Bank of America Corp DE Acquires 185,006 Shares of WhiteHorse Finance, Inc. $WHF

Key Points

• Bank of America acquired 185,006 WhiteHorse Finance shares in the second quarter, valued at approximately $1.24 million and representing about 0.86% of the company. Institutional investors and hedge funds collectively own 13.2% of WHF.
• WhiteHorse Finance reported quarterly EPS of $0.22, below the $0.25 consensus estimate, while revenue of $14.37 million also missed expectations. The stock opened at $6.86, down 1.9%, with a market capitalization of roughly $147 million.
• The company declared a quarterly dividend of $0.25 per share, equivalent to an annualized $1.00 payout and a 14.6% yield. Analysts maintain a cautious outlook, with an average “Reduce” rating and a $7.25 consensus price target.

Bank of America Corp DE bought a new position in shares of WhiteHorse Finance, Inc. (NASDAQ:WHF - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 185,006 shares of the investment management company's stock, valued at approximately $1,240,000. Bank of America Corp DE owned about 0.86% of WhiteHorse Finance at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. NewEdge Wealth LLC acquired a new position in shares of WhiteHorse Finance during the second quarter valued at about $117,000. Closed End Fund Advisors Inc. acquired a new position in WhiteHorse Finance during the 4th quarter valued at approximately $286,000. Gables Capital Management Inc. purchased a new position in shares of WhiteHorse Finance in the second quarter worth $294,000. BlackRock Inc. purchased a new position in shares of WhiteHorse Finance in the second quarter worth $477,000. Finally, Legal & General Group Plc acquired a new stake in shares of WhiteHorse Finance during the second quarter worth $1,172,000. 13.20% of the stock is owned by institutional investors and hedge funds.

WhiteHorse Finance Stock Down 1.9%

Shares of WHF opened at $6.86 on Friday. The company has a market capitalization of $147.35 million, a price-to-earnings ratio of 8.68 and a beta of 0.39. WhiteHorse Finance, Inc. has a 52 week low of $6.07 and a 52 week high of $7.84. The stock's 50-day moving average price is $6.97 and its 200-day moving average price is $6.99. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.29.

WhiteHorse Finance (NASDAQ:WHF - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The investment management company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.03). WhiteHorse Finance had a net margin of 26.88% and a return on equity of 8.94%. The company had revenue of $14.37 million for the quarter, compared to analysts' expectations of $15.66 million. On average, sell-side analysts predict that WhiteHorse Finance, Inc. will post 0.97 EPS for the current year.

WhiteHorse Finance Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 5th. Shareholders of record on Monday, September 21st will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 21st. This represents a $1.00 dividend on an annualized basis and a yield of 14.6%. WhiteHorse Finance's dividend payout ratio is currently 126.58%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WHF. JPMorgan Chase & Co. boosted their price objective on shares of WhiteHorse Finance from $6.00 to $6.50 and gave the company an "underweight" rating in a report on Wednesday, August 19th. B. Riley Financial boosted their price target on WhiteHorse Finance from $7.50 to $8.00 and gave the company a "neutral" rating in a research note on Friday, August 14th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of WhiteHorse Finance in a report on Friday, August 28th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, WhiteHorse Finance currently has an average rating of "Reduce" and a consensus target price of $7.25.

WhiteHorse Finance Profile

WhiteHorse Finance, Inc NASDAQ: WHF is a business development company that provides financing to privately owned, primarily middle-market companies. The company invests in businesses across a range of industries, with an emphasis on generating current income and, to a lesser extent, long-term capital appreciation.

WhiteHorse Finance's investment portfolio generally consists of senior secured loans, subordinated debt and other structured investments. It may also make equity investments in portfolio companies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.