Medley Capital Corp. (MCC) Lifted to “Hold” at Zacks Investment Research
Medley Capital Corp. (NYSE:MCC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Medley Capital Corporation is a closed-end, externally managed investment company. Medley Capital Corporation’s objective is to generate current income and capital appreciation by lending directly to privately-held small and middle market companies to help these companies fund acquisitions, growth or refinancing. Their portfolio will generally consist of first lien senior secured loans, and, to a lesser extent, second lien secured loans. In many of their investments, they will get warrants or other equity participation features which they believe will increase the total investment returns. “
MCC has been the topic of several other research reports. Jefferies Group reissued a “hold” rating on shares of Medley Capital Corp. in a research note on Friday, August 12th. FBR & Co reissued a “hold” rating on shares of Medley Capital Corp. in a research note on Wednesday, August 10th. Finally, National Securities reissued a “neutral” rating and set a $7.00 target price on shares of Medley Capital Corp. in a research note on Thursday, August 11th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Medley Capital Corp. currently has an average rating of “Hold” and a consensus price target of $7.67.
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Shares of Medley Capital Corp. (NYSE:MCC) opened at 7.65 on Wednesday. The firm’s 50-day moving average is $7.54 and its 200-day moving average is $7.04. Medley Capital Corp. has a one year low of $5.26 and a one year high of $8.10.
Medley Capital Corp. (NYSE:MCC) last released its quarterly earnings results on Tuesday, August 9th. The investment management company reported $0.26 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.26. The business earned $28.41 million during the quarter, compared to analysts’ expectations of $30.15 million. Medley Capital Corp. had a positive return on equity of 10.43% and a negative net margin of 31.75%. The company’s revenue was down 21.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 EPS. Equities analysts predict that Medley Capital Corp. will post $0.96 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Wednesday, August 24th were issued a $0.22 dividend. The ex-dividend date was Monday, August 22nd. This represents a $0.88 dividend on an annualized basis and a dividend yield of 11.50%. Medley Capital Corp.’s payout ratio is currently -122.22%.
In other Medley Capital Corp. news, Director Seth Taube acquired 171,000 shares of the company’s stock in a transaction dated Friday, August 19th. The shares were acquired at an average price of $7.69 per share, for a total transaction of $1,314,990.00. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Brook Taube acquired 281,300 shares of the company’s stock in a transaction dated Friday, September 16th. The stock was acquired at an average price of $7.15 per share, for a total transaction of $2,011,295.00. The disclosure for this purchase can be found here. 0.74% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCC. IFP Advisors Inc increased its position in Medley Capital Corp. by 8.3% in the second quarter. IFP Advisors Inc now owns 16,559 shares of the investment management company’s stock worth $111,000 after buying an additional 1,269 shares in the last quarter. PineBridge Investments L.P. increased its position in Medley Capital Corp. by 37.6% in the second quarter. PineBridge Investments L.P. now owns 17,227 shares of the investment management company’s stock worth $115,000 after buying an additional 4,711 shares in the last quarter. Citadel Advisors LLC purchased a new position in Medley Capital Corp. during the second quarter worth about $162,000. WFG Advisors LP increased its position in Medley Capital Corp. by 2.9% in the second quarter. WFG Advisors LP now owns 43,268 shares of the investment management company’s stock worth $290,000 after buying an additional 1,200 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Medley Capital Corp. during the second quarter worth about $291,000. Institutional investors and hedge funds own 28.30% of the company’s stock.
About Medley Capital Corp.
Medley Capital Corporation is a non-diversified closed-end management investment company. The Company’s investment objective is to generate current income and capital appreciation by lending directly to privately held middle market companies, primarily through directly originated transactions to help these companies expand their business, refinance and make acquisitions.
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