Keefe, Bruyette & Woods Has Lowered Expectations for Kayne Anderson BDC (NYSE:KBDC) Stock Price

Key Points

• Keefe, Bruyette & Woods lowered its KBDC price target from $15 to $14.50 but maintained an “outperform” rating, implying 14.4% upside from the prior close.
• Analyst opinions are mixed: KBDC has a consensus “Hold” rating and an average price target of $14. UBS and Wells Fargo also cut their targets.
• KBDC beat quarterly expectations, reporting $0.46 per share in earnings versus the $0.39 estimate. Insiders also bought shares in recent months, including director James Robo’s purchase of 146,755 shares.

Kayne Anderson BDC (NYSE:KBDC - Get Free Report) had its price target lowered by equities researchers at Keefe, Bruyette & Woods from $15.00 to $14.50 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods's target price would indicate a potential upside of 14.40% from the stock's previous close.

KBDC has been the topic of a number of other research reports. UBS Group reduced their target price on Kayne Anderson BDC from $15.00 to $13.50 and set a "neutral" rating on the stock in a research note on Tuesday, September 1st. Wells Fargo & Company lowered their price target on Kayne Anderson BDC from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Monday. Zacks Research raised Kayne Anderson BDC from a "strong sell" rating to a "hold" rating in a research note on Tuesday, October 13th. Finally, Royal Bank Of Canada cut their price objective on Kayne Anderson BDC from $16.00 to $15.00 and set an "outperform" rating for the company in a report on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Kayne Anderson BDC has a consensus rating of "Hold" and an average price target of $14.00.

Kayne Anderson BDC Price Performance

Kayne Anderson BDC stock traded up $0.27 during mid-day trading on Monday, hitting $12.68. 241,072 shares of the company traded hands, compared to its average volume of 348,886. Kayne Anderson BDC has a one year low of $12.14 and a one year high of $15.87. The stock has a market cap of $837.03 million, a price-to-earnings ratio of 15.07 and a beta of 0.32. The company has a debt-to-equity ratio of 1.16, a quick ratio of 1.25 and a current ratio of 1.25. The stock has a fifty day moving average price of $12.88 and a 200-day moving average price of $13.75.

Kayne Anderson BDC (NYSE:KBDC - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. Kayne Anderson BDC had a net margin of 24.17% and a return on equity of 10.78%. The firm had revenue of $58.96 million for the quarter, compared to analysts' expectations of $57.35 million. On average, equities analysts predict that Kayne Anderson BDC will post 1.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director James Robo purchased 146,755 shares of Kayne Anderson BDC stock in a transaction that occurred on Monday, September 28th. The shares were acquired at an average cost of $13.03 per share, for a total transaction of $1,912,217.65. Following the transaction, the director directly owned 766,716 shares in the company, valued at $9,990,309.48. The trade was a 23.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders bought 766,716 shares of company stock worth $10,002,000. Corporate insiders own 2.90% of the company's stock.

Institutional Trading of Kayne Anderson BDC

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its holdings in shares of Kayne Anderson BDC by 2.7% in the first quarter. Bank of America Corp DE now owns 5,565,223 shares of the company's stock worth $76,355,000 after purchasing an additional 143,854 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Kayne Anderson BDC by 2.9% in the third quarter. Russell Investments Group Ltd. now owns 819,478 shares of the company's stock worth $10,293,000 after buying an additional 23,154 shares during the period. Requisite Capital Management LLC raised its holdings in Kayne Anderson BDC by 6.5% during the 2nd quarter. Requisite Capital Management LLC now owns 645,130 shares of the company's stock valued at $8,987,000 after buying an additional 39,385 shares during the last quarter. Columbus Macro LLC raised its holdings in Kayne Anderson BDC by 6.1% during the 3rd quarter. Columbus Macro LLC now owns 647,693 shares of the company's stock valued at $8,135,000 after buying an additional 36,957 shares during the last quarter. Finally, HB Wealth Management LLC raised its holdings in Kayne Anderson BDC by 19.1% during the 2nd quarter. HB Wealth Management LLC now owns 280,189 shares of the company's stock valued at $3,791,000 after buying an additional 44,848 shares during the last quarter.

Kayne Anderson BDC Company Profile

Kayne Anderson BDC, Inc is a business development company that invests in privately held, middle-market companies. The company seeks to generate current income and, to a lesser extent, capital appreciation by providing financing to businesses that may have limited access to traditional sources of capital.

Its investment activities primarily consist of loans and other debt investments, including senior secured, unitranche and subordinated debt. Kayne Anderson BDC may also make equity and equity-related investments in portfolio companies.

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