Ready Capital (NYSE:RC) rating downgraded to remain at Zacks Investment Research

Ready Capital (NYSE:RC) was downgraded by Zacks Investment Research from a “strong buy” rating to a “hold” rating in a research report released Friday to clients and investors, Zacks.com reports.

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 and small business real estate. It lends primarily to multi-family and commercial real estate, offering value-add bridge loans and fixed rate financing for stabilized assets. The company approved lender Freddie Mac Small Balance Loan and provides residential mortgages through its wholly owned subsidiary GMFS Inc. Ready Capital Corporation, formerly known as Sutherland Asset Management Corporation, is based in New York, United States.

Several other research analysts also commented on RC. Raymond James raised his price target on Ready Capital from $16.50 to $18.00 and gave the stock an “outperform” rating in a Tuesday, Nov. 9 research report. B. Riley raised his price target on Ready Capital from $17.00 to $18.00 and gave the company a “buy” rating in a Friday, Dec. 3 research report. Two equity research analysts gave the stock a hold rating and five gave the stock a buy rating. According to MarketBeat, Ready Capital currently has an average rating of “Buy” and a consensus price target of $17.29.

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NYSE:RC shares opened at $14.57 on Friday. The company has a market capitalization of $1.10 billion, a P/E ratio of 7.43 and a beta of 1.09. The company has a debt ratio of 0.56, a quick ratio of 1.55 and a current ratio of 1.55. Ready Capital has a 1-year low of $11.28 and a 1-year high of $16.78. The company’s 50-day simple moving average is $15.74 and its 200-day simple moving average is $15.40.

Ready Capital (NYSE:RC) last released its quarterly earnings data on Thursday, November 4. The real estate investment trust reported earnings per share of $0.64 for the quarter, beating consensus analyst estimates of $0.46 by $0.18. Ready Capital had a return on equity of 13.61% and a net margin of 37.95%. In the same quarter last year, the company posted earnings per share of $0.57. Analysts predict that Ready Capital will post earnings per share of 2.09 for the current year.

In other Ready Capital news, Director Gilbert E. Nathan purchased 2,000 shares in a trade dated Monday, Nov. 15. The shares were acquired at an average price of $15.84 per share, for a total transaction of $31,680.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Additionally, CEO Thomas E. Capasse purchased 20,000 shares in a trade dated Tuesday, November 30. The shares were acquired at an average price of $24.59 per share, for a total transaction of $491,800.00. Disclosure of this purchase can be found here. Insiders have purchased a total of 25,000 shares of the company worth $571,390 over the past three months. Insiders of the company own 1.67% of the shares of the company.

Several hedge funds have recently changed their holdings in the company. State Street Corp increased its stake in Ready Capital by 2.7% in the second quarter. State Street Corp now owns 2,188,008 shares of the real estate investment trust valued at $35,639,000 after buying an additional 56,892 shares last quarter. Geode Capital Management LLC increased its stake in Ready Capital by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,020,019 shares of the real estate investment trust worth $14,718,000 after purchasing an additional 11,956 shares last quarter. Invesco Ltd. increased its stake in Ready Capital by 14.9% in the third quarter. Invesco Ltd. now owns 681,050 shares of the real estate investment trust valued at $9,827,000 after purchasing an additional 88,222 shares last quarter. Two Sigma Advisers LP increased its stake in Ready Capital by 3.6% in the third quarter. Two Sigma Advisers LP now owns 415,324 shares of the real estate investment trust worth $5,993,000 after buying an additional 14,500 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Ready Capital by 78.6% in the second quarter. JPMorgan Chase & Co. now owns 408,310 shares of the real estate investment trust worth $6,480,000 after buying an additional 179,747 shares last quarter. Institutional investors and hedge funds hold 43.90% of the company’s shares.

About Ready Capital

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 Creations; Creations, acquisitions and SBA services; 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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Analyst Recommendations for Ready Capital (NYSE: RC)

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