Wedbush Estimates Ready Capital’s FY2024 Earnings (NYSE:RC)

Ready Capital Co. (NYSE:RC) – Stock analysts at Wedbush dropped their FY2024 EPS estimates for Ready Capital in a research report issued on Tuesday, November 12th. Wedbush analyst J. Mccanless now forecasts that the real estate investment trust will post earnings per share of $0.95 for the year, down from their previous estimate of $1.00. Wedbush currently has a “Neutral” rating and a $9.00 price target on the stock. The consensus estimate for Ready Capital’s current full-year earnings is $0.92 per share. Wedbush also issued estimates for Ready Capital’s Q4 2024 earnings at $0.22 EPS, Q1 2025 earnings at $0.25 EPS, Q2 2025 earnings at $0.27 EPS, Q3 2025 earnings at $0.28 EPS, FY2025 earnings at $1.10 EPS and FY2026 earnings at $1.15 EPS.

RC has been the subject of several other reports. Keefe, Bruyette & Woods cut their target price on shares of Ready Capital from $8.00 to $7.75 and set an “underperform” rating for the company in a research note on Monday, August 12th. Piper Sandler cut their price objective on Ready Capital from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, BTIG Research initiated coverage on Ready Capital in a report on Friday, July 19th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $9.38.

Ready Capital Stock Performance

Shares of RC stock opened at $7.08 on Wednesday. The company has a fifty day moving average price of $7.38 and a two-hundred day moving average price of $8.16. Ready Capital has a one year low of $6.65 and a one year high of $11.67. The stock has a market cap of $1.19 billion, a P/E ratio of -10.11 and a beta of 1.42. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.67 and a quick ratio of 1.69.

Ready Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 14.13%. The ex-dividend date was Monday, September 30th. Ready Capital’s payout ratio is -142.86%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new position in shares of Ready Capital during the 1st quarter worth approximately $307,000. Texas Permanent School Fund Corp raised its holdings in Ready Capital by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 138,085 shares of the real estate investment trust’s stock valued at $1,261,000 after acquiring an additional 1,718 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Ready Capital during the 1st quarter valued at $344,000. SG Americas Securities LLC grew its holdings in shares of Ready Capital by 67.2% during the 1st quarter. SG Americas Securities LLC now owns 18,520 shares of the real estate investment trust’s stock worth $169,000 after purchasing an additional 7,446 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its position in shares of Ready Capital by 2.1% in the first quarter. Illinois Municipal Retirement Fund now owns 95,051 shares of the real estate investment trust’s stock worth $868,000 after purchasing an additional 1,992 shares during the period. 55.87% of the stock is owned by institutional investors and hedge funds.

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.