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

Key Points

• BrightSpire Capital shares hit a new 52-week low, falling to $4.08 during Monday trading before closing near $4.17. The stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: four analysts rate the stock a Buy and two rate it a Sell, resulting in an overall “Hold” rating and an average price target of $6.50.
• 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. BrightSpire also announced a quarterly dividend of $0.16 per share, representing a 15.4% annualized yield.

Shares of BrightSpire Capital, Inc. (NYSE:BRSP - Get Free Report) reached a new 52-week low during mid-day trading on Monday . The company traded as low as $4.08 and last traded at $4.17, with a volume of 3989865 shares trading hands. The stock had previously closed at $4.15.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BRSP. JonesTrading reissued a "buy" rating and set a $6.50 price target on shares of BrightSpire Capital in a research report on Wednesday, July 29th. Wall Street Zen upgraded BrightSpire Capital from a "sell" rating to a "hold" rating in a research report on Tuesday, September 1st. Weiss Ratings downgraded BrightSpire Capital from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, September 4th. Finally, B. Riley Financial decreased their price objective 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 analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, BrightSpire Capital currently has an average rating of "Hold" and an average price target of $6.50.

BrightSpire Capital Stock Up 0.1%

The firm's 50 day moving average is $4.91 and its 200-day moving average is $5.40. The firm has a market cap of $525.71 million, a PE ratio of -18.06, a P/E/G ratio of 2.95 and a beta of 1.27. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 2.75.

BrightSpire Capital (NYSE:BRSP - Get Free Report) last released its 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 firm had revenue of $48.67 million during the quarter, compared to analysts' expectations of $64.31 million. BrightSpire Capital had a positive return on equity of 7.01% and a negative net margin of 20.43%. As a group, equities research analysts expect that BrightSpire Capital, Inc. will post 0.47 earnings per share for the current fiscal year.

BrightSpire Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be given a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 15.4%. BrightSpire Capital's payout ratio is currently -278.26%.

Hedge Funds Weigh In On BrightSpire Capital

Several institutional investors have recently added to or reduced their stakes in the business. Financial Gravity Asset Management Inc. increased its position in shares of BrightSpire Capital by 59.2% in the fourth quarter. Financial Gravity Asset Management Inc. now owns 4,835 shares of the company's stock worth $27,000 after acquiring an additional 1,798 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of BrightSpire Capital during the 2nd quarter valued at $26,000. Cassaday & Co Wealth Management LLC purchased a new stake in BrightSpire Capital during the 1st quarter worth $32,000. Integrated Wealth Concepts LLC purchased a new stake in BrightSpire Capital during the 2nd quarter worth $31,000. Finally, Axiom Investment Management LLC acquired a new stake in BrightSpire Capital in the 1st quarter valued at $33,000. 56.57% of the stock is currently owned by institutional investors and hedge funds.

About BrightSpire Capital

BrightSpire Capital, Inc is a real estate investment trust that focuses on commercial real estate credit and investments. The company primarily originates, acquires and manages loans and other investments secured by commercial properties, with an emphasis on providing financing to property owners, operators and developers.

BrightSpire's investment activities may include senior mortgage loans, mezzanine loans, preferred equity and other forms of structured commercial real estate financing.

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