BrightSpire Capital (NYSE:BRSP) Trading 1.1% Higher - Here's What Happened

Key Points

• BrightSpire's stock was up 1.1% on Friday, trading as high as $6.06 and last at $5.9750 with 872,561 shares traded, about 6% below its average session volume.
• Analysts are mixed — five Buy and two Sell — producing a MarketBeat consensus rating of "Hold" with an average target of $6.60, including B. Riley's $7.50 and Barclays' underweight $6.00.
• The company paid a quarterly dividend of $0.16 (annualized yield 10.7%), but it has a negative P/E, a payout ratio of -246%, high leverage (debt/equity 2.21) and low liquidity (current ratio 0.46), which raises balance-sheet and sustainability concerns despite the high yield.

BrightSpire Capital, Inc. (NYSE:BRSP - Get Free Report)'s stock price traded up 1.1% on Friday . The stock traded as high as $6.06 and last traded at $5.9750. 872,561 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 931,922 shares. The stock had previously closed at $5.91.

Analysts Set New Price Targets

BRSP has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of BrightSpire Capital from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, February 23rd. B. Riley Financial initiated coverage on shares of BrightSpire Capital in a report on Monday, January 5th. They issued a "buy" rating and a $7.50 price objective for the company. JonesTrading reiterated a "buy" rating and issued a $6.50 price objective on shares of BrightSpire Capital in a report on Wednesday, February 18th. Finally, Barclays increased their price objective on shares of BrightSpire Capital from $5.00 to $6.00 and gave the company an "underweight" rating in a report on Thursday, February 19th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $6.60.

BrightSpire Capital Stock Performance

The company has a market cap of $778.42 million, a price-to-earnings ratio of -22.98, a P/E/G ratio of 2.20 and a beta of 1.37. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 2.21. The stock's fifty day simple moving average is $5.72 and its 200 day simple moving average is $5.66.

BrightSpire Capital Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 10.7%. The ex-dividend date was Tuesday, March 31st. BrightSpire Capital's payout ratio is presently -246.15%.

Hedge Funds Weigh In On BrightSpire Capital

Institutional investors and hedge funds have recently bought and sold shares of the company. Financial Gravity Asset Management Inc. boosted its holdings in BrightSpire Capital by 59.2% in the 4th quarter. Financial Gravity Asset Management Inc. now owns 4,835 shares of the company's stock valued at $27,000 after purchasing an additional 1,798 shares during the last quarter. National Bank of Canada FI boosted its holdings in BrightSpire Capital by 50.0% in the 3rd quarter. National Bank of Canada FI now owns 7,500 shares of the company's stock valued at $41,000 after purchasing an additional 2,500 shares during the last quarter. Xponance Inc. acquired a new position in BrightSpire Capital in the 3rd quarter valued at about $55,000. Founders Financial Securities LLC acquired a new position in BrightSpire Capital in the 4th quarter valued at about $58,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in BrightSpire Capital by 812.1% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 10,945 shares of the company's stock valued at $59,000 after purchasing an additional 9,745 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 NYSE: BRSP is a real estate investment trust (REIT) specializing in commercial real estate debt. The company primarily originates, acquires and manages a diversified portfolio of mortgage loans, mezzanine loans and preferred equity investments secured by office, retail, industrial, multifamily and hospitality assets across the United States. By focusing on income-producing credit instruments, BrightSpire seeks to deliver attractive risk-adjusted returns to its shareholders through regular dividend distributions.

BrightSpire’s investment strategy spans the capital structure of commercial real estate, with an emphasis on senior mortgages that offer more stable cash flows and downside protection.

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