Ready Capital Co. (NYSE:RC) Receives Consensus Rating of “Buy” by Brokerages
Shares of Ready Capital Co. (NYSE: RC – Get a rating) earned a consensus “Buy” rating from the seven analysts who currently cover the stock, reports Marketbeat Ratings. One investment analyst gave the stock a hold rating, five gave the company a buy rating and one issued a strong buy rating for the company. The 12-month average price target among analysts who have rated the stock over the past year is $17.14.
Several brokerages have published reports on RC. Zacks Investment Research upgraded Ready Capital from a “hold” rating to a “strong-buy” rating and set a price target of $17.00 for the company in a Thursday, March 3, report. B. Riley raised his price target on shares of Ready Capital from $17.00 to $18.00 and gave the stock a “buy” rating in a Friday, Dec. 3 report.
Several large investors have recently increased or reduced their stake in the company. BlackRock Inc. increased its stake in Ready Capital by 2.7% during the 4th quarter. BlackRock Inc. now owns 10,807,722 shares of the real estate investment trust worth $168,924,000 after purchasing an additional 279,594 shares in the last quarter. State Street Corp increased its holdings of Ready Capital shares by 3.5% during the fourth quarter. State Street Corp now owns 2,273,244 shares of the real estate investment trust worth $36,484,000 after buying an additional 75,903 shares last quarter. Invesco Ltd. increased its position in shares of Ready Capital by 168.9% in the fourth quarter. Invesco Ltd. now owns 1,831,228 shares of the real estate investment trust valued at $28,622,000 after acquiring an additional 1,150,178 shares during the period. Northern Trust Corp increased its stake in shares of Ready Capital by 0.7% in the fourth quarter. Northern Trust Corp now owns 1,079,840 shares of the real estate investment trust valued at $16,878,000 after acquiring an additional 7,673 shares last quarter. Finally, Geode Capital Management LLC increased its position in Ready Capital by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,020,019 shares of the real estate investment trust worth $14,718,000 after acquiring an additional 11,956 shares during the period. Hedge funds and other institutional investors own 42.94% of the company’s shares.
NYSE:RC shares opened at $15.69 on Wednesday. The company has a 50-day moving average of $14.76 and a 200-day moving average of $15.25. Ready Capital has a one-year low of $13.07 and a one-year high of $16.78. The stock has a market capitalization of $1.31 billion, a price-earnings ratio of 7.30 and a beta of 1.08. The company has a debt ratio of 0.77, a current ratio of 1.46 and a quick ratio of 1.46.
Ready Capital (NYSE:RC- Get a rating) last reported quarterly earnings data on Thursday, February 24. The real estate investment trust reported EPS of $0.67 for the quarter, beating analyst consensus estimates of $0.50 by $0.17. Ready Capital had a return on equity of 14.56% and a net margin of 39.09%. In the same quarter of the previous year, the company made earnings per share of $0.51. Equity research analysts expect Ready Capital to post earnings per share of 2.14 for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 29. Shareholders of record on Thursday, March 31 will receive a dividend of $0.42 per share. The ex-dividend date is Wednesday, March 30. This represents an annualized dividend of $1.68 and a dividend yield of 10.71%. Ready Capital’s dividend payout ratio is currently 78.14%.
About Ready Capital (Get a rating)
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 Originations, SBA Originations, Acquisitions & Servicing, 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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