Short Interest in BrightSpire Capital, Inc. (NYSE:BRSP) Drops By 33.9%

BrightSpire Capital, Inc. (NYSE:BRSP) was the recipient of a significant drop in short interest in July. As of July 15th, there was short interest totaling 3,650,516 shares, a drop of 33.9% from the June 30th total of 5,519,102 shares. Approximately 2.9% of the company’s stock are sold short. Based on an average daily volume of 1,784,271 shares, the days-to-cover ratio is presently 2.0 days.

BrightSpire Capital Stock Performance

Shares of BRSP traded up $0.03 during mid-day trading on Friday, reaching $5.01. The company’s stock had a trading volume of 2,227,817 shares, compared to its average volume of 1,464,518. The company has a current ratio of 0.83, a quick ratio of 0.51 and a debt-to-equity ratio of 2.75. BrightSpire Capital has a 1-year low of $4.85 and a 1-year high of $6.16. The business has a 50-day simple moving average of $5.46 and a two-hundred day simple moving average of $5.68. The stock has a market cap of $634.50 million, a P/E ratio of -21.80 and a beta of 1.28.

BrightSpire Capital (NYSE:BRSP) last posted its quarterly earnings results on Tuesday, July 28th. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.02). BrightSpire Capital had a negative net margin of 20.43% and a positive return on equity of 7.01%. The business had revenue of $48.70 million during the quarter, compared to the consensus estimate of $64.31 million. As a group, equities research analysts anticipate that BrightSpire Capital will post 0.51 earnings per share for the current fiscal year.

BrightSpire Capital Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.64 annualized dividend and a dividend yield of 12.8%. BrightSpire Capital’s dividend payout ratio is presently -278.26%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Attessa Capital LLC acquired a new stake in shares of BrightSpire Capital during the second quarter worth $79,000. Axiom Investment Management LLC bought a new position in BrightSpire Capital during the first quarter worth about $33,000. Western Wealth Management LLC bought a new position in BrightSpire Capital during the first quarter worth about $52,000. Bank of America Corp DE raised its stake in BrightSpire Capital by 3.5% in the 1st quarter. Bank of America Corp DE now owns 217,042 shares of the company’s stock worth $1,215,000 after purchasing an additional 7,408 shares in the last quarter. Finally, Quantinno Capital Management LP raised its stake in BrightSpire Capital by 56.8% in the 1st quarter. Quantinno Capital Management LP now owns 121,032 shares of the company’s stock worth $678,000 after purchasing an additional 43,851 shares in the last quarter. 56.57% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BRSP shares. Weiss Ratings cut BrightSpire Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, May 26th. B. Riley Financial dropped their price target on shares of BrightSpire Capital from $7.00 to $6.50 and set a “buy” rating on the stock in a research report on Thursday. BTIG Research upgraded shares of BrightSpire Capital from a “neutral” rating to a “buy” rating and set a $7.00 price target for the company in a research note on Wednesday, April 22nd. Finally, JonesTrading reissued a “buy” rating and issued a $6.50 price objective on shares of BrightSpire Capital in a research report on Wednesday. Four investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, BrightSpire Capital presently has an average rating of “Hold” and a consensus price target of $6.50.

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.