MVC Capital (NYSE:MVC) announced that its Board of Directors has approved a share buyback plan, which permits the company to repurchase $25.00 million in outstanding shares on Monday, October 23rd, EventVestor reports. This repurchase authorization permits the investment management company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Shares of MVC Capital (MVC) traded down 0.94% during midday trading on Tuesday, reaching $10.55. The company had a trading volume of 34,700 shares. MVC Capital has a 52-week low of $8.22 and a 52-week high of $10.69. The company’s 50 day moving average price is $10.18 and its 200 day moving average price is $9.75.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Tuesday, October 24th will be given a dividend of $0.15 per share. This is a positive change from MVC Capital’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Monday, October 23rd. This represents a $0.60 annualized dividend and a yield of 5.63%. MVC Capital’s payout ratio is 33.33%.

Separately, Maxim Group began coverage on MVC Capital in a research report on Thursday, October 12th. They issued a “buy” rating and a $12.50 target price on the stock.

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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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