Corient Private Wealth LLC Sells 411,934 Shares of Nuveen Churchill Direct Lending Corp. $NCDL

Key Points

• Corient Private Wealth reduced its stake in Nuveen Churchill Direct Lending by 17.8% in the fourth quarter, selling 411,934 shares and leaving it with 1,904,763 shares worth about $25.4 million.
• Several other institutions moved into or added to NCDL, including Invesco, which increased its holdings by more than 2,000%, while insiders also bought shares recently. Treasurer Shaul Vichness and CAO Marissa Hassen both made purchases in May.
• Analyst sentiment has turned more cautious, with multiple firms cutting ratings or price targets; NCDL now carries a consensus Hold rating and an average target price of $15.15. The stock last traded at $12.07, and the company recently declared a quarterly dividend of $0.36 per share, implying an 11.9% annualized yield.

Corient Private Wealth LLC cut its position in Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Free Report) by 17.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,904,763 shares of the company's stock after selling 411,934 shares during the quarter. Corient Private Wealth LLC owned approximately 3.86% of Nuveen Churchill Direct Lending worth $25,410,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of NCDL. Invesco Ltd. boosted its holdings in Nuveen Churchill Direct Lending by 2,179.1% during the fourth quarter. Invesco Ltd. now owns 742,296 shares of the company's stock valued at $9,902,000 after acquiring an additional 709,727 shares during the period. Closed End Fund Advisors Inc. acquired a new position in shares of Nuveen Churchill Direct Lending during the 4th quarter worth about $7,374,000. Ares Management LLC lifted its position in shares of Nuveen Churchill Direct Lending by 188.3% during the 4th quarter. Ares Management LLC now owns 360,830 shares of the company's stock worth $4,813,000 after purchasing an additional 235,674 shares during the last quarter. Brown Brothers Harriman & Co. boosted its stake in Nuveen Churchill Direct Lending by 213.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 339,978 shares of the company's stock valued at $4,535,000 after purchasing an additional 231,400 shares during the period. Finally, UBS Group AG boosted its stake in Nuveen Churchill Direct Lending by 40.0% during the 4th quarter. UBS Group AG now owns 689,050 shares of the company's stock valued at $9,192,000 after purchasing an additional 196,956 shares during the period.

Insider Buying and Selling

In related news, Treasurer Shaul Vichness acquired 5,000 shares of the company's stock in a transaction on Thursday, May 14th. The stock was purchased at an average cost of $13.20 per share, for a total transaction of $66,000.00. Following the completion of the purchase, the treasurer directly owned 30,705 shares of the company's stock, valued at $405,306. The trade was a 19.45% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Marissa Hassen acquired 3,782 shares of the business's stock in a transaction on Tuesday, May 12th. The shares were bought at an average cost of $13.21 per share, with a total value of $49,960.22. Following the completion of the acquisition, the chief accounting officer owned 9,780 shares of the company's stock, valued at approximately $129,193.80. This trade represents a 63.05% increase in their position. The SEC filing for this purchase provides additional information. 0.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on NCDL shares. Keefe, Bruyette & Woods cut their target price on shares of Nuveen Churchill Direct Lending from $16.00 to $15.00 and set a "market perform" rating for the company in a research note on Friday, February 27th. Wells Fargo & Company downgraded shares of Nuveen Churchill Direct Lending from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $13.00 to $12.00 in a report on Friday, June 12th. Wall Street Zen lowered shares of Nuveen Churchill Direct Lending from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Truist Financial reduced their target price on shares of Nuveen Churchill Direct Lending from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, March 4th. Finally, Zacks Research downgraded Nuveen Churchill Direct Lending from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Nuveen Churchill Direct Lending currently has an average rating of "Hold" and a consensus target price of $15.15.

Nuveen Churchill Direct Lending Price Performance

Shares of Nuveen Churchill Direct Lending stock opened at $12.07 on Tuesday. Nuveen Churchill Direct Lending Corp. has a 52-week low of $11.97 and a 52-week high of $17.27. The firm has a market capitalization of $596.19 million, a PE ratio of 10.06 and a beta of 0.51. The company's fifty day moving average price is $13.35 and its two-hundred day moving average price is $13.52.

Nuveen Churchill Direct Lending (NYSE:NCDL - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.41 EPS for the quarter, missing analysts' consensus estimates of $0.42 by ($0.01). The business had revenue of $17.15 million for the quarter, compared to the consensus estimate of $47.79 million. Nuveen Churchill Direct Lending had a return on equity of 9.80% and a net margin of 29.56%. Analysts predict that Nuveen Churchill Direct Lending Corp. will post 1.6 earnings per share for the current fiscal year.

Nuveen Churchill Direct Lending Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 11.9%. The ex-dividend date of this dividend is Tuesday, June 30th. Nuveen Churchill Direct Lending's payout ratio is presently 120.00%.

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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