Zacks Investment Research upgraded shares of Resource Capital Corp. (NYSE:RSO) from a sell rating to a hold rating in a report released on Friday, September 1st.
According to Zacks, “Resource Capital Corp. is a specialty finance company that began operations in March and intends to qualify to be taxed as a real estate investment trust for federal income tax purposes. RCC invests in a combination of real estate-related assets and, to a lesser extent, higher-yielding commercial finance assets, targeting the following asset classes commercial real estate-related assets such as B notes, mezzanine debt and commercial mortgage-backed securities; residential real estate-related assets such as residential mortgage-backed securities; and commercial finance assets such as other asset-backed securities, syndicated bank loans, equipment leases, trust preferred securities and private equity investments principally issued by financial institutions. “
A number of other brokerages have also weighed in on RSO. FBR & Co increased their price target on Resource Capital Corp. from $9.75 to $11.50 and gave the stock a market perform rating in a research note on Tuesday, August 8th. BidaskClub lowered Resource Capital Corp. from a buy rating to a hold rating in a research note on Wednesday, July 12th. Five analysts have rated the stock with a hold rating, The stock currently has an average rating of Hold and a consensus target price of $10.25.
Resource Capital Corp. (NYSE RSO) opened at 10.12 on Friday. Resource Capital Corp. has a one year low of $7.57 and a one year high of $13.44. The company’s market capitalization is $312.03 million. The stock’s 50 day moving average price is $10.42 and its 200 day moving average price is $9.77.
Resource Capital Corp. (NYSE:RSO) last posted its earnings results on Wednesday, August 2nd. The real estate investment trust reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Resource Capital Corp. had a negative net margin of 48.78% and a negative return on equity of 6.09%. The company had revenue of $9.29 million during the quarter, compared to analysts’ expectations of $9.42 million. Equities analysts anticipate that Resource Capital Corp. will post ($0.31) EPS for the current fiscal year.
In other Resource Capital Corp. news, Director Jeffrey P. Cohen bought 5,312 shares of the stock in a transaction dated Wednesday, August 16th. The stock was bought at an average cost of $10.30 per share, for a total transaction of $54,713.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.82% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of Resource Capital Corp. during the first quarter worth about $118,000. Denver Investment Advisors LLC bought a new position in shares of Resource Capital Corp. during the first quarter worth about $123,000. Teza Capital Management LLC bought a new position in shares of Resource Capital Corp. during the first quarter worth about $144,000. UBS Asset Management Americas Inc. bought a new position in shares of Resource Capital Corp. during the first quarter worth about $146,000. Finally, Menta Capital LLC bought a new position in shares of Resource Capital Corp. during the second quarter worth about $147,000. 45.93% of the stock is currently owned by institutional investors and hedge funds.
About Resource Capital Corp.
Resource Capital Corp. is a real estate finance company. The Company operates through four segments: Commercial Real Estate Debt Investments, Commercial Finance, Residential Mortgage Lending and Corporate & Other. The Commercial Real Estate Debt Investments segment includes the Company’s activities and operations related to commercial real estate loans, commercial real estate-related securities and investments in real estate.
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