Ready Capital (NYSE:RC) upgraded to Strong-Buy by Zacks Investment Research

Ready Capital (NYSE:RC – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released Thursday, Zacks.com reports. The company currently has a target price of $17.00 on shares of the real estate investment trust. Zacks Investment Research’s target price indicates an upside potential of 11.48% from the company’s current price.

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.

A number of other research analysts have also recently published reports on the company. 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 report. 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 note. One analyst gave the stock a hold rating, five gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat, the stock currently has an average buy rating and a consensus target price of $17.14.

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NYSE:RC shares opened at $15.25 on Thursday. Ready Capital has a 12 month minimum of $12.80 and a 12 month maximum of $16.78. The company has a market capitalization of $1.16 billion, a PE ratio of 7.78 and a beta of 1.11. The company has a 50-day moving average of $14.93 and a two-hundred-day moving average of $15.24. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt ratio of 0.56.

Ready Capital (NYSE:RC – Get Rating) last announced its quarterly results on Thursday, February 24. The real estate investment trust reported earnings per share (EPS) of $0.67 for the quarter, beating the Zacks consensus estimate of $0.50 by $0.17. Ready Capital had a return on equity of 14.81% and a net margin of 39.09%. In the same period a year earlier, the company earned earnings per share of $0.51. Equity research analysts expect Ready Capital to post 1.86 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently changed their stock holdings. Barclays PLC increased its position in shares of Ready Capital by 70.0% during the fourth quarter. Barclays PLC now owns 77,979 shares of the real estate investment trust worth $1,219,000 after buying a further 32,105 shares last quarter. BlackRock Inc. increased its position in shares of Ready Capital by 2.7% during the fourth quarter. BlackRock Inc. now owns 10,807,722 shares of the real estate investment trust worth $168,924,000 after purchasing an additional 279,594 shares last quarter. Goldman Sachs Group Inc. increased its position in shares of Ready Capital by 238.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 397,313 shares of the real estate investment trust worth $6,210,000 after buying an additional 279,906 shares last quarter. California State Teachers Retirement System increased its position in shares of Ready Capital by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 80,732 shares of the real estate investment trust worth $1,262,000 after buying 1,735 additional shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of Ready Capital by 11.1% during the fourth quarter. Parametric Portfolio Associates LLC now owns 189,910 shares of the real estate investment trust worth $2,968,000 after purchasing an additional 18,956 shares in the last quarter. Hedge funds and other institutional investors own 42.94% of the company’s shares.

Ready Capital Company Profile (Get a rating)

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 Originations, SBA Originations, Acquisitions & Servicing, 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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