Ready Capital hits over four-year low after quarterly loss, dividend cut

Ready Capital

03/03/2025 18:34

** Shares of real estate finance firm Ready Capital RC.N slump as much as 31.1%, hitting their lowest since May 2020

** RC cuts Q1 dividend and reports a Q4 adjusted loss, vs a profit a year earlier

** Management says the cut was to preserve capital for reinvestment and buyback of its shares; adds it expects dividend to bottom in Q4

** Piper Sandler cuts PT on RC to $5.50 from $8, a 20.6% downside to last close

** Brokerage continues to expect a tough backdrop for RC as rates remain elevated; adds that it expects the next several quarters to be a "show me" story

** One of nine brokerages rates the stock "buy", seven "hold" and one "sell"; with a median PT of $8, according to data compiled by LSEG

** RC stock down 27.4% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))