BrightSpire Capital (NYSE:BRSP) Rating Lowered to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded BrightSpire Capital to “strong sell” from “hold.” Other analyst views remain mixed, with the stock carrying an overall “Hold” consensus rating and a $6.00 average price target.
• BrightSpire shares opened at $3.79, near their 12-month low of $3.70 and below both the 50-day ($4.41) and 200-day ($5.17) moving averages.
• The company missed quarterly expectations, reporting $0.13 in earnings per share versus $0.15 expected and revenue of $48.67 million versus $64.31 million estimated. Institutional investors and hedge funds own approximately 56.57% of the stock.

BrightSpire Capital (NYSE:BRSP - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Wednesday, Zacks reports.

A number of other analysts also recently issued reports on the stock. Wall Street Zen raised shares of BrightSpire Capital from a "sell" rating to a "hold" rating in a research report on Tuesday, September 1st. Barclays reduced their price target on shares of BrightSpire Capital from $6.00 to $4.00 and set an "underweight" rating on the stock in a research report on Monday, October 5th. Citigroup reiterated a "market outperform" rating on shares of BrightSpire Capital in a research note on Wednesday, October 7th. Citizens Jmp decreased their price objective on shares of BrightSpire Capital from $7.00 to $6.00 and set a "market outperform" rating for the company in a research note on Wednesday, October 7th. Finally, Weiss Ratings lowered shares of BrightSpire Capital from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, September 4th. Six research analysts have rated the stock with a Buy rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $6.00.

BrightSpire Capital Stock Performance

Shares of NYSE:BRSP opened at $3.79 on Wednesday. The business has a 50-day moving average of $4.41 and a two-hundred day moving average of $5.17. The firm has a market capitalization of $480.14 million, a PE ratio of -16.50, a P/E/G ratio of 2.78 and a beta of 1.31. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.83 and a quick ratio of 0.83. BrightSpire Capital has a 12 month low of $3.70 and a 12 month high of $6.16.

BrightSpire Capital (NYSE:BRSP - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.02). BrightSpire Capital had a negative net margin of 20.43% and a positive return on equity of 7.01%. The firm had revenue of $48.67 million during the quarter, compared to analyst estimates of $64.31 million. As a group, research analysts forecast that BrightSpire Capital will post 0.44 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BRSP. Public Employees Retirement System of Ohio acquired a new stake in shares of BrightSpire Capital in the second quarter valued at about $26,000. Cassaday & Co Wealth Management LLC acquired a new position in BrightSpire Capital during the 1st quarter worth approximately $32,000. Integrated Wealth Concepts LLC acquired a new position in BrightSpire Capital during the 2nd quarter worth approximately $31,000. Axiom Investment Management LLC acquired a new position in BrightSpire Capital during the 1st quarter worth approximately $33,000. Finally, Bank of America Corp DE lifted its position in BrightSpire Capital by 3.5% during the 1st quarter. Bank of America Corp DE now owns 217,042 shares of the company's stock worth $1,215,000 after acquiring an additional 7,408 shares in the last quarter. Institutional investors and hedge funds own 56.57% of the company's stock.

About BrightSpire Capital

BrightSpire Capital, Inc is a commercial real estate finance company organized as a real estate investment trust (REIT). The company focuses on originating, acquiring, financing and managing commercial real estate debt and related investments.

Its investment activities primarily include senior mortgage loans, mezzanine loans, subordinated debt, preferred equity and other credit investments secured by or connected to commercial properties. BrightSpire generally targets transitional and institutional-quality real estate across property types such as office, multifamily, industrial, retail and hospitality.

The company was formed in 2018 as Colony Credit Real Estate and later adopted the BrightSpire Capital name.

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