Ready Capital Co. (NYSE:RC) Receives Consensus “Moderate Buy” Rating From Brokerages
Ready Capital Co. (NYSE: RC – Get a rating) earned a consensus “moderate buy” rating from the six research firms that currently cover the business, Marketbeat Ratings reports. Two research analysts rated the stock with a hold recommendation and three gave the company a buy recommendation. The 1-year average price target among brokerages that updated their coverage on the stock in the past year is $15.50.
Several research companies have weighed in on RC. StockNews.com began covering Ready Capital in a report on Wednesday, October 12. They have set a “holding” rating on the stock. TheStreet downgraded Ready Capital from a “b-” rating to a “c+” rating in a Thursday, October 6 report. Piper Sandler lowered its price target on Ready Capital from $15.00 to $12.00 and set a “neutral” rating on the stock in a Monday, October 3 research report. JMP Securities lowered its target price on Ready Capital from $18.00 to $16.00 and set a “market outperformance” rating on the stock in a Wednesday, August 31 research report. Finally, B. Riley lowered his price target on Ready Capital from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, September 8.
Performance of loan capital stock
RC stock opened at $10.91 on Thursday. The company’s 50-day moving average price is $12.32 and its two-hundred-day moving average price is $13.23. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt ratio of 0.55. The company has a market capitalization of $1.25 billion, a PE ratio of 4.56 and a beta of 1.25. Ready Capital has a 1-year minimum of $9.69 and a 1-year maximum of $16.56.
Ready Capital announces a dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, October 31. Shareholders of record on Friday, September 30 will receive a dividend of $0.42. The ex-date of this dividend is Thursday, September 29. This represents a dividend of $1.68 on an annualized basis and a yield of 15.40%. Ready Capital’s dividend payout ratio is 70.29%.
Insider Buying and Selling at Ready Capital
In other news from Ready Capital, Chief Financial Officer Andrew Ahlborn sold 3,035 shares of the company in a trade that took place on Monday August 29th. The stock was sold at an average price of $13.80, for a total value of $41,883.00. Following completion of the transaction, the CFO now directly owns 51,430 shares of the company, valued at $709,734. The transaction was disclosed in a document filed with the SEC, accessible via the SEC website. Company insiders hold 1.64% of the company’s shares.
Institutional entries and exits
A number of hedge funds have been buying and selling stocks recently. BlackRock Inc. increased its stake in shares of Ready Capital by 10.1% during the 1st quarter. BlackRock Inc. now owns 11,901,911 shares of the real estate investment trust worth $179,243,000 after acquiring an additional 1,094,189 shares during the period. Vanguard Group Inc. increased its position in Ready Capital by 15.4% during the first quarter. Vanguard Group Inc. now owns 4,519,937 shares of the real estate investment trust worth $68,071,000 after purchasing an additional 604,296 shares during the period. State Street Corp increased its holdings of Ready Capital shares by 8.1% in the second quarter. State Street Corp now owns 2,676,031 shares of the real estate investment trust valued at $33,000,000 after purchasing an additional 201,096 shares in the last quarter. Invesco Ltd. raised its position in shares of Ready Capital by 42.2% in the first quarter. Invesco Ltd. now owns 2,603,750 shares of the real estate investment trust valued at $39,211,000 after purchasing an additional 772,522 shares during the period. Finally, Soltis Investment Advisors LLC acquired a new equity stake in Ready Capital during the 2nd quarter at a value of approximately $23,905,000. 56.17% of the shares are currently held by institutional investors.
Ready Capital Company Profile
Ready Capital Corporation operates as a real estate finance company in the United States. The company acquires, originates, manages, services and funds low-to-medium balance commercial loans (SBCs), small business administration loans (SBAs), residential mortgage loans and mortgage-backed securities secured primarily by SBC loans or other real estate. investments.
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