Raymond James analyst Stephen Laws maintained a Buy rating on Ready Capital (RC) today and set a price target of $11.50. The company’s shares closed last Thursday at $7.83.
According to TipRanks.com, Laws is a 4-star analyst with an average return of 4.4% and a 57.9% success rate. Laws covers the Financial sector, focusing on stocks such as NexPoint Real Estate ate Finance, Colony Credit Real Estate, and Broadmark Realty Capital.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ready Capital with a $11.50 average price target, implying a 29.9% upside from current levels. In a report issued on June 2, JMP Securities also maintained a Buy rating on the stock with a $10.00 price target.
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Based on Ready Capital’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $20.42 million and GAAP net loss of $50.45 million. In comparison, last year the company earned revenue of $20.77 million and had a net profit of $29.47 million.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RC in relation to earlier this year.
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Ready Capital Corp. is a real estate finance company, which engages in acquiring, managing, and financing small balance commercial loans. The company operates in four segments: SBC Originations, SBA Originations, Acquisitions & Servicing, Loan Acquisitions and Residential Mortgage Banking. The SBC Originations segment originate SBC loans secured by stabilized or transitional investor properties using multiple loan origination channels through its wholly-owned subsidiary, ReadyCap Commercial, LLC. The SBA Originations, Acquisitions & Servicing segment acquires, originates and services owner-occupied loans guaranteed by the SBA its wholly-owned subsidiary, ReadyCap Lending, LLC. The Loan Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of its business strategy. The Residential Mortgage Banking segment through its wholly-owned subsidiary, GMFS, LLC originates residential mortgage loans eligible to be purchased, guaranteed or insured by Fannie Mae, Freddie Mac, FHA, USDA and VA through retail, correspondent and broker channels. Ready Capital was founded in 2011 and is headquartered in New York, NY.
