In yesterday’s Wall Street session, Ready Capital Corporation (NYSE:RC) shares traded at $11.27, down -4.00% from the previous session.
As of this writing, 8 analysts cover Ready Capital Corporation (NYSE:RC). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $16.00 and a low of $11.50, we find $14.50. Given the previous closing price of $11.74, this indicates a potential upside of 23.51 percent. RC stock price is now -9.07% away from the 50-day moving average and -14.71% away from the 200-day moving average. The market capitalization of the company currently stands at $1.25B.
There are 3 analysts who have given it a hold rating, whereas 4 have given it a buy rating. Brokers who have rated the stock have averaged $14.25 as their price target over the next twelve months.
With the price target maintained at $13, Keefe Bruyette recently Downgraded its rating from Outperform to Mkt Perform for Ready Capital Corporation (NYSE: RC). On October 20, 2022, UBS recently initiated its ‘Neutral’ rating on the stock quoting a target price of $11, while ‘Piper Sandler’ rates the stock as ‘Neutral’.
In other news, Ahlborn Andrew, Chief Financial Officer sold 3,035 shares of the company’s stock on Aug 29. The stock was sold for $41,883 at an average price of $13.80. Upon completion of the transaction, the Chief Financial Officer now directly owns 51,430 shares in the company, valued at $0.58 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 26, Chief Financial Officer Ahlborn Andrew sold 1,465 shares of the business’s stock. A total of $20,217 was realized by selling the stock at an average price of $13.80. This leaves the insider owning 54,465 shares of the company worth $0.61 million. Insiders disposed of 15,341 shares of company stock worth roughly $0.17 million over the past 1 year. A total of 0.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in RC stock. A new stake in Ready Capital Corporation shares was purchased by QUADRANT PRIVATE WEALTH MANAGEMENT, LLC during the first quarter worth $12,502,000. CLEAR HARBOR ASSET MANAGEMENT, LLC invested $2,321,000 in shares of RC during the first quarter. In the first quarter, BBR PARTNERS, LLC acquired a new stake in Ready Capital Corporation valued at approximately $1,401,000. GREAT WEST LIFE ASSURANCE CO /CAN/ acquired a new stake in RC for approximately $1,247,000. ACTIVEST WEALTH MANAGEMENT purchased a new stake in RC valued at around $1,090,000 in the second quarter. In total, there are 285 active investors with 64.80% ownership of the company’s stock.
Wednesday morning saw Ready Capital Corporation (NYSE: RC) opened at $11.71. During the past 12 months, Ready Capital Corporation has had a low of $9.69 and a high of $16.43. The fifty day moving average price for RC is $12.39 and a two-hundred day moving average price translates $13.21 for the stock.
The latest earnings results from Ready Capital Corporation (NYSE: RC) was released for Jun, 2022. According to the REIT – Mortgage Company, earnings per share came in at $0.46, inline with analysts’ expectations of $0.46. This compares to $0.60 EPS in the same period last year. The net profit margin was 32.80% and return on equity was 13.60% for RC. The company reported revenue of $186.03 million for the quarter, compared to $105.14 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 76.94 percent. For the current quarter, analysts expect RC to generate $81.3M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 01/31/2023. Investors who held shares on 12/30/2022 were paid a $0.40 dividend. On an annualized basis, this represents a $1.60 dividend and a 14.20% percent yield. There was an ex-dividend date of 12/29/2022 for this dividend. In terms of dividend payout ratio, RC is presently at 73.10%.
Ready Capital Corporation(RC) Company Profile
Ready Capital Corporation operates as a real estate finance company in the United States. The company acquires, originates, manages, services, and finances small to medium balance commercial (SBC) loans, small business administration (SBA) loans, residential mortgage loans, and mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments. It operates through three segments: SBC Lending and Acquisitions; Small Business Lending; and Residential Mortgage Banking. The SBC Lending and Acquisitions segment, through its subsidiary, ReadyCap Commercial, LLC, originate SBC loans secured by stabilized or transitional investor properties using various loan origination channels. The Small Business Lending segment, through its subsidiary, ReadyCap Lending, LLC, acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program. The Residential Mortgage Banking segment, through its subsidiary, GMFS, LLC, originates residential mortgage loans. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Sutherland Asset Management Corporation and changed its name to Ready Capital Corporation in September 2018. Ready Capital Corporation was founded in 2007 and is headquartered in New York, New York.