Donald Fandetti, an analyst from Wells Fargo, maintained the Hold rating on Claros Mortgage Trust, Inc. (CMTG – Research Report). The associated price target is $11.00.
Donald Fandetti’s rating for Claros Mortgage Trust, Inc. (CMTG) is primarily influenced by a few key factors. Firstly, the company’s Q3 results were disappointing, with distributable earnings reported at a negative -$0.16. This figure fell below Fandetti’s and consensus estimates, largely due to an increased realization of loan losses. Additionally, the company’s book value saw a decline of 4% on a quarterly basis, further contributing to the Hold rating.
Moreover, Fandetti also noted that CMTG had reduced their quarterly dividend to $0.25, equivalent to a 9.5% yield on the current estimates and target. The company’s portfolio also shrank, with the unpaid balance declining to $7.19bn, further contributing to the Hold rating. Lastly, Fandetti lowered his future earnings estimates for CMTG, based on the Q3 earnings loss and a lower Q4 estimate. While the target remained unchanged at $11, these factors collectively led to Donald Fandetti’s decision to rate Claros Mortgage Trust, Inc. with a Hold.
CMTG’s price has also changed slightly for the past six months – from $11.060 to $10.880, which is a -1.63% drop .
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Claros Mortgage Trust, Inc. (CMTG) Company Description:
Claros Mortgage Trust Inc is a real estate investment trust that is focused primarily on originating senior and subordinate loans on transitional commercial real estate assets located in major markets across the…
