Ready Capital Slips on Analyst Downgrades
Ready Capital Corp (NYSE:RC) has received a consensus rating of 'Reduce' from six research firms, according to MarketBeat. Three analysts have given the stock a sell recommendation and three have given it a hold recommendation.
The average 1-year price objective among these analysts is $2.6250. Weiss Ratings recently reaffirmed a 'sell (e+)' rating on shares of Ready Capital in a report on June 2nd. Zacks Research downgraded shares from a 'hold' to a 'strong sell' rating in a research note on July 6th.
UBS Group cut their price target on shares from $2.50 to $2.00 and set a 'neutral' rating for the company in a report on July 16th. Institutional investors have also been buying and selling shares of Ready Capital, with Allied Private Wealth LLC purchasing a new position worth approximately $66,000.
Bank of America Corp DE lifted its stake by 65.2% in the first quarter and now owns 446,400 shares valued at $723,000. Royal Bank of Canada boosted its stake by 204.9% during the same period.