Ares Management LLC Sells 23,914 Shares of Nuveen Churchill Direct Lending Corp. $NCDL

Key Points

• Ares Management LLC has reduced its holdings in Nuveen Churchill Direct Lending Corp. by 18.0%, now owning approximately $1.85 million worth of the company's shares.
• Nuveen Churchill Direct Lending recently declared a quarterly dividend of $0.45 per share, with a significant annualized dividend yield of 11.3%.
• Analysts have varied price targets for Nuveen Churchill Direct Lending, with the average target currently at $16.63 and multiple firms holding a "Hold" rating on the stock.

Ares Management LLC lowered its holdings in Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Free Report) by 18.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 109,156 shares of the company's stock after selling 23,914 shares during the quarter. Nuveen Churchill Direct Lending accounts for about 0.1% of Ares Management LLC's investment portfolio, making the stock its 28th largest position. Ares Management LLC owned about 0.21% of Nuveen Churchill Direct Lending worth $1,853,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NCDL. Nuveen LLC acquired a new stake in Nuveen Churchill Direct Lending in the 1st quarter valued at approximately $8,292,000. Millennium Management LLC grew its holdings in Nuveen Churchill Direct Lending by 361.6% in the 4th quarter. Millennium Management LLC now owns 437,992 shares of the company's stock valued at $7,350,000 after buying an additional 343,113 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Nuveen Churchill Direct Lending by 364.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 342,773 shares of the company's stock worth $5,820,000 after acquiring an additional 268,968 shares during the period. Snowden Capital Advisors LLC lifted its position in shares of Nuveen Churchill Direct Lending by 100.1% in the 4th quarter. Snowden Capital Advisors LLC now owns 419,541 shares of the company's stock worth $7,271,000 after acquiring an additional 209,823 shares during the period. Finally, Callodine Capital Management LP lifted its position in shares of Nuveen Churchill Direct Lending by 42.7% in the 1st quarter. Callodine Capital Management LP now owns 500,000 shares of the company's stock worth $8,490,000 after acquiring an additional 149,611 shares during the period.

Nuveen Churchill Direct Lending Price Performance

Shares of Nuveen Churchill Direct Lending stock traded up $0.19 during midday trading on Thursday, hitting $16.02. 109,908 shares of the company were exchanged, compared to its average volume of 96,133. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market cap of $790.98 million, a P/E ratio of 8.80 and a beta of 0.47. Nuveen Churchill Direct Lending Corp. has a 52 week low of $14.21 and a 52 week high of $18.01. The firm has a 50 day simple moving average of $16.37 and a 200-day simple moving average of $16.32.

Nuveen Churchill Direct Lending (NYSE:NCDL - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $53.13 million during the quarter, compared to the consensus estimate of $54.41 million. Nuveen Churchill Direct Lending had a return on equity of 11.88% and a net margin of 43.35%. Research analysts forecast that Nuveen Churchill Direct Lending Corp. will post 2.28 earnings per share for the current year.

Nuveen Churchill Direct Lending Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 28th. Investors of record on Tuesday, September 30th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 11.2%. The ex-dividend date is Tuesday, September 30th. Nuveen Churchill Direct Lending's dividend payout ratio (DPR) is 98.90%.

Insider Activity at Nuveen Churchill Direct Lending

In related news, Treasurer Shaul Vichness bought 5,000 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was acquired at an average price of $16.30 per share, for a total transaction of $81,500.00. Following the transaction, the treasurer directly owned 10,000 shares of the company's stock, valued at $163,000. This represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.62% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Wall Street Zen upgraded Nuveen Churchill Direct Lending from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. UBS Group raised their price objective on Nuveen Churchill Direct Lending from $16.50 to $17.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. JMP Securities reduced their price objective on Nuveen Churchill Direct Lending from $18.50 to $18.00 and set a "market outperform" rating for the company in a research report on Tuesday, June 24th. Finally, Wells Fargo & Company reduced their price objective on Nuveen Churchill Direct Lending from $15.00 to $14.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $16.63.

About Nuveen Churchill Direct Lending

Nuveen Churchill Direct Lending Corp. is a specialty finance company focused primarily on investing in senior secured loans to private equity-owned U.S. middle market companies. It has elected to be regulated as a business development company. Nuveen Churchill Direct Lending Corp. is based in NEW YORK.