Sachem Capital initiated with a Buy at Janney Montgomery Scott » 16:0406/1706/17/21
Janney Montgomery Scott…
Janney Montgomery Scott analyst Tyler Batory initiated coverage of Sachem Capital with a Buy rating.
|Over a week ago|
Sachem Capital files $150M mixed securities shelf 16:5106/0906/09/21
|Over a month ago|
Sachem Capital reports Q1 EPS 10c, two estimates 11c » 08:1605/1405/14/21
Reports Q1 revenue $5.7M,…
Reports Q1 revenue $5.7M, two estimates $4.94M. John Villano, CPA, the company's CEO and CFO stated: "We continue to achieve solid financial performance and have maintained a robust loan pipeline, as evidenced by a 56% increase in interest income on our loan portfolio versus the same period last year. Even though last year's first quarter included a significant gain on sale of investment securities, we still achieved total revenue growth of 33% versus the same period last year. Importantly, we are opportunistically expanding and diversifying the geographic footprint of our mortgage loan portfolio beyond Connecticut. Our net income decreased slightly over the same period last year, as we invested heavily in our organization to support the next phase of our growth. We also have higher interest expense due to the approximate $56 million of unsecured, unsubordinated five-year notes we raised in 2020; however, we expect to benefit from the liquidity and financial flexibility provided by these securities and our low-interest line of credit, as we prudently deploy capital, while maintaining disciplined underwriting with a conservative loan-to-value ratio. We are also targeting larger-value commercial loans with financially stable, experienced sponsors. At the same time, we continue to explore a variety of financing alternatives, which may provide us a lower cost of capital given the strength of our loan portfolio. In the first quarter of 2021, we had $30.5 million in loan repayments (compared to $55 million for all of 2020) versus $31.7 million of new funding. Both the loan repayments and new funding amounts were the highest for any quarter since Sachem started reporting quarterly financial results. Overall, we believe we are well capitalized with a solid balance sheet to take advantage of the market demand for our loan products and remain highly encouraged by the prospects for our continued growth in 2021 and beyond."
Sachem Capital appoints William Haydon as Chief Investment Officer » 08:2105/1005/10/21
Sachem Capital (SACH)…
Sachem Capital (SACH) announced that William Haydon has been appointed Chief Investment Officer and Director of Investor Relations earlier this month. In this new role, Haydon is responsible for managing the company's liquid reserves and securities portfolio, as well as Sachem's underwriting team. Haydon is a senior finance and capital markets executive with over 25 years of experience in financial services and investment banking. Prior to joining Sachem Capital in 2021, he served as a Portfolio Manager and Branch Manager at Wells Fargo Advisors (WFC) Financial Network from 2011.
Sachem Capital reports 2020 EPS 41c vs. 32c last year » 08:2003/3103/31/21
Reports revenue $18.6M…
Reports revenue $18.6M vs. $12.7M last year. John Villano, CPA, the company's Chief Executive and Chief Financial Officer stated: "We continue to achieve strong financial results despite the COVID-19 pandemic, as evidenced by record revenue of $18.6 million and net income of $9.0 million for the year ending December 31, 2020. This is particularly noteworthy considering we scaled back our lending activities in the second quarter of 2020 as a precautionary measure due to the COVID-19 pandemic. As our visibility improved and we saw the real estate market stabilize, on July 1, 2020, we reverted to our standard lending criteria while maintaining a cautionary approach, to take advantage of market opportunities. In addition, in the second half of 2020, we successfully completed three offerings of fixed-rate five-year term notes, which generated approximately $56.1 million of gross proceeds. These funds will be used primarily to fund new mortgage loans. We also established a margin line of credit that allows us to borrow against the value of our short-term marketable securities portfolio at 1.75% below the prime rate, which provides us additional flexibility. In 2020, we also began to diversify geographically. We are now lending in ten states. As of December 31, 2020, we had 68 loans outside of Connecticut, which constituted 14% of our mortgage loans, or approximately 23% of the aggregate dollar amount of our portfolio. As a result of these and other initiatives, revenue for the fourth quarter of 2020 increased 98% over the same period last year, and net income increased 150% to $2.3 million in the fourth quarter of 2020 versus the fourth quarter of 2019. Looking ahead, we see a favorable competitive landscape and our loan pipeline remains robust. As a result of these factors and our strong balance sheet, which included cash and short-term marketable securities of approximately $56.7 million as of December 31, 2020, we are optimistic about the prospects for our continued growth in 2021."
|Over a quarter ago|
Sachem Capital upgraded to Buy from Neutral at Ladenburg » 12:1508/1008/10/20
Ladenburg analyst Christopher Nolan upgraded Sachem Capital to Buy from Neutral with a $4.25 price target.
Sachem Capital appoints Dr. Peter Cuozzo as COO » 08:5007/0807/08/20
Sachem Capital announced…
Sachem Capital announced the appointment of Dr. Peter Cuozzo as the company's Executive Vice President and COO, effective July 1. Dr Cuozzo's responsibilities will include oversight of the company's entire operations, expanding Sachem's business in Florida and Texas and developing new markets.