Ready Capital (NYSE:RC) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Ready Capital (NYSE:RC) from a hold rating to a buy rating in a report released on Thursday morning, reports. Zacks Investment Research currently has $18.00 price objective on the real estate investment trust’s stock.

According to Zacks, “Ready Capital Corporation is a publicly-traded mortgage REIT and is externally managed by Waterfall Asset Management LLC. The company provides non-bank real estate and small business. It lends primarily to multifamily and commercial real estate, delivering value-add bridge loans and fixed rate financings for stabilized assets. The company approved Freddie Mac Small Balance Loan lender and provides residential mortgage lending through its wholly-owned subsidiary GMFS Inc. Ready Capital Corporation, formerly known as Sutherland Asset Management Corporation, is based in New York, United States. “

Other research analysts have also recently issued reports about the stock. TheStreet upgraded shares of Ready Capital from a c rating to a b- rating in a report on Wednesday, August 14th. Cantor Fitzgerald decreased their price objective on shares of Ready Capital from $17.00 to $16.50 and set a market outperform rating for the company in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $16.75.

Shares of Ready Capital stock traded down $0.05 on Thursday, hitting $15.76. The company had a trading volume of 76,700 shares, compared to its average volume of 173,478. The business has a 50-day simple moving average of $15.42 and a 200-day simple moving average of $15.01. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market cap of $698.95 million, a PE ratio of 8.95 and a beta of 0.69. Ready Capital has a 52 week low of $13.44 and a 52 week high of $16.55.

Ready Capital (NYSE:RC) last posted its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.01. The business had revenue of $21.28 million during the quarter, compared to analysts’ expectations of $17.58 million. Ready Capital had a net margin of 30.47% and a return on equity of 8.40%. On average, equities research analysts predict that Ready Capital will post 1.56 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 30th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 10.15%. The ex-dividend date is Friday, September 27th. Ready Capital’s dividend payout ratio (DPR) is presently 90.91%.

Large investors have recently modified their holdings of the stock. Weiss Asset Management LP bought a new stake in Ready Capital during the first quarter worth approximately $4,235,000. MetLife Investment Advisors LLC bought a new stake in Ready Capital during the first quarter worth approximately $129,000. Nordea Investment Management AB bought a new stake in Ready Capital during the first quarter worth approximately $1,352,000. Rhumbline Advisers bought a new stake in Ready Capital during the first quarter worth approximately $364,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Ready Capital by 561.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,094 shares of the real estate investment trust’s stock worth $46,000 after buying an additional 2,626 shares in the last quarter. Hedge funds and other institutional investors own 37.80% of the company’s stock.

Ready Capital Company Profile

Ready Capital Corporation operates as a real estate finance company in the United States. The company originates, acquires, finances, and services small balance commercial (SBC) loans, small business administration (SBA) loans, and residential mortgage loans, as well as mortgage backed securities collateralized primarily by SBC loans, or other real estate-related investments.

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