BrightSpire Capital (NYSE:BRSP) Hits New 12-Month Low - Here's What Happened

Key Points

• BrightSpire Capital shares hit a new 52-week low, trading as low as $4.69 and closing near $4.73, below both its 50-day and 200-day moving averages.
• The company missed quarterly expectations, reporting $0.13 in earnings per share versus $0.15 expected and revenue of $48.7 million versus $64.31 million forecast.
• Analysts hold a consensus “Hold” rating with a $6.50 price target, while BrightSpire continues to offer a quarterly dividend of $0.16 per share, equivalent to an annualized yield of approximately 13.5%.

BrightSpire Capital, Inc. (NYSE:BRSP - Get Free Report)'s share price reached a new 52-week low on Tuesday . The stock traded as low as $4.69 and last traded at $4.73, with a volume of 1377018 shares changing hands. The stock had previously closed at $4.75.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of BrightSpire Capital from a "sell" rating to a "hold" rating in a report on Tuesday. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of BrightSpire Capital in a research note on Friday, August 21st. JonesTrading reaffirmed a "buy" rating and set a $6.50 price objective on shares of BrightSpire Capital in a research report on Wednesday, July 29th. Finally, B. Riley Financial lowered their target price on BrightSpire Capital from $7.00 to $6.50 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, BrightSpire Capital presently has a consensus rating of "Hold" and a consensus target price of $6.50.

BrightSpire Capital Trading Down 0.4%

The firm has a market capitalization of $598.44 million, a PE ratio of -20.56, a P/E/G ratio of 3.38 and a beta of 1.29. The business has a 50 day moving average price of $5.17 and a 200-day moving average price of $5.53. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 2.75.

BrightSpire Capital (NYSE:BRSP - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.02). The business had revenue of $48.70 million during the quarter, compared to analyst estimates of $64.31 million. BrightSpire Capital had a negative net margin of 20.43% and a positive return on equity of 7.01%. Analysts expect that BrightSpire Capital, Inc. will post 0.47 earnings per share for the current year.

BrightSpire Capital Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 13.5%. BrightSpire Capital's dividend payout ratio is -278.26%.

Hedge Funds Weigh In On BrightSpire Capital

A number of large investors have recently made changes to their positions in the stock. Axiom Investment Management LLC purchased a new stake in BrightSpire Capital during the first quarter worth about $33,000. Weiss Asset Management LP purchased a new position in BrightSpire Capital in the first quarter valued at about $120,000. KBC Group NV acquired a new stake in shares of BrightSpire Capital during the 1st quarter valued at approximately $48,000. Independent Financial Group LLC acquired a new stake in shares of BrightSpire Capital during the 1st quarter valued at approximately $270,000. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of BrightSpire Capital during the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors own 56.57% of the company's stock.

About BrightSpire Capital

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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