Wedbush lowered the firm’s price target on Ready Capital to $9.50 from $11 and keeps a Neutral rating on the shares. The firm notes Ready Capital reported distributable earnings that were below its and consensus estimates. Earnings were also below the company’s most recent quarterly dividend, and book value declined to $14.10 vs. $14.42 in Q3 2023. Although challenges remain in the near term, Ready Capital has outlined several steps that it plans to take in order to drive distributable ROEs back towards more historical norms over time, Wedbush adds.
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