Zacks Investment Research Lowers Jernigan Capital, Inc. (JCAP) to Hold
Zacks Investment Research lowered shares of Jernigan Capital, Inc. (NYSE:JCAP) from a buy rating to a hold rating in a report published on Saturday.
According to Zacks, “Jernigan Capital, Inc. is a commercial real estate finance company which provides financing to private developers, owners and operators of self-storage facilities. The company offers solutions for the ground-up construction of self-storage facilities or self-storage redevelopment opportunities as well as for the acquisition of, refinancing of existing indebtedness on, recapitalization of stabilized self-storage facilities. Jernigan Capital, Inc. is based in MIAMI, United States. “
JCAP has been the subject of a number of other research reports. BidaskClub lowered Jernigan Capital from a sell rating to a strong sell rating in a research report on Thursday, August 24th. ValuEngine lowered shares of Jernigan Capital from a strong-buy rating to a buy rating in a research report on Tuesday, August 1st. KeyCorp began coverage on shares of Jernigan Capital in a research report on Thursday, October 19th. They set an overweight rating and a $24.00 price target for the company. Jefferies Group LLC reaffirmed a hold rating and set a $22.00 price target (down previously from $23.00) on shares of Jernigan Capital in a research report on Tuesday, September 26th. Finally, FBR & Co reaffirmed a buy rating and set a $25.00 price target on shares of Jernigan Capital in a research report on Thursday, September 14th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $24.20.
Jernigan Capital (NYSE:JCAP) opened at 20.78 on Friday. The company’s 50-day moving average is $20.61 and its 200 day moving average is $21.48. Jernigan Capital has a 52-week low of $17.01 and a 52-week high of $24.89. The company has a market cap of $291.65 million, a price-to-earnings ratio of 11.14 and a beta of 0.88.
Jernigan Capital (NYSE:JCAP) last issued its earnings results on Wednesday, August 2nd. The real estate investment trust reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.12. Jernigan Capital had a return on equity of 9.37% and a net margin of 185.96%. The business had revenue of $3.10 million during the quarter, compared to analyst estimates of $2.53 million. During the same quarter in the previous year, the firm earned $0.99 EPS. Jernigan Capital’s revenue was down 3.7% on a year-over-year basis. Equities analysts forecast that Jernigan Capital will post $1.61 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Monday, October 2nd were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 6.74%. The ex-dividend date of this dividend was Friday, September 29th. Jernigan Capital’s payout ratio is currently 69.65%.
In other Jernigan Capital news, insider John A. Good purchased 5,000 shares of Jernigan Capital stock in a transaction dated Monday, August 7th. The stock was purchased at an average price of $21.65 per share, with a total value of $108,250.00. Following the transaction, the insider now directly owns 217,308 shares of the company’s stock, valued at $4,704,718.20. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Howard A. Silver purchased 2,481 shares of Jernigan Capital stock in a transaction dated Friday, August 11th. The shares were acquired at an average cost of $20.15 per share, with a total value of $49,992.15. Following the transaction, the director now directly owns 15,704 shares in the company, valued at $316,435.60. The disclosure for this purchase can be found here. Insiders have bought a total of 10,600 shares of company stock valued at $222,416 in the last ninety days. Insiders own 3.18% of the company’s stock.
Several large investors have recently made changes to their positions in JCAP. Forward Management LLC grew its stake in shares of Jernigan Capital by 174.3% during the 2nd quarter. Forward Management LLC now owns 1,440,000 shares of the real estate investment trust’s stock valued at $31,680,000 after acquiring an additional 915,000 shares during the period. Investment Counselors of Maryland LLC bought a new position in shares of Jernigan Capital during the 2nd quarter valued at approximately $8,800,000. Uniplan Investment Counsel Inc. grew its stake in shares of Jernigan Capital by 212.5% during the 2nd quarter. Uniplan Investment Counsel Inc. now owns 543,540 shares of the real estate investment trust’s stock valued at $11,414,000 after acquiring an additional 369,588 shares during the period. Ranger Global Real Estate Advisors LLC grew its stake in shares of Jernigan Capital by 201.8% during the 2nd quarter. Ranger Global Real Estate Advisors LLC now owns 494,961 shares of the real estate investment trust’s stock valued at $10,889,000 after acquiring an additional 330,936 shares during the period. Finally, KRV Capital LP bought a new position in shares of Jernigan Capital during the 2nd quarter valued at approximately $3,516,000. Institutional investors own 60.38% of the company’s stock.
About Jernigan Capital
Jernigan Capital, Inc is a commercial real estate finance company. The Company provides capital to private developers, owners and operators of self-storage facilities. It intends to generate long-term returns on development property investments through a fixed rate of interest on its invested capital together with an interest in the positive cash flows of the self-storage development from operations, sales and/or refinancings.
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