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Investing.com - JMP Securities reiterated its Market Perform rating on Sachem Capital Corp . (NYSE:SACH) following the company’s first-quarter results and regulatory filings. According to InvestingPro data, the company has shown strong momentum with a 7.56% return over the past week, while maintaining a healthy current ratio of 4.16.
The firm noted that Sachem Capital continues to address loans on nonaccrual status, while highlighting that investments in Urbane New Haven and Shem Creek are beginning to gain momentum.
JMP pointed out that SACH shares currently trade at 0.48 times price-to-book value, with a 15.6% dividend yield, compared to the commercial mortgage REIT peer group median of 0.71 times price-to-book and a 10.9% median dividend yield.
Despite trading at a discount to peers, JMP views the shares as reasonably fairly valued given the company’s smaller market capitalization and limited trading liquidity relative to larger commercial mortgage REITs.
The firm’s analysis was based on a review of Sachem Capital’s first-quarter results, Form 10-Q filing, and updated financial models.
In other recent news, Sachem Capital Corp reported its first-quarter 2025 earnings, highlighting a revenue of $11.4 million, which exceeded the forecast of $10.6 million. Despite this positive revenue surprise, the company’s net income was $900,000, and there was a net loss attributable to common shareholders of $200,000. Operating expenses decreased by 16.9% compared to the previous year, reflecting cost management efforts. The company also noted a 3% decline in book value per share from the end of 2024. Sachem Capital is actively addressing nonperforming loans and expanding its real estate development projects, aligning with its strategic growth initiatives. The company anticipates a decline in interest rates during 2025, which could positively impact real estate transactions. Additionally, Sachem Capital is preparing for the maturity of $56 million in retail notes in September and is exploring new credit facilities to enhance liquidity. The company has also formed partnerships that diversify its business model and cash flow sources, contributing to its ongoing recovery efforts.
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