Franklin BSP Realty Trust (FBRT) PT Raised to $15 at Citizens JMP

Citizens JMP analyst Steven DeLaney raised the price target on Franklin BSP Realty Trust (NYSE: FBRT) to $15.00 (from $14.50) while maintaining a Market Outperform rating.

The analyst commented, “Franklin BSP Realty Trust, Inc. has performed exceptionally well through this cycle due to a concentration in multifamily credit assets, and now the company is adding a new business line that, in our view, positions FBRT to be a leading multi-channel CMREIT."

And, "Our new $15.00 price target suggests 13.1% upside and is based on a 9.5% required dividend yield that we apply to our 2025 dividend estimate of $1.42 and is equal to a fully converted P/BV multiple of 0.95x, implying a potential NTM total return opportunity of ~24%.”

Also, “On February 13, FBRT reported fourth-quarter GAAP EPS of $0.29 and distributable EPS of $0.30, which did not fully cover the $0.355 per share quarterly dividend. Distributable ROE in the quarter was 7.8%, an increase from negative 2.6% in the third quarter of last year. Fully converted and undepreciated book value per share was $15.19, down just slightly from $15.24 at September 30. The company did not participate in any sales of conduit loans into CMBS securitizations in the fourth quarter.”

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