Closed End Fund Advisors Inc. Takes $7.37 Million Position in Nuveen Churchill Direct Lending Corp. $NCDL

Key Points

• Closed End Fund Advisors Inc. disclosed a new 4th-quarter stake in Nuveen Churchill Direct Lending Corp., buying 552,804 shares worth about $7.37 million. The position now makes NCDL the fund’s largest holding, accounting for about 4.4% of its portfolio.
• Nuveen Churchill Direct Lending shares were down 1.4% and opened at $12.78, near the stock’s 52-week low of $12.43. The company reported $0.41 EPS for the quarter, slightly below expectations, while revenue also came in well under estimates.
• The company declared a quarterly dividend of $0.36 per share, equal to an annualized yield of about 11.3%. However, the payout ratio is high at 120%, and analysts currently rate the stock a consensus Hold with a $15.35 price target.

Closed End Fund Advisors Inc. acquired a new stake in shares of Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 552,804 shares of the company's stock, valued at approximately $7,374,000. Nuveen Churchill Direct Lending makes up approximately 4.4% of Closed End Fund Advisors Inc.'s portfolio, making the stock its biggest position. Closed End Fund Advisors Inc. owned about 1.12% of Nuveen Churchill Direct Lending as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Financial Markets increased its holdings in shares of Nuveen Churchill Direct Lending by 190.2% during the third quarter. BNP Paribas Financial Markets now owns 2,400 shares of the company's stock valued at $33,000 after acquiring an additional 1,573 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Nuveen Churchill Direct Lending during the third quarter valued at approximately $38,000. NewEdge Advisors LLC increased its holdings in shares of Nuveen Churchill Direct Lending by 33.0% during the second quarter. NewEdge Advisors LLC now owns 4,511 shares of the company's stock valued at $73,000 after acquiring an additional 1,118 shares in the last quarter. Quadrant Capital Group LLC bought a new stake in shares of Nuveen Churchill Direct Lending during the third quarter valued at approximately $80,000. Finally, State of Wyoming increased its holdings in shares of Nuveen Churchill Direct Lending by 16.4% during the third quarter. State of Wyoming now owns 7,739 shares of the company's stock valued at $107,000 after acquiring an additional 1,090 shares in the last quarter.

Nuveen Churchill Direct Lending Stock Down 1.4%

Shares of NYSE:NCDL opened at $12.78 on Friday. The stock has a market cap of $631.06 million, a price-to-earnings ratio of 10.65 and a beta of 0.50. Nuveen Churchill Direct Lending Corp. has a 12-month low of $12.43 and a 12-month high of $17.27. The business's 50 day moving average is $13.48 and its 200 day moving average is $13.67.

Nuveen Churchill Direct Lending (NYSE:NCDL - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.01). The company had revenue of $17.15 million for the quarter, compared to analysts' expectations of $47.79 million. Nuveen Churchill Direct Lending had a net margin of 29.56% and a return on equity of 9.80%. As a group, equities research analysts expect that Nuveen Churchill Direct Lending Corp. will post 1.6 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, July 28th. Investors of record on Tuesday, June 30th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.44 annualized dividend and a dividend yield of 11.3%. Nuveen Churchill Direct Lending's payout ratio is presently 120.00%.

Insiders Place Their Bets

In other Nuveen Churchill Direct Lending news, Treasurer Shaul Vichness acquired 5,000 shares of the business's stock in a transaction on Thursday, March 12th. The shares were acquired at an average price of $13.13 per share, with a total value of $65,650.00. Following the completion of the transaction, the treasurer owned 25,000 shares in the company, valued at approximately $328,250. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Marissa Hassen acquired 3,782 shares of the business's stock in a transaction on Tuesday, May 12th. The stock was acquired at an average cost of $13.21 per share, for a total transaction of $49,960.22. Following the transaction, the chief accounting officer owned 9,780 shares of the company's stock, valued at approximately $129,193.80. The trade was a 63.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have acquired 31,639 shares of company stock valued at $426,430. Insiders own 0.68% of the company's stock.

Analyst Ratings Changes

NCDL has been the subject of several recent research reports. Wells Fargo & Company decreased their price objective on Nuveen Churchill Direct Lending from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Wednesday, March 4th. UBS Group decreased their price objective on Nuveen Churchill Direct Lending from $15.50 to $14.75 and set a "neutral" rating for the company in a report on Monday, May 18th. Truist Financial cut their target price on Nuveen Churchill Direct Lending from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, March 4th. Keefe, Bruyette & Woods cut their target price on Nuveen Churchill Direct Lending from $16.00 to $15.00 and set a "market perform" rating on the stock in a research report on Friday, February 27th. Finally, Wall Street Zen cut Nuveen Churchill Direct Lending from a "hold" rating to a "sell" rating in a research report on Saturday. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $15.35.

About Nuveen Churchill Direct Lending

Nuveen Churchill Direct Lending NYSE: NCDL is a closed-end management investment company that seeks to provide shareholders with attractive risk-adjusted returns through a diversified portfolio of direct lending instruments. Established in early 2022, NCDL focuses on privately negotiated debt investments in middle-market companies, primarily within the United States. The fund offers investors access to a segment of the credit markets that has historically been less correlated with public debt markets, aiming to capture yield premiums associated with private lending.

The fund’s investment strategy centers on senior secured loans, unitranche financings and selectively structured mezzanine debt.

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