Lucid Capital initiated coverage of Sachem Capital with a Neutral rating and $1.20 price target. The company is focused on originating, underwriting, funding, servicing, and managing a portfolio of first mortgage loans, the analyst tells investors in a research note. Lucid does not expect Sachem's earnings to fully cover its 20c per share annual dividend in either 2025 or 2026, "suggesting the current payout may be at risk."
