Keefe, Bruyette & Woods Issues Pessimistic Forecast for Ready Capital (NYSE:RC) Stock Price

Ready Capital (NYSE:RC) had its price objective reduced by research analysts at Keefe, Bruyette & Woods from $6.75 to $6.25 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “underperform” rating on the real estate investment trust’s stock. Keefe, Bruyette & Woods’ price target indicates a potential downside of 6.44% from the company’s previous close.

A number of other equities research analysts have also issued reports on RC. JMP Securities cut their price objective on shares of Ready Capital from $10.50 to $9.50 and set a “market outperform” rating for the company in a report on Thursday, December 12th. UBS Group reduced their price target on shares of Ready Capital from $8.50 to $7.50 and set a “neutral” rating on the stock in a report on Friday, November 15th. Piper Sandler dropped their price objective on shares of Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, B. Riley reaffirmed a “neutral” rating and issued a $10.00 target price (down from $12.00) on shares of Ready Capital in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Ready Capital presently has an average rating of “Hold” and a consensus target price of $8.61.

Ready Capital Price Performance

Shares of NYSE RC traded up $0.08 during mid-day trading on Tuesday, reaching $6.68. The company’s stock had a trading volume of 160,919 shares, compared to its average volume of 1,823,713. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.67. Ready Capital has a 52 week low of $6.45 and a 52 week high of $10.02. The stock has a fifty day moving average of $7.17 and a two-hundred day moving average of $7.77. The firm has a market capitalization of $1.13 billion, a PE ratio of -9.54 and a beta of 1.43.

Hedge Funds Weigh In On Ready Capital

Several large investors have recently modified their holdings of RC. State Street Corp raised its position in Ready Capital by 4.8% in the 3rd quarter. State Street Corp now owns 6,315,147 shares of the real estate investment trust’s stock worth $49,746,000 after purchasing an additional 287,068 shares during the period. Geode Capital Management LLC lifted its stake in shares of Ready Capital by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,838,284 shares of the real estate investment trust’s stock worth $29,292,000 after acquiring an additional 150,479 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Ready Capital by 11.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,580 shares of the real estate investment trust’s stock valued at $14,257,000 after acquiring an additional 195,663 shares during the last quarter. Clear Harbor Asset Management LLC lifted its position in shares of Ready Capital by 84.0% during 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 purchasing an additional 657,465 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Ready Capital by 1.8% during the third quarter. Van ECK Associates Corp now owns 1,366,040 shares of the real estate investment trust’s stock worth $9,508,000 after purchasing an additional 23,970 shares during the last quarter. 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.