Ready Capital (NYSE:RC) Given New $4.75 Price Target at UBS Group

Ready Capital (NYSE:RC) had its price objective cut by UBS Group from $5.00 to $4.75 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other analysts have also recently weighed in on the stock. Wedbush reiterated a “neutral” rating and set a $6.00 price target (down previously from $8.00) on shares of Ready Capital in a research note on Tuesday, March 4th. Keefe, Bruyette & Woods decreased their target price on shares of Ready Capital from $6.25 to $4.00 and set an “underperform” rating for the company in a research note on Wednesday, March 5th. Citizens Jmp cut Ready Capital from an “outperform” rating to a “market perform” rating in a research report on Monday, March 3rd. Finally, B. Riley reaffirmed a “neutral” rating and set a $10.00 price objective (down from $12.00) on shares of Ready Capital in a research report on Tuesday, January 7th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $7.46.

Ready Capital Price Performance

Shares of NYSE RC opened at $4.21 on Wednesday. The stock has a market cap of $723.40 million, a P/E ratio of -6.01 and a beta of 1.23. Ready Capital has a twelve month low of $4.19 and a twelve month high of $9.54. The stock has a 50 day moving average of $5.45 and a two-hundred day moving average of $6.51. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.54.

Ready Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 11.88%. The ex-dividend date of this dividend is Monday, March 31st. Ready Capital’s payout ratio is -18.94%.

Insider Activity at Ready Capital

In other news, insider Adam Zausmer acquired 10,000 shares of Ready Capital stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $5.42 per share, with a total value of $54,200.00. Following the completion of the acquisition, the insider now owns 301,105 shares in the company, valued at $1,631,989.10. This trade represents a 3.44 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.09% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in 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 valued at $15,458,000 after buying an additional 398,005 shares in the last quarter. Barclays PLC lifted its holdings in Ready Capital by 205.9% in the 3rd quarter. Barclays PLC now owns 484,986 shares of the real estate investment trust’s stock valued at $3,699,000 after purchasing an additional 326,467 shares in the last quarter. Vanguard Group Inc. boosted its stake 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. GraniteShares Advisors LLC acquired a new position in shares of Ready Capital in the fourth quarter valued at approximately $2,480,000. Finally, JPMorgan Chase & Co. raised its position in shares of Ready Capital by 50.5% in the third quarter. JPMorgan Chase & Co. now owns 336,773 shares of the real estate investment trust’s stock valued at $2,570,000 after buying an additional 112,934 shares during 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.