BrightSpire Capital, Inc. (NYSE:BRSP) Sees Significant Increase in Short Interest

Key Points

• BrightSpire Capital, Inc. experienced a significant increase in short interest, rising by 27.6% in August, with a total of 3.7 million shares sold short.
• Several hedge funds raised their holdings in BrightSpire Capital, including Millennium Management LLC with a 281.1% increase, resulting in institutional investors owning 56.57% of the stock.
• The company declared a quarterly dividend of $0.16, resulting in an annualized yield of 10.9%, despite an unusual dividend payout ratio of -290.91%.

BrightSpire Capital, Inc. (NYSE:BRSP - Get Free Report) was the target of a significant increase in short interest in August. As of August 15th, there was short interest totaling 3,700,000 shares, an increase of 27.6% from the July 31st total of 2,900,000 shares. Approximately 2.9% of the company's stock are sold short. Based on an average trading volume of 660,500 shares, the short-interest ratio is presently 5.6 days. Based on an average trading volume of 660,500 shares, the short-interest ratio is presently 5.6 days. Approximately 2.9% of the company's stock are sold short.

BrightSpire Capital Stock Performance

Shares of NYSE BRSP traded down $0.06 during midday trading on Friday, reaching $5.88. 626,010 shares of the company were exchanged, compared to its average volume of 571,049. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.79. BrightSpire Capital has a 1 year low of $4.16 and a 1 year high of $6.45. The stock has a fifty day simple moving average of $5.41 and a 200 day simple moving average of $5.31. The stock has a market cap of $764.34 million, a P/E ratio of -26.73 and a beta of 1.61.

BrightSpire Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 14th. Stockholders of record on Monday, June 30th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 10.9%. The ex-dividend date was Monday, June 30th. BrightSpire Capital's dividend payout ratio (DPR) is presently -290.91%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BRSP shares. Barclays reissued an "underweight" rating and issued a $5.00 target price (down previously from $7.00) on shares of BrightSpire Capital in a report on Tuesday, July 8th. Jones Trading reissued a "buy" rating and issued a $6.50 target price on shares of BrightSpire Capital in a report on Wednesday, July 30th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $6.79.

Institutional Investors Weigh In On BrightSpire Capital

Hedge funds and other institutional investors have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. acquired a new position in shares of BrightSpire Capital during the 2nd quarter worth approximately $106,000. State of Wyoming acquired a new position in shares of BrightSpire Capital during the 2nd quarter worth approximately $109,000. Nomura Holdings Inc. raised its position in shares of BrightSpire Capital by 5.1% during the 2nd quarter. Nomura Holdings Inc. now owns 3,418,495 shares of the company's stock worth $17,263,000 after purchasing an additional 165,792 shares during the last quarter. Tower Research Capital LLC TRC raised its position in shares of BrightSpire Capital by 101.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 11,930 shares of the company's stock worth $60,000 after purchasing an additional 6,001 shares during the last quarter. Finally, Gallagher Fiduciary Advisors LLC raised its position in shares of BrightSpire Capital by 20.3% during the 2nd quarter. Gallagher Fiduciary Advisors LLC now owns 46,816 shares of the company's stock worth $236,000 after purchasing an additional 7,916 shares during the last quarter. 56.57% of the stock is currently owned by institutional investors and hedge funds.

BrightSpire Capital Company Profile

BrightSpire Capital, Inc operates as a commercial real estate (CRE) credit real estate investment trust in the United States and Europe. The company operates through Senior and Mezzanine Loans and Preferred Equity; Net Leased and Other Real Estate; and Corporate and Other segments. It focuses on originating, acquiring, financing, and managing a diversified portfolio of CRE debt investments consisting of first mortgage loans, senior loans, debt securities, mezzanine loans, and preferred equity investments, as well as net leased properties.