UBS Group Lowers Ready Capital (NYSE:RC) Price Target to $7.50

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

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

Ready Capital Trading Up 2.4 %

Shares of NYSE:RC opened at $7.19 on Friday. The company has a market cap of $1.21 billion, a P/E ratio of -10.27 and a beta of 1.42. The stock’s 50-day moving average is $7.34 and its 200-day moving average is $8.14. Ready Capital has a 52-week low of $6.65 and a 52-week high of $11.67. 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 Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 13.91%. The ex-dividend date was Monday, September 30th. Ready Capital’s payout ratio is -142.86%.

Institutional Investors Weigh In On Ready Capital

Institutional investors have recently added to or reduced their stakes in the stock. CWM LLC boosted its holdings in Ready Capital by 94.6% during the second quarter. CWM LLC now owns 3,361 shares of the real estate investment trust’s stock valued at $27,000 after purchasing an additional 1,634 shares in the last quarter. EntryPoint Capital LLC acquired a new position in shares of Ready Capital in the 1st quarter worth approximately $40,000. KBC Group NV boosted its holdings in shares of 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 acquiring an additional 3,248 shares in the last quarter. Cadence Bank acquired a new position in shares of Ready Capital in the 1st quarter worth approximately $91,000. Finally, Xponance Inc. acquired a new position in shares of Ready Capital in the 2nd quarter worth approximately $84,000. 55.87% of the stock is owned by institutional investors and hedge funds.

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.