In a report released yesterday, Stephen Laws from Raymond James reiterated a Buy rating on Ready Capital (RC), with a price target of $12.50. The company’s shares closed last Tuesday at $11.63.
According to TipRanks.com, Laws is a 4-star analyst with an average return of 5.6% and a 59.4% success rate. Laws covers the Financial sector, focusing on stocks such as Colony Credit Real Estate, Kkr Real Estate Finance, and Granite Point Mortgage.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ready Capital with a $11.38 average price target.
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Based on Ready Capital’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $87.28 million and net profit of $33.85 million. In comparison, last year the company earned revenue of $31.59 million and had a net profit of $10.97 million.
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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.
