UPDATE: Keefe, Bruyette & Woods Reiterates Market Perform Rating, Lowers PT on Resource Capital Corp. on 2015 Dividend Guidance

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In a report published Tuesday, Keefe, Bruyette & Woods analyst Jade J. Rahmani reiterated a Market Perform rating on
Resource Capital Corp.RSO
, but lowered the price target from $5.50 to $5.00. In the report, Keefe, Bruyette & Woods noted, “RSO provided dividend guidance for 2015 and reiterated its 2015 AFFO guidance. RSO expects AFFO of $0.70-$0.80 per share (unchanged), as compared with our $0.72 AFFO estimate. For the dividend, RSO expects to distribute 90% of AFFO, implying $0.64-$0.72 ($0.16-$0.18 per quarter) from the current $0.80 ($0.20/quarter). While we raise our 2015 dividend estimate to $0.65 from our prior $0.40 (based on estimated core earnings), we maintain our core earnings estimate of $0.42 and our Market Perform rating. Our PT moves to $5.00 (from $5.50).” Resource Capital Corp. closed on Monday at $5.07.
Posted In: Analyst ColorPrice TargetAnalyst RatingsBruyette & WoodsJade J. RahmaniKeefe
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