Ready Capital (NYSE:RC) stock spread narrows after analysts downgrade

Ready Capital Co. (NYSE: RC – Get a rating) shares fell before trading on Wednesday after Piper Sandler lowered its price target on the stock from $16.00 to $14.00. The stock had previously closed at $12.40, but opened at $11.93. Piper Sandler currently has a neutral rating on the title. Shares of Ready Capital last traded at $11.71, with volume of 7,625 shares changing hands.

Separately, StockNews.com began covering Ready Capital in a research note on Thursday, March 31. They issued a “hold” rating for the company. Two research analysts gave the stock a hold rating and three gave the company a buy rating. According to data from MarketBeat.com, Ready Capital has a consensus rating of “Moderate Buy” and a consensus price target of $17.13.

A number of hedge funds and other institutional investors have recently changed their positions in the company. BlackRock Inc. increased its stake in Ready Capital by 10.1% in 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 in the last quarter. Vanguard Group Inc. increased its stake in shares of Ready Capital by 15.4% during the 1st 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 last quarter. Invesco Ltd. increased its stake in shares of Ready Capital by 42.2% during the 1st quarter. Invesco Ltd. now owns 2,603,750 shares of the real estate investment trust worth $39,211,000 after purchasing an additional 772,522 shares last quarter. State Street Corp increased its stake in shares of Ready Capital by 8.9% during the 1st quarter. State Street Corp now owns 2,474,935 shares of the real estate investment trust worth $38,311,000 after buying an additional 201,691 shares last quarter. Finally, Northern Trust Corp increased its stake in Ready Capital shares by 2.7% during the 1st quarter. Northern Trust Corp now owns 1,109,330 shares of the real estate investment trust worth $16,707,000 after buying an additional 29,490 shares last quarter. 41.03% of the shares are held by hedge funds and other institutional investors.

The company has a debt ratio of 0.49, a quick ratio of 1.47 and a current ratio of 1.47. The company has a market capitalization of $1.00 billion, a price/earnings ratio of 5.14 and a beta of 1.05. The company has a fifty-day moving average price of $13.80 and a 200-day moving average price of $14.65.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 29. Shareholders of record on Thursday, June 30 will receive a dividend of $0.42 per share. The ex-date of this dividend is Wednesday, June 29. This represents a dividend of $1.68 on an annualized basis and a dividend yield of 14.09%. Ready Capital’s dividend payout ratio (DPR) is currently 72.41%.

About Ready Capital (NYSE:RC)

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.

Read more

This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in Ready Capital right now?

Before you consider Ready Capital, you’ll want to hear this.

MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes off…and Ready Capital wasn’t on the list.

Although Ready Capital currently has a “moderate buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here

About Erick Miles

Check Also

When will used car prices drop?

In KPMG’s recent report, they illustrate four scenarios for the market to return to more …