Ready Capital (NYSE:RC) Given New $10.00 Price Target at BTIG Research

Ready Capital (NYSE:RC) had its price target cut by BTIG Research from $12.00 to $10.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

A number of other equities research analysts have also issued reports on the company. UBS Group cut their target price on Ready Capital from $10.50 to $9.50 and set a neutral rating on the stock in a research report on Wednesday, March 20th. B. Riley reissued a buy rating and set a $12.00 price target (down from $13.00) on shares of Ready Capital in a research report on Monday, March 4th. StockNews.com lowered Ready Capital from a buy rating to a hold rating in a research report on Monday, March 4th. Finally, Keefe, Bruyette & Woods reissued an underperform rating and set a $8.00 price target (down from $10.00) on shares of Ready Capital in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $10.93.

Ready Capital Stock Up 1.9 %

Shares of Ready Capital stock opened at $8.64 on Wednesday. The stock’s fifty day moving average is $8.83 and its 200-day moving average is $9.61. The firm has a market capitalization of $1.49 billion, a PE ratio of 3.69 and a beta of 1.40. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.44. Ready Capital has a 12-month low of $8.25 and a 12-month high of $11.97.

Ready Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 13.90%. The ex-dividend date is Wednesday, March 27th. Ready Capital’s payout ratio is currently 51.28%.

Insiders Place Their Bets

In other news, Director Kevin M. Luebbers bought 5,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average cost of $8.43 per share, with a total value of $42,150.00. Following the transaction, the director now directly owns 119,925 shares in the company, valued at approximately $1,010,967.75. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Kevin M. Luebbers bought 5,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were bought at an average cost of $8.43 per share, with a total value of $42,150.00. Following the transaction, the director now directly owns 119,925 shares in the company, valued at approximately $1,010,967.75. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gilbert E. Nathan bought 10,000 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was purchased at an average cost of $8.65 per share, for a total transaction of $86,500.00. Following the completion of the transaction, the director now owns 83,099 shares in the company, valued at $718,806.35. The disclosure for this purchase can be found here. Insiders have bought a total of 17,150 shares of company stock valued at $148,280 in the last three months. Insiders own 0.95% of the company’s stock.

Institutional Trading of Ready Capital

Several large investors have recently made changes to their positions in RC. JPMorgan Chase & Co. boosted its stake in shares of Ready Capital by 21.2% during the 1st quarter. JPMorgan Chase & Co. now owns 811,765 shares of the real estate investment trust’s stock worth $12,225,000 after acquiring an additional 141,736 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Ready Capital by 128.5% during the 1st quarter. Raymond James & Associates now owns 52,765 shares of the real estate investment trust’s stock worth $795,000 after acquiring an additional 29,678 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Ready Capital by 86.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 57,701 shares of the real estate investment trust’s stock worth $869,000 after acquiring an additional 26,781 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Ready Capital by 12.0% during the 1st quarter. Bank of New York Mellon Corp now owns 607,299 shares of the real estate investment trust’s stock worth $9,145,000 after acquiring an additional 65,079 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in Ready Capital during the 1st quarter valued at approximately $966,000. Institutional investors own 55.87% of the company’s stock.

About Ready Capital

Ready Capital Corporation operates as a real estate finance company in the United States. It operates through two segments: LMM Commercial Real Estate and Small Business Lending. The company originates, acquires, finances, and services lower-to-middle-market (LLM) commercial real estate loans, small business administration (SBA) loans, residential mortgage loans, construction loans, and mortgage-backed securities collateralized primarily by LLM loans, or other real estate-related investments.