BrightSpire Capital (NYSE:BRSP) Upgraded to “Buy” at BTIG Research

BTIG Research upgraded shares of BrightSpire Capital (NYSE:BRSP) from a neutral rating to a buy rating in a report published on Wednesday morning, Marketbeat Ratings reports. They currently have $7.00 target price on the stock.

BRSP has been the subject of several other research reports. B. Riley Financial began coverage on BrightSpire Capital in a report on Monday, January 5th. They set a “buy” rating and a $7.50 price target for the company. Barclays boosted their price target on BrightSpire Capital from $5.00 to $6.00 and gave the company an “underweight” rating in a report on Thursday, February 19th. JonesTrading reissued a “buy” rating and set a $6.50 price target on shares of BrightSpire Capital in a report on Wednesday, February 18th. Finally, Weiss Ratings lowered BrightSpire Capital from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, February 23rd. Five investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $6.70.

BrightSpire Capital Stock Up 2.8%

BrightSpire Capital stock opened at $6.05 on Wednesday. The stock has a market cap of $787.54 million, a PE ratio of -23.25, a price-to-earnings-growth ratio of 2.19 and a beta of 1.37. The company has a debt-to-equity ratio of 2.21, a quick ratio of 0.46 and a current ratio of 0.46. BrightSpire Capital has a one year low of $4.64 and a one year high of $6.16. The stock has a fifty day moving average of $5.73 and a 200 day moving average of $5.67.

BrightSpire Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 10.6%. BrightSpire Capital’s dividend payout ratio is -246.15%.

Hedge Funds Weigh In On BrightSpire Capital

A number of hedge funds have recently made changes to their positions in BRSP. North Ground Capital boosted its stake in shares of BrightSpire Capital by 90.5% in the third quarter. North Ground Capital now owns 2,520,000 shares of the company’s stock worth $13,684,000 after acquiring an additional 1,197,000 shares during the period. Millennium Management LLC boosted its stake in shares of 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. Waterfall Asset Management LLC boosted its stake in shares of BrightSpire Capital by 225.7% in the third quarter. Waterfall Asset Management LLC now owns 644,158 shares of the company’s stock worth $3,498,000 after acquiring an additional 446,358 shares during the period. Blair William & Co. IL bought a new position in shares of BrightSpire Capital in the fourth quarter worth about $2,075,000. Finally, Goldman Sachs Group Inc. boosted its stake in shares of BrightSpire Capital by 13.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,856,367 shares of the company’s stock worth $15,996,000 after acquiring an additional 348,931 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.