Corient Private Wealth LP Trims Position in Nuveen Churchill Direct Lending Corp. $NCDL

Key Points

• Corient Private Wealth LP reduced its NCDL stake by 6.9% in the second quarter, selling 119,521 shares and retaining 1.61 million shares worth approximately $20.0 million, or 3.27% of the company.
• Analyst sentiment remains mixed, with NCDL carrying a consensus “Hold” rating and an average price target of $13.62. Recent target changes included cuts from Keefe, Bruyette & Woods and Wells Fargo, while UBS upgraded the stock to “Buy.”
• NCDL reported quarterly EPS of $0.41, above expectations, and declared a $0.36-per-share quarterly dividend. The dividend implies an annualized yield of about 11.8%, though the payout ratio is elevated at 151.58%.

Corient Private Wealth LP decreased its holdings in shares of Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Free Report) by 6.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,613,098 shares of the company's stock after selling 119,521 shares during the quarter. Corient Private Wealth LP owned about 3.27% of Nuveen Churchill Direct Lending worth $20,035,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in NCDL. Closed End Fund Advisors Inc. acquired a new position in Nuveen Churchill Direct Lending in the fourth quarter valued at about $7,374,000. Centurion Wealth Management LLC acquired a new stake in shares of Nuveen Churchill Direct Lending during the second quarter worth approximately $3,879,000. BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Nuveen Churchill Direct Lending by 454.3% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 150,476 shares of the company's stock valued at $2,007,000 after acquiring an additional 123,327 shares during the last quarter. Vise Technologies Inc. bought a new position in shares of Nuveen Churchill Direct Lending in the fourth quarter valued at approximately $1,271,000. Finally, NewEdge Wealth LLC boosted its holdings in shares of Nuveen Churchill Direct Lending by 199.3% in the 1st quarter. NewEdge Wealth LLC now owns 89,776 shares of the company's stock worth $1,142,000 after acquiring an additional 59,777 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on NCDL. Zacks Research upgraded Nuveen Churchill Direct Lending from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. Keefe, Bruyette & Woods cut their price objective on Nuveen Churchill Direct Lending from $15.00 to $13.50 and set a "market perform" rating for the company in a research report on Monday, August 10th. Wells Fargo & Company cut Nuveen Churchill Direct Lending from an "equal weight" rating to an "underweight" rating and decreased their target price for the stock from $13.00 to $12.00 in a report on Friday, June 12th. Wall Street Zen upgraded Nuveen Churchill Direct Lending from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, UBS Group raised Nuveen Churchill Direct Lending from a "neutral" rating to a "buy" rating and cut their price target for the company from $14.75 to $13.00 in a report on Tuesday, September 1st. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Nuveen Churchill Direct Lending presently has a consensus rating of "Hold" and a consensus target price of $13.62.

Nuveen Churchill Direct Lending Stock Up 0.9%

NCDL stock opened at $12.26 on Tuesday. The business's fifty day moving average is $12.48 and its 200-day moving average is $12.95. The company has a market cap of $605.27 million, a P/E ratio of 12.90 and a beta of 0.52. Nuveen Churchill Direct Lending Corp. has a twelve month low of $11.97 and a twelve month high of $15.29.

Nuveen Churchill Direct Lending (NYSE:NCDL - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. The business had revenue of $11.14 million during the quarter, compared to analysts' expectations of $46.72 million. Nuveen Churchill Direct Lending had a return on equity of 9.60% and a net margin of 24.44%. Research analysts anticipate 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 announced a quarterly dividend, which will be paid on Tuesday, October 27th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 11.8%. The ex-dividend date is Wednesday, September 30th. Nuveen Churchill Direct Lending's payout ratio is presently 151.58%.

Nuveen Churchill Direct Lending Profile

Nuveen Churchill Direct Lending Corp. is a business development company (BDC) that provides financing to privately owned, middle-market companies. The company seeks to generate income primarily through investments in senior secured loans and other debt securities, while also pursuing capital appreciation through selected equity and equity-related investments.

Its portfolio generally consists of direct investments in companies operating across a range of industries, with an emphasis on established businesses that may require financing for acquisitions, recapitalizations, refinancings, growth initiatives, or other corporate purposes.

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