JMP Securities lowered the firm’s price target on Ready Capital (RC) to $9.50 from $10.50 and keeps an Outperform rating on the shares. Ready Capital has been active on resolving problem loans, and the company was able to sell $330M of underperforming loans in Q3, which resulted in a realized loss of (11c) per share, the analyst tells investors in a research note. While it has made solid progress on problem assets, there is still an additional $218M of loans held for sale that will likely result in further realized losses over the next year, the analyst says.
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Read More on RC:
- Ready Capital announces public offering of senior notes due 2029
- Ready Capital to Acquire United Development Funding IV
- Ready Capital enters merger agreement with United Development Funding IV
- Ready Capital Reports Q3 2024 Financial Results
- Ready Capital reports Q3 EPS (7c), consensus 23c
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
