Ready Capital Co. (NYSE:RC) to post $0.48 per share earnings in Q3 2022, B. Riley forecast

Ready Capital Co. (NYSE:RC) – Equity research analysts B. Riley raised their estimates for third quarter 2022 earnings per share for Ready Capital in a research report released Friday, January 14. B. Riley analyst M. Howlett now expects the real estate investment trust to earn $0.48 per share for the quarter, up from its previous forecast of $0.47. B. Riley currently has a “Buy” rating and a target price of $18.00 on the stock. B. Riley also released estimates for Ready Capital’s fourth quarter 2022 earnings at $0.50 EPS and full year 2022 earnings at $2.12 EPS. Ready Capital Inc (NYSE:RC) last reported results on Thursday, November 4. The real estate investment trust reported earnings per share (EPS) of $0.64 for the quarter, beating analyst consensus estimates of $0.46 by $0.18. Ready Capital had a net margin of 37.95% and a return on equity of 13.61%. In the same period a year earlier, the company posted earnings per share of $0.57.

Several other research analysts also commented on the title. Zacks Investment Research upgraded shares of Ready Capital from a “hold” rating to a “buy” rating and set a price target of $18.00 on the stock in a Wednesday, November 10 research note. Raymond James raised his price target on shares of Ready Capital from $16.50 to $18.00 and gave the stock an “outperform” rating in a Tuesday, Nov. 9 research note. One equity research analyst gave the stock a hold rating and six gave the company’s stock a buy rating. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $17.29.

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RC stock opened at $15.50 on Monday. Ready Capital has a 12-month low of $11.28 and a 12-month high of $16.78. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt ratio of 0.56. The company has a market capitalization of $1.18 billion, a price-earnings ratio of 7.91 and a beta of 1.09. The company has a 50-day moving average of $15.83 and a two-hundred-day moving average of $15.42.

The company also recently announced a quarterly dividend, which will be paid on Monday, January 31. Investors of record on Friday, December 31 will receive a dividend of $0.42. The ex-date of this dividend is Thursday, December 30. This represents a dividend of $1.68 on an annualized basis and a yield of 10.84%. Ready Capital’s payout ratio is currently 85.71%.

Separately, CEO Thomas E. Capasse purchased 20,000 shares of the company in a transaction on Tuesday, November 30. The shares were purchased at an average cost of $24.59 per share, for a total transaction of $491,800.00. The transaction was disclosed in an SEC filing, which is available via this hyperlink. Also, director Gilbert E. Nathan bought 2,000 shares of the company in a transaction on Monday, November 15. The stock was purchased at an average price of $15.84 per share, for a total transaction of $31,680.00. Disclosure of this purchase can be found here. Insiders purchased a total of 25,000 shares of the company worth $571,390 during the last quarter. 1.67% of the shares are currently held by insiders of the company.

Several large investors have recently increased or reduced their stake in RC. TCI Wealth Advisors Inc. increased its holdings of Ready Capital shares by 1,587.9% during Q3. TCI Wealth Advisors Inc. now owns 2,228 shares of the real estate investment trust worth $32,000 after acquiring an additional 2,096 shares during the period. PNC Financial Services Group Inc. increased its stake in Ready Capital by 79.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,663 shares of the real estate investment trust worth $42,000 after purchasing an additional 1,175 shares in the last quarter. Penserra Capital Management LLC bought a new position in Ready Capital during Q3 worth approximately $81,000. Metropolitan Life Insurance Co NY bought a new position in Ready Capital during Q1 worth approximately $90,000. Finally, LPL Financial LLC bought a new position in Ready Capital during Q3 valued at around $156,000. 43.90% of the shares are held by institutional investors.

Ready Capital Company Profile

Ready Capital Corp. is a real estate finance company engaged in the acquisition, servicing and financing of low balance commercial loans. The Company operates in four segments: Acquisitions; SBC Creations; Creations, acquisitions and SBA services; and Residential Mortgage Banking. The Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the company’s business strategy.

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