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In a challenging market environment, Sachem Capital Corp (NYSE:SACH)'s stock has touched a 52-week low, with shares falling to $1.15. This significant downturn reflects a broader trend for the company, which has seen its stock price plummet by 69.79% over the past year. With a market capitalization of $55 million and trading at just 0.25 times book value, InvestingPro analysis suggests the stock may be undervalued. The company maintains a notable 16.95% dividend yield and strong liquidity with a current ratio of 6.42. Investors have been closely monitoring Sachem Capital as it navigates through a period marked by volatility and economic uncertainty, which has taken a toll on the company's market valuation. The 52-week low serves as a critical indicator for the company's performance and investor sentiment, as market participants consider the implications of such a steep decline within a one-year timeframe. For deeper insights into Sachem Capital's valuation metrics and 12 additional ProTips, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Sachem Capital Corp. announced a set date for the redemption of its 6.875% unsecured, unsubordinated Notes, which will mature on December 30, 2024. The company has communicated that these Notes will be redeemed at par value, along with accrued and unpaid interest, up to the maturity date. Sachem Capital also reported a decrease in revenue to $14.8 million, with a net loss of $6.1 million, which is attributed to fewer loan originations due to rising construction costs and high interest rates.
In an effort to mitigate the impact of non-accrual loans and foreclosures, the company is currently negotiating the sale of mortgage loans to recover approximately 70% of the unpaid principal balance. Additionally, Sachem Capital has ended its association with Hoberman & Lesser CPA’s, LLP, appointing Baker Tilly US, LLP as its new auditor.
The company's board of directors declared a quarterly dividend payment for its 7.75% Series A Cumulative Redeemable Preferred Stock, which is $0.48 per share, and a quarterly dividend of $0.05 per share for its shareholders. Sachem Capital also made a strategic investment by acquiring a 20% stake in Shem Creek Capital for $2.5 million. These are the recent developments for Sachem Capital.
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