By Dean Seal
Shares of Ready Capital fell after the company cut its dividend in half and reported an unexpected loss for the fourth quarter.
The stock was down 14% at $5.93 in premarket trading. Shares were trading at $8.97 this time a year ago.
Ready Capital said before the bell that it would pay a quarterly dividend of 12.5 cents a share for its shareholders of record as of March 31. That's down from a previous payout of 25 cents a share, which was declared last September and was itself a cut from a dividend before that of 30 cents a share.
The real estate finance company also reported a loss of $318.1 million, or $1.90 a share, compared with a loss of $443.8 million, or $2.63 a share, in the same quarter a year earlier. Analysts polled by Factset had been expecting a profit of 15 cents a share.
Stripping out one-time items, the adjusted loss was 3 cents a share. Analysts had been looking for adjusted earnings of 19 cents a share.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 03, 2025 08:46 ET (13:46 GMT)
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