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

Key Points

• BrightSpire Capital shares fell to a new 52-week low of $4.61, below its 50-day and 200-day moving averages of $5.08 and $5.49, respectively.
• Analysts have a consensus “Hold” rating and a $6.50 price target, despite some firms maintaining Buy ratings and others issuing bearish recommendations.
• The company missed quarterly earnings and revenue expectations, reporting $0.13 EPS versus $0.15 expected and $48.70 million in revenue versus $64.31 million forecast. It pays a $0.16 quarterly dividend, equivalent to a high 13.8% annualized yield.

BrightSpire Capital, Inc. (NYSE:BRSP - Get Free Report)'s stock price reached a new 52-week low during trading on Tuesday . The company traded as low as $4.61 and last traded at $4.6250, with a volume of 527870 shares trading hands. The stock had previously closed at $4.68.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. B. Riley Financial lowered their price target on BrightSpire Capital from $7.00 to $6.50 and set a "buy" rating for the company in a report on Thursday, July 30th. Wall Street Zen raised shares of BrightSpire Capital from a "sell" rating to a "hold" rating in a research report on Tuesday, September 1st. Weiss Ratings lowered shares of BrightSpire Capital from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday. Finally, JonesTrading reissued a "buy" rating and issued a $6.50 price target on shares of BrightSpire Capital in a research note on Wednesday, July 29th. Four investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $6.50.

BrightSpire Capital Price Performance

The company has a fifty day moving average of $5.08 and a 200-day moving average of $5.49. 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 stock has a market cap of $585.15 million, a PE ratio of -20.11, a P/E/G ratio of 3.33 and a beta of 1.27.

BrightSpire Capital (NYSE:BRSP - Get Free Report) last released its earnings results on Tuesday, July 28th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.02). The firm 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%. Sell-side analysts expect that BrightSpire Capital, Inc. will post 0.47 EPS for the current fiscal year.

BrightSpire Capital Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors 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 13.8%. The ex-dividend date of this dividend was Tuesday, June 30th. BrightSpire Capital's dividend payout ratio is presently -278.26%.

Hedge Funds Weigh In On BrightSpire Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BRSP. Corient Private Wealth LP purchased a new stake in shares of BrightSpire Capital during the second quarter worth $58,000. California State Teachers Retirement System grew its stake in BrightSpire Capital by 1,043.3% during the 2nd quarter. California State Teachers Retirement System now owns 1,483,583 shares of the company's stock worth $8,086,000 after purchasing an additional 1,353,818 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in BrightSpire Capital during the 2nd quarter worth $26,000. Bank of New York Mellon Corp purchased a new stake in BrightSpire Capital during the 2nd quarter worth about $3,754,000. Finally, Attessa Capital LLC acquired a new stake in BrightSpire Capital in the 2nd quarter valued at about $79,000. Hedge funds and other institutional investors own 56.57% of the company's stock.

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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