Sachem Capital initiated with a Hold at JonesTrading

JonesTrading analyst Jason Stewart initiated coverage of Sachem Capital with a Hold rating. While he is constructive on the long-term outlook for the company as its loan duration is short and Sachem has historically maintained solid credit experience, the near-term macro concerns over the impact of higher interest and cap rates on underlying real estate values keep him on the sidelines, the analyst tells investors in a research note. At 0.8-times of Q3 undepreciated book value per share and a 15.3% dividend yield, shares are "modestly discounted to peers", Stewart adds.