BrightSpire Capital (NYSE:BRSP) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

BrightSpire Capital (NYSE:BRSP) released its quarterly earnings results on Tuesday. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.02), FiscalAI reports. The company had revenue of $48.70 million for the quarter, compared to analysts’ expectations of $64.31 million. BrightSpire Capital had a negative net margin of 20.43% and a positive return on equity of 6.85%.

BrightSpire Capital Trading Up 0.9%

NYSE:BRSP traded up $0.04 during midday trading on Thursday, hitting $5.04. The stock had a trading volume of 566,503 shares, compared to its average volume of 1,109,318. BrightSpire Capital has a one year low of $4.91 and a one year high of $6.16. The company has a market capitalization of $657.26 million, a price-to-earnings ratio of -21.93 and a beta of 1.28. The stock has a 50-day moving average of $5.48 and a 200 day moving average of $5.69. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 2.40.

BrightSpire Capital Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.16 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 12.7%. BrightSpire Capital’s payout ratio is presently -237.04%.

Institutional Investors Weigh In On BrightSpire Capital

Several hedge funds have recently made changes to their positions in the company. Millennium Management LLC lifted its stake in BrightSpire Capital by 2,405.4% in the third quarter. Millennium Management LLC now owns 591,441 shares of the company’s stock worth $3,212,000 after acquiring an additional 567,834 shares during the period. North Ground Capital increased its position in BrightSpire Capital by 21.2% during the 4th quarter. North Ground Capital now owns 3,054,552 shares of the company’s stock valued at $17,105,000 after purchasing an additional 534,552 shares during the period. Blair William & Co. IL purchased a new position in BrightSpire Capital during the 4th quarter valued at about $2,075,000. Goldman Sachs Group Inc. raised its holdings in shares of BrightSpire Capital by 13.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,856,367 shares of the company’s stock valued at $15,996,000 after purchasing an additional 348,931 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of BrightSpire Capital by 15.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,242,261 shares of the company’s stock valued at $12,557,000 after purchasing an additional 305,264 shares in the last quarter. 56.57% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BRSP shares. BTIG Research raised shares of BrightSpire Capital from a “neutral” rating to a “buy” rating and set a $7.00 price objective for the company in a research note on Wednesday, April 22nd. Weiss Ratings downgraded shares of BrightSpire Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. Finally, JonesTrading reissued a “buy” rating and issued a $6.50 target price on shares of BrightSpire Capital in a research note on Wednesday. Four equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, BrightSpire Capital currently has an average rating of “Hold” and an average target price of $6.75.

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.