Zacks Investment Research Upgrades BrightSpire Capital (NYSE:BRSP) to Hold

BrightSpire Capital (NYSE:BRSPGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

According to Zacks, “BrightSpire Capital Inc. is a commercial real estate credit REIT. It focused on originating, acquiring, financing and managing a diversified portfolio consisting primarily of CRE debt investments and net leased properties predominantly in the United States. BrightSpire Capital Inc., formerly known as Colony Credit Real Estate Inc., is based in NEW YORK. “

Separately, Bank of America started coverage on shares of BrightSpire Capital in a research note on Friday, February 18th. They set a “neutral” rating for the company. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, BrightSpire Capital presently has an average rating of “Buy” and a consensus price target of $11.17.

Shares of BRSP stock traded up $0.04 during trading hours on Monday, hitting $8.95. 611,144 shares of the company’s stock traded hands, compared to its average volume of 666,359. The stock’s 50 day simple moving average is $8.71 and its 200 day simple moving average is $9.14. The stock has a market cap of $1.17 billion, a PE ratio of 59.67 and a beta of 1.64. BrightSpire Capital has a 12 month low of $7.82 and a 12 month high of $10.68. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 1.78.

BrightSpire Capital (NYSE:BRSPGet Rating) last released its quarterly earnings results on Tuesday, May 3rd. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.02). BrightSpire Capital had a net margin of 13.73% and a return on equity of 7.51%. During the same quarter in the prior year, the company posted $0.11 EPS. As a group, equities research analysts expect that BrightSpire Capital will post 0.94 EPS for the current fiscal year.

In other BrightSpire Capital news, CEO Michael Mazzei acquired 50,000 shares of BrightSpire Capital stock in a transaction dated Friday, May 6th. The stock was purchased at an average cost of $8.04 per share, for a total transaction of $402,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 950,442 shares of the company’s stock, valued at $7,641,553.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David A. Palame acquired 7,500 shares of BrightSpire Capital stock in a transaction dated Friday, May 6th. The shares were acquired at an average price of $7.97 per share, with a total value of $59,775.00. Following the completion of the acquisition, the insider now directly owns 311,579 shares of the company’s stock, valued at $2,483,284.63. The disclosure for this purchase can be found here. Company insiders own 0.98% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Nut Tree Capital Management LP boosted its holdings in BrightSpire Capital by 26.6% during the third quarter. Nut Tree Capital Management LP now owns 9,000,000 shares of the company’s stock worth $84,510,000 after purchasing an additional 1,889,266 shares during the last quarter. Millennium Management LLC boosted its holdings in BrightSpire Capital by 3,604.8% during the third quarter. Millennium Management LLC now owns 1,075,440 shares of the company’s stock worth $10,098,000 after purchasing an additional 1,046,412 shares during the last quarter. Norges Bank purchased a new position in BrightSpire Capital during the fourth quarter worth about $8,445,000. Morgan Stanley purchased a new position in BrightSpire Capital during the second quarter worth about $6,474,000. Finally, TCW Group Inc. boosted its holdings in BrightSpire Capital by 39.4% during the fourth quarter. TCW Group Inc. now owns 1,601,139 shares of the company’s stock worth $16,427,000 after purchasing an additional 452,511 shares during the last quarter. Hedge funds and other institutional investors own 66.22% of the company’s stock.

BrightSpire Capital Company Profile (Get Rating)

BrightSpire Capital, Inc operates as a commercial real estate (CRE) credit real estate investment trust in the United States. It focuses on originating, acquiring, financing, and managing a portfolio of CRE senior mortgage loans, mezzanine loans, preferred equity, debt securities, and net leased properties.

Further Reading

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