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

Key Points

• BrightSpire Capital shares fell to a new 52-week low of $4.80, below the 50-day and 200-day moving averages, amid continued investor pressure.
• The company’s latest quarterly results missed expectations, with earnings of $0.13 per share versus $0.15 expected and revenue of $48.7 million versus $64.31 million forecast.
• Analyst sentiment is mixed, with an average “Hold” rating and a consensus price target of $6.50, while the company maintains a quarterly dividend of $0.16 per share—an annualized yield of about 13.3%.

BrightSpire Capital, Inc. (NYSE:BRSP - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $4.80 and last traded at $4.8050, with a volume of 215789 shares trading hands. The stock had previously closed at $4.87.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on BRSP shares. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of BrightSpire Capital in a report on Friday. JonesTrading reiterated a "buy" rating and set a $6.50 price objective on shares of BrightSpire Capital in a research report on Wednesday, July 29th. B. Riley Financial reduced their price target on shares of BrightSpire Capital from $7.00 to $6.50 and set a "buy" rating for the company in a research report on Thursday, July 30th. Finally, Wall Street Zen cut BrightSpire Capital from a "hold" rating to a "sell" rating in a report on Monday. Four investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $6.50.

BrightSpire Capital Price Performance

The business has a 50-day moving average of $5.23 and a 200 day moving average of $5.56. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 2.75. The firm has a market capitalization of $607.93 million, a PE ratio of -20.89, a price-to-earnings-growth ratio of 3.49 and a beta of 1.29.

BrightSpire Capital (NYSE:BRSP - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The company reported $0.13 EPS 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 business had revenue of $48.70 million for the quarter, compared to analysts' expectations of $64.31 million. As a group, research analysts anticipate that BrightSpire Capital, Inc. will post 0.47 EPS for the current fiscal year.

BrightSpire Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 13.3%. The ex-dividend date of this dividend was Tuesday, June 30th. BrightSpire Capital's payout ratio is -278.26%.

Institutional Investors Weigh In On BrightSpire Capital

A number of hedge funds have recently added to or reduced their stakes in BRSP. Public Employees Retirement System of Ohio acquired a new position in BrightSpire Capital during the second quarter worth approximately $26,000. Financial Gravity Asset Management Inc. lifted its stake in BrightSpire Capital by 59.2% during the fourth quarter. Financial Gravity Asset Management Inc. now owns 4,835 shares of the company's stock valued at $27,000 after buying an additional 1,798 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of BrightSpire Capital in the 1st quarter valued at about $32,000. Axiom Investment Management LLC acquired a new position in shares of BrightSpire Capital during the 1st quarter valued at about $33,000. Finally, National Bank of Canada FI lifted its stake in shares of BrightSpire Capital by 50.0% in the third quarter. National Bank of Canada FI now owns 7,500 shares of the company's stock valued at $41,000 after buying an additional 2,500 shares during the period. Institutional investors and hedge funds 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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