BrightSpire Capital, Inc. (NYSE:BRSP) Sees Large Drop in Short Interest

BrightSpire Capital, Inc. (NYSE:BRSP) saw a large decline in short interest in August. As of August 15th, there was short interest totalling 2,500,000 shares, a decline of 5.3% from the July 31st total of 2,640,000 shares. Approximately 2.0% of the company’s shares are sold short. Based on an average trading volume of 895,300 shares, the days-to-cover ratio is presently 2.8 days.

Institutional Investors Weigh In On BrightSpire Capital

Large investors have recently made changes to their positions in the company. Algert Global LLC bought a new stake in BrightSpire Capital in the second quarter worth $75,000. The Manufacturers Life Insurance Company grew its holdings in shares of BrightSpire Capital by 7.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 50,752 shares of the company’s stock worth $289,000 after purchasing an additional 3,608 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of BrightSpire Capital in the 2nd quarter worth about $91,000. EverSource Wealth Advisors LLC grew its holdings in BrightSpire Capital by 5,602.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 10,265 shares of the company’s stock worth $59,000 after acquiring an additional 10,085 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in BrightSpire Capital by 14.4% during the 2nd quarter. Sei Investments Co. now owns 35,773 shares of the company’s stock worth $204,000 after acquiring an additional 4,500 shares during the last quarter. Institutional investors own 56.57% of the company’s stock.

BrightSpire Capital Price Performance

Shares of NYSE:BRSP opened at $5.95 on Monday. The stock has a market cap of $777.28 million, a price-to-earnings ratio of -10.82 and a beta of 1.92. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.46 and a quick ratio of 0.46. BrightSpire Capital has a 12 month low of $5.07 and a 12 month high of $8.01. The stock’s 50 day moving average price is $5.90 and its 200 day moving average price is $6.21.

BrightSpire Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 10.76%. The ex-dividend date of this dividend is Monday, September 30th. BrightSpire Capital’s payout ratio is currently -116.36%.

Wall Street Analyst Weigh In

Separately, BTIG Research reissued a “neutral” rating on shares of BrightSpire Capital in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $7.33.

About BrightSpire Capital

BrightSpire Capital, Inc operates as a commercial real estate (CRE) credit real estate investment trust in the United States and Europe. The company operates through Senior and Mezzanine Loans and Preferred Equity; Net Leased and Other Real Estate; and Corporate and Other segments. It focuses on originating, acquiring, financing, and managing a diversified portfolio of CRE debt investments consisting of first mortgage loans, senior loans, debt securities, mezzanine loans, and preferred equity investments, as well as net leased properties.