BrightSpire Capital (NYSE:BRSP) Shares Gap Down Following Weak Earnings

BrightSpire Capital, Inc. (NYSE:BRSP) shares gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $5.97, but opened at $5.56. BrightSpire Capital shares last traded at $5.71, with a volume of 201,519 shares traded.

The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.03). The firm had revenue of $17.46 million for the quarter, compared to analyst estimates of $65.81 million. BrightSpire Capital had a positive return on equity of 9.44% and a negative net margin of 69.35%. During the same period last year, the firm earned $0.28 EPS.

BrightSpire Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.64 annualized dividend and a yield of 11.18%. BrightSpire Capital’s dividend payout ratio is presently -62.75%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BRSP. B. Riley decreased their price target on shares of BrightSpire Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Alliance Global Partners initiated coverage on shares of BrightSpire Capital in a research report on Friday, January 17th. They set a “buy” rating and a $7.25 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $7.45.

Hedge Funds Weigh In On BrightSpire Capital

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BRSP. Private Management Group Inc. grew its position in shares of BrightSpire Capital by 1.3% in the 4th quarter. Private Management Group Inc. now owns 4,632,732 shares of the company’s stock valued at $26,129,000 after buying an additional 57,759 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of BrightSpire Capital by 0.5% during the third quarter. Geode Capital Management LLC now owns 3,082,637 shares of the company’s stock worth $17,267,000 after purchasing an additional 14,606 shares during the period. Conversant Capital LLC lifted its stake in shares of BrightSpire Capital by 3.7% in the 4th quarter. Conversant Capital LLC now owns 2,801,223 shares of the company’s stock worth $15,799,000 after acquiring an additional 100,000 shares during the period. Northern Trust Corp raised its position in BrightSpire Capital by 7.6% in the fourth quarter. Northern Trust Corp now owns 1,287,299 shares of the company’s stock worth $7,260,000 after acquiring an additional 91,263 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in BrightSpire Capital by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 1,134,821 shares of the company’s stock valued at $6,400,000 after acquiring an additional 129,120 shares during the period. 56.57% of the stock is owned by institutional investors and hedge funds.

BrightSpire Capital Stock Down 4.1 %

The firm’s 50-day simple moving average is $5.81 and its 200 day simple moving average is $5.81. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $742.42 million, a PE ratio of -5.61 and a beta of 1.88.

About BrightSpire Capital

BrightSpire Capital, Inc operates as a commercial real estate (CRE) credit real estate investment trust in the United States and Europe. The company operates through Senior and Mezzanine Loans and Preferred Equity; Net Leased and Other Real Estate; and Corporate and Other segments. It focuses on originating, acquiring, financing, and managing a diversified portfolio of CRE debt investments consisting of first mortgage loans, senior loans, debt securities, mezzanine loans, and preferred equity investments, as well as net leased properties.