In yesterday’s Wall Street session, Ready Capital Corporation (NYSE:RC) shares traded at $11.57, down -1.62% from the previous session.
8 analysts cover Ready Capital Corporation (NYSE:RC), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $15.00 and a low of $10.50, we find $13.00. Given the previous closing price of $11.76, this indicates a potential upside of 10.54 percent. RC stock price is now 5.14% away from the 50-day moving average and 2.04% away from the 200-day moving average. The market capitalization of the company currently stands at $1.93B.
The stock has received a hold rating from 3 analysts and a buy rating from 4. Brokers who have rated the stock have averaged $12.81 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).
In other news, NATHAN GILBERT E, Director bought 3,841 shares of the company’s stock on Mar 08. The stock was bought for $42,443 at an average price of $11.05. Upon completion of the transaction, the Director now directly owns 60,406 shares in the company, valued at $0.7 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 07, Director NATHAN GILBERT E bought 5,000 shares of the business’s stock. A total of $54,773 was incurred on buying the stock at an average price of $10.95. This leaves the insider owning 56,565 shares of the company worth $0.65 million. Insiders disposed of 24,177 shares of company stock worth roughly $0.28 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 MAGNETAR FINANCIAL LLC during the first quarter worth $16,252,000. VERSOR INVESTMENTS LP invested $4,423,000 in shares of RC during the first quarter. In the first quarter, NEW YORK LIFE INVESTMENT MANAGEMENT LLC acquired a new stake in Ready Capital Corporation valued at approximately $2,284,000. AQR ARBITRAGE LLC acquired a new stake in RC for approximately $2,242,000. HBK INVESTMENTS L P purchased a new stake in RC valued at around $2,199,000 in the second quarter. In total, there are 300 active investors with 64.80% ownership of the company’s stock.
On Monday morning Ready Capital Corporation (NYSE: RC) stock kicked off with the opening price of $11.80. During the past 12 months, Ready Capital Corporation has had a low of $9.24 and a high of $13.67. The fifty day moving average price for RC is $11.10 and a two-hundred day moving average price translates $11.47 for the stock.
The latest earnings results from Ready Capital Corporation (NYSE: RC) was released for Mar, 2023. According to the REIT – Mortgage Company, earnings per share came in at $0.3, missing analysts’ expectations of $0.41 by -0.11. This compares to $0.66 EPS in the same period last year. The net profit margin was 17.40% and return on equity was 8.70% for RC. The company reported revenue of $217.57 million for the quarter, compared to $124.41 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 74.89 percent. For the current quarter, analysts expect RC to generate $93.73M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 07/31/2023. Investors who held shares on 06/30/2023 were paid a $0.14 dividend. On an annualized basis, this represents a $1.04 dividend and a 8.99% percent yield. There was an ex-dividend date of 06/29/2023 for this dividend. In terms of dividend payout ratio, RC is presently at 114.60%.
Ready Capital Corporation(RC) Company Profile
Ready Capital Corporation operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small to medium balance commercial (SBC) loans, small business administration (SBA) loans, residential mortgage loans, construction 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 originates SBC loans across the full life-cycle of an SBC property, including construction, bridge, stabilized, and agency channels. The Small Business Lending segment acquires, originates, and services owner-occupied loans guaranteed by the SBA under its SBA Section 7(a) Program. The Residential Mortgage Banking segment originates residential mortgage loans. 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.
