Share Buyback Plan Initiated by MVC Capital (NYSE:MVC) Board
MVC Capital (NYSE:MVC) declared that its Board of Directors has authorized a share repurchase program, which permits the company to buyback $15.00 million in outstanding shares on Friday, July 21st, EventVestor reports. This buyback authorization permits the investment management company to repurchase shares of its stock through a dutch auction. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
Separately, TheStreet raised shares of MVC Capital from a “c” rating to a “b-” rating in a research report on Monday, April 24th.
MVC Capital (MVC) traded up 0.39% during midday trading on Monday, reaching $10.40. 57,499 shares of the company traded hands. The company has a 50 day moving average of $9.88 and a 200-day moving average of $9.05. MVC Capital has a 12-month low of $7.91 and a 12-month high of $10.42.
MVC Capital (NYSE:MVC) last posted its earnings results on Thursday, June 8th. The investment management company reported ($0.10) earnings per share (EPS) for the quarter. MVC Capital had a net margin of 44.33% and a negative return on equity of 0.44%. The company had revenue of $3.93 million during the quarter. On average, equities analysts expect that MVC Capital will post $0.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Monday, July 24th will be paid a $0.135 dividend. The ex-dividend date is Thursday, July 20th. This represents a $0.54 annualized dividend and a yield of 5.21%. MVC Capital’s dividend payout ratio (DPR) is presently 135.00%.
In other MVC Capital news, Director Phillip Goldstein sold 29,853 shares of MVC Capital stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $9.82, for a total value of $293,156.46. Following the transaction, the director now owns 37,250 shares in the company, valued at $365,795. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.41% of the stock is owned by insiders.
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About MVC Capital
MVC Capital, Inc is a non-diversified closed-end management investment company. The Company’s investment objective is to seek to maximize total return from capital appreciation and/or income. The Company’s segments are its investing operations as a business development company, which includes MVC Cayman and MVC Turf, LLC and MVC Financial Services, Inc (MVCFS).
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