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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on RC:
- Ready Capital reports Q4 distributable EPS 26c, consensus 32c
- Ready Capital Corporation Reports Fourth Quarter 2023 Results
- RC Earnings this Week: How Will it Perform?
- Ready Capital Corporation Announces Fourth Quarter and Full Year 2023 Results and Webcast Call
- Ready Capital Executives Set for Upcoming Investor Presentations
