready Capital currently has a consensus rating of “Hold” and an average price target of $7.86.

Ready Capital Stock Up 0.1 %

NYSE RC opened at $4.96 on Wednesday. The business has a fifty day moving average price of $6.73 and a 200 day moving average price of $7.23. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.67 and a current ratio of 1.67. The company has a market cap of $835.07 million, a P/E ratio of -7.08 and a beta of 1.43. Ready Capital has a one year low of $4.74 and a one year high of $9.53.

Ready Capital Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.125 per share. The ex-dividend date is Monday, March 31st. This represents a $0.50 annualized dividend and a yield of 10.09%. Ready Capital’s dividend payout ratio (DPR) is -142.86%.

Hedge Funds Weigh In On Ready Capital

Several large investors have recently modified their holdings of RC. Vanguard Group Inc. increased its position in shares of Ready Capital by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 11,366,828 shares of the real estate investment trust’s stock worth $77,522,000 after purchasing an additional 768,891 shares during the last quarter. State Street Corp boosted its stake in Ready Capital by 4.8% during 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 buying an additional 287,068 shares during the period. Geode Capital Management LLC increased its position in shares of Ready Capital by 4.1% during the third quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock valued at $29,292,000 after acquiring an additional 150,479 shares during the last quarter. Invesco Ltd. raised its stake in shares of Ready Capital by 6.8% in the 4th quarter. Invesco Ltd. now owns 3,116,019 shares of the real estate investment trust’s stock valued at $21,251,000 after acquiring an additional 197,770 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Ready Capital by 21.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,266,585 shares of the real estate investment trust’s stock worth $15,458,000 after acquiring an additional 398,005 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.