BrightSpire Capital (NYSE:BRSP) Shares Gap Down – What’s Next?

BrightSpire Capital, Inc. (NYSE:BRSP)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $5.80, but opened at $5.55. BrightSpire Capital shares last traded at $5.9050, with a volume of 469,937 shares changing hands.

Analysts Set New Price Targets

BRSP has been the subject of a number of recent research reports. B. Riley Financial began coverage on BrightSpire Capital in a report on Monday, January 5th. They issued a “buy” rating and a $7.50 target price for the company. Weiss Ratings upgraded BrightSpire Capital from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, February 3rd. Finally, Citigroup reissued a “market outperform” rating on shares of BrightSpire Capital in a report on Thursday, October 30th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.40.

BrightSpire Capital Stock Up 0.9%

The firm’s 50-day simple moving average is $5.88 and its 200 day simple moving average is $5.65. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market cap of $759.57 million, a P/E ratio of -19.52 and a beta of 1.39.

BrightSpire Capital Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $0.64 annualized dividend and a dividend yield of 10.9%. BrightSpire Capital’s dividend payout ratio is currently -213.33%.

Hedge Funds Weigh In On BrightSpire Capital

Several hedge funds have recently modified their holdings of the stock. Millennium Management LLC increased its holdings in shares of BrightSpire Capital by 10.7% during the 4th quarter. Millennium Management LLC now owns 654,448 shares of the company’s stock worth $3,665,000 after acquiring an additional 63,007 shares during the last quarter. Abel Hall LLC increased its stake in BrightSpire Capital by 7.5% in the fourth quarter. Abel Hall LLC now owns 44,536 shares of the company’s stock valued at $249,000 after acquiring an additional 3,123 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of BrightSpire Capital by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 159,443 shares of the company’s stock valued at $893,000 after purchasing an additional 6,173 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of BrightSpire Capital by 8.3% during the fourth quarter. California State Teachers Retirement System now owns 130,725 shares of the company’s stock worth $732,000 after buying an additional 10,017 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its position in BrightSpire Capital by 26.5% during the 4th quarter. State of Wisconsin Investment Board now owns 153,863 shares of the company’s stock worth $862,000 after buying an additional 32,186 shares during the period. 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.