Ready Capital (NYSE:RC) Issues Quarterly Earnings Results

Ready Capital (NYSE:RC) issued its quarterly earnings results on Thursday. The real estate investment trust reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.01, FiscalAI reports. Ready Capital had a negative return on equity of 18.68% and a negative net margin of 131.76%.The firm had revenue of $151.87 million during the quarter, compared to analyst estimates of $16.41 million.

Ready Capital Stock Up 10.4%

Shares of RC traded up $0.16 during trading hours on Friday, hitting $1.71. The company had a trading volume of 2,573,858 shares, compared to its average volume of 1,226,243. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $282.69 million, a PE ratio of -0.49 and a beta of 1.45. Ready Capital has a one year low of $1.39 and a one year high of $4.46. The company’s fifty day moving average price is $1.64 and its two-hundred day moving average price is $1.77.

Ready Capital Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Tuesday, June 30th. Ready Capital’s dividend payout ratio is presently -1.15%.

Analysts Set New Price Targets

Several research firms have recently weighed in on RC. UBS Group decreased their target price on Ready Capital from $2.50 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, July 16th. Zacks Research upgraded shares of Ready Capital from a “strong sell” rating to a “hold” rating in a report on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ready Capital in a research note on Tuesday, June 2nd. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Ready Capital currently has a consensus rating of “Reduce” and an average price target of $2.62.

Hedge Funds Weigh In On Ready Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP grew its stake in Ready Capital by 4,494.6% in the third quarter. Quarry LP now owns 9,373 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 9,169 shares during the last quarter. Ausdal Financial Partners Inc. purchased a new stake in shares of Ready Capital during the third quarter valued at about $39,000. Franklin Resources Inc. bought a new position in shares of Ready Capital during the 3rd quarter worth approximately $44,000. M&T Bank Corp purchased a new stake in Ready Capital during the second quarter valued at approximately $50,000. Finally, SummitTX Capital L.P. acquired a new stake in Ready Capital in the fourth quarter valued at approximately $53,000. Hedge funds and other institutional investors own 55.87% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation is a specialty finance real estate investment trust (REIT) that originates, acquires and manages commercial real estate loans and related assets. The company offers financing solutions across a variety of property types, including multifamily, office, retail, industrial, hospitality and mixed-use assets. Ready Capital focuses on delivering flexible loan structures to meet the diverse needs of borrowers in the small balance and middle-market sectors.

Through its small balance commercial real estate lending platform, Ready Capital provides loans typically ranging from $1 million to $15 million for acquisitions, refinancings, renovations and bridge financing.