Citizens JMP Reiterates Market Perform Rating on Sachem Capital Corp. (SACH)

Citizens JMP analyst Chris Muller reiterated a Market Perform rating and {REMOVEPT} price target on Sachem Capital Corp. (NYSE: SACH).

The analyst comments "We reiterate our Market Perform rating on shares of Sachem Capital Corp. (SACH) following the release of first-quarter results, our review of the filed Form 10-Q, and our working model update. Sachem continues to work through loans on nonaccrual status, while investments in Urbane New Haven and Shem Creek are starting to gain momentum. SACH shares are now trading at 0.48x P/BV, with a 15.6% dividend yield, compared to the 23-company commercial MREIT peer group median P/BV of 0.71x and median dividend yield of 10.9%; therefore, we view the shares as reasonably fairly valued given the company’s smaller market cap and limited trading liquidity relative to larger commercial MREITs which also trading at material valuation discounts."

For an analyst ratings summary and ratings history on Sachem Capital Corp. click here. For more ratings news on Sachem Capital Corp. click here.

Shares of Sachem Capital Corp. closed at $1.28 yesterday.

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