Key Points
- Shaul Vichness, treasurer of Nuveen Churchill Direct Lending, bought 5,000 shares on March 12 at an average price of $13.13 for $65,650, raising his direct stake to 25,000 shares (a 25% increase).
- The company declared a quarterly dividend of $0.36 per share (annualized $1.44), implying a 10.9% yield and a payout ratio of 137.4%, indicating a very high payout relative to earnings.
- NCDL slightly beat EPS expectations ($0.44 vs. $0.43) but missed revenue materially ($26.36M vs. $49.60M), and analysts maintain a consensus "Hold" rating with a $15.40 price target amid recent downward revisions.
Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Get Free Report) Treasurer Shaul Vichness bought 5,000 shares of Nuveen Churchill Direct Lending stock in a transaction dated Thursday, March 12th. The shares were bought at an average cost of $13.13 per share, with a total value of $65,650.00. Following the completion of the transaction, the treasurer directly owned 25,000 shares in the company, valued at approximately $328,250. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink.
Nuveen Churchill Direct Lending Stock Performance
Shares of NYSE:NCDL traded up $0.09 during mid-day trading on Friday, reaching $13.22. The company had a trading volume of 164,935 shares, compared to its average volume of 272,630. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 1.27. The firm has a market cap of $652.69 million, a price-to-earnings ratio of 10.08 and a beta of 0.44. The company's 50-day moving average price is $13.52 and its 200-day moving average price is $14.17. Nuveen Churchill Direct Lending Corp. has a one year low of $12.54 and a one year high of $17.59.
Nuveen Churchill Direct Lending (NYSE:NCDL - Get Free Report) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. Nuveen Churchill Direct Lending had a return on equity of 10.48% and a net margin of 31.57%.The business had revenue of $26.36 million during the quarter, compared to analyst estimates of $49.60 million. As a group, equities research analysts anticipate that Nuveen Churchill Direct Lending Corp. will post 2.28 EPS for the current fiscal year.
Nuveen Churchill Direct Lending Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Stockholders of record on Tuesday, March 31st will be paid a dividend of $0.36 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.44 annualized dividend and a dividend yield of 10.9%. Nuveen Churchill Direct Lending's dividend payout ratio is presently 137.40%.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the stock. Wells Fargo & Company dropped their price objective on shares of Nuveen Churchill Direct Lending from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Wednesday, March 4th. Keefe, Bruyette & Woods lowered their price target on shares of Nuveen Churchill Direct Lending from $16.00 to $15.00 and set a "market perform" rating on the stock in a research report on Friday, February 27th. Truist Financial dropped their price target on shares of Nuveen Churchill Direct Lending from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, March 4th. Zacks Research raised shares of Nuveen Churchill Direct Lending from a "strong sell" rating to a "hold" rating in a report on Friday, January 9th. Finally, Wall Street Zen upgraded shares of Nuveen Churchill Direct Lending from a "sell" rating to a "hold" rating in a research note on Tuesday. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $15.40.
Get Our Latest Stock Analysis on Nuveen Churchill Direct Lending
Institutional Investors Weigh In On Nuveen Churchill Direct Lending
Several hedge funds and other institutional investors have recently modified their holdings of NCDL. BNP Paribas Financial Markets boosted its position in shares of Nuveen Churchill Direct Lending by 190.2% in the third quarter. BNP Paribas Financial Markets now owns 2,400 shares of the company's stock valued at $33,000 after acquiring an additional 1,573 shares during the period. Advisory Services Network LLC bought a new stake in Nuveen Churchill Direct Lending during the 3rd quarter worth approximately $38,000. NewEdge Advisors LLC boosted its holdings in Nuveen Churchill Direct Lending by 33.0% in the 2nd quarter. NewEdge Advisors LLC now owns 4,511 shares of the company's stock valued at $73,000 after purchasing an additional 1,118 shares during the period. Quadrant Capital Group LLC bought a new position in Nuveen Churchill Direct Lending in the 3rd quarter valued at $80,000. Finally, Global Retirement Partners LLC purchased a new position in shares of Nuveen Churchill Direct Lending during the 3rd quarter valued at $85,000.
Nuveen Churchill Direct Lending Company Profile
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Get Free Report)
Nuveen Churchill Direct Lending (NYSE:NCDL) is a closed-end management investment company that seeks to provide shareholders with attractive risk-adjusted returns through a diversified portfolio of direct lending instruments. Established in early 2022, NCDL focuses on privately negotiated debt investments in middle-market companies, primarily within the United States. The fund offers investors access to a segment of the credit markets that has historically been less correlated with public debt markets, aiming to capture yield premiums associated with private lending.
The fund’s investment strategy centers on senior secured loans, unitranche financings and selectively structured mezzanine debt.
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