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In a challenging economic climate, Sachem Capital Corp (NYSE:SACH)'s stock has touched a 52-week low, with shares falling to $1.44. According to InvestingPro analysis, the company's RSI indicates oversold territory, while maintaining a strong liquidity position with a current ratio of 6.42. This price level reflects a significant downturn for the company, which has seen its stock value decrease by 62.02% over the past year. With a market capitalization of $69 million and trading at just 0.31 times book value, InvestingPro analysis suggests the stock is currently undervalued. Investors are closely monitoring the company's performance, as the current market conditions continue to exert pressure on real estate financing businesses like Sachem Capital, though the company maintains a notable 13.5% dividend yield. The 52-week low serves as a critical indicator for the company's stakeholders, who are assessing the impact of both sector-specific challenges and broader market trends on Sachem Capital's financial health and strategic direction. InvestingPro subscribers have access to 13 additional exclusive insights about Sachem Capital, including detailed analysis of its financial health metrics and future growth prospects.
In other recent news, Sachem Capital Corp. reported a decrease in revenue to $14.8 million, down from $17.8 million in the same period last year. The company also posted a net loss of $6.1 million. Amid these financial developments, Sachem Capital declared a quarterly dividend of $0.48 per share for its 7.75% Series A Cumulative Redeemable Preferred Stock, reflecting its commitment to delivering shareholder value.
In an effort to recover approximately 70% of the unpaid principal balance, the company is currently negotiating the sale of mortgage loans. Additionally, Sachem Capital announced a change in its independent registered public accounting firm, terminating its relationship with Hoberman & Lesser CPA’s, LLP, and appointing Baker Tilly US, LLP as its new auditor.
In line with its strategic investments, Sachem Capital acquired a 20% stake in Shem Creek Capital for $2.5 million. These are the recent developments that have taken place in the company.
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