Zacks Investment Research upgraded shares of Sachem Capital (NYSEAMERICAN:SACH) from a hold rating to a buy rating in a research note released on Tuesday morning, Zacks.com reports. The brokerage currently has $7.00 price target on the stock.
According to Zacks, “Sachem Capital Corp. is a real estate finance company. It specializing in originating, underwriting, funding, servicing and managing a portfolio of short-term, hard money real estate loans. Sachem Capital Corp. is based in Brandford, United States. “
Separately, Aegis reiterated a buy rating and issued a $8.00 price objective on shares of Sachem Capital in a research report on Monday, October 25th.
Sachem Capital (NYSEAMERICAN:SACH) last posted its quarterly earnings results on Thursday, November 4th. The company reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.02. Sachem Capital had a return on equity of 9.91% and a net margin of 42.64%. As a group, analysts predict that Sachem Capital will post 0.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 10th. Stockholders of record on Friday, December 31st were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Thursday, December 30th. This represents a $0.48 annualized dividend and a dividend yield of 7.93%. Sachem Capital’s dividend payout ratio is currently 111.63%.
Hedge funds have recently bought and sold shares of the company. Advisor Group Holdings Inc. raised its holdings in Sachem Capital by 84.9% during the second quarter. Advisor Group Holdings Inc. now owns 32,290 shares of the company’s stock worth $172,000 after acquiring an additional 14,830 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new position in shares of Sachem Capital in the second quarter valued at approximately $76,000. Susquehanna International Group LLP acquired a new position in shares of Sachem Capital in the second quarter valued at approximately $76,000. Bank of New York Mellon Corp grew its position in shares of Sachem Capital by 348.9% in the second quarter. Bank of New York Mellon Corp now owns 53,497 shares of the company’s stock valued at $286,000 after purchasing an additional 41,580 shares during the last quarter. Finally, B. Riley Wealth Management Inc. acquired a new position in shares of Sachem Capital in the second quarter valued at approximately $70,000. 14.23% of the stock is owned by institutional investors.
Sachem Capital Company Profile
Sachem Capital Corp. is a real estate finance company, which engages in the provision of real estate investment trust services. The firm specializes in originating, underwriting, funding, servicing, and managing services for a portfolio of short-term loans. It offers short-term, secured, and non-banking loans to real estate investors to fund their acquisition, renovation, rehabilitation, or development of residential and commercial properties.
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