Cresset Asset Management LLC Makes New Investment in Kayne Anderson BDC, Inc. $KBDC

Key Points

• Cresset Asset Management LLC has acquired a new stake in Kayne Anderson BDC, purchasing 62,360 shares valued at approximately $1,036,000.
• Several institutional investors have significantly increased their holdings in Kayne Anderson BDC, with Bank of America raising its stake by 4,201.5% during the fourth quarter.
• Kayne Anderson BDC announced a quarterly dividend of $0.40, representing a yield of 10.7%, set to be paid on October 16th to investors of record on September 30th.

Cresset Asset Management LLC bought a new position in shares of Kayne Anderson BDC, Inc. (NYSE:KBDC - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 62,360 shares of the company's stock, valued at approximately $1,036,000. Cresset Asset Management LLC owned 0.09% of Kayne Anderson BDC as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Cerity Partners LLC increased its position in shares of Kayne Anderson BDC by 628.4% during the first quarter. Cerity Partners LLC now owns 73,073 shares of the company's stock worth $1,185,000 after acquiring an additional 63,041 shares during the period. Accelerate Investment Advisors LLC purchased a new position in shares of Kayne Anderson BDC during the first quarter worth approximately $678,000. Millennium Management LLC increased its position in shares of Kayne Anderson BDC by 65.3% during the fourth quarter. Millennium Management LLC now owns 62,500 shares of the company's stock worth $1,034,000 after acquiring an additional 24,701 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Kayne Anderson BDC during the fourth quarter worth approximately $545,000. Finally, Bank of America Corp DE increased its position in shares of Kayne Anderson BDC by 4,201.5% during the fourth quarter. Bank of America Corp DE now owns 989,008 shares of the company's stock worth $16,358,000 after acquiring an additional 966,016 shares during the period.

Analysts Set New Price Targets

KBDC has been the topic of a number of research reports. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $17.00 target price on shares of Kayne Anderson BDC in a research report on Monday, May 19th. UBS Group upped their price target on shares of Kayne Anderson BDC from $16.00 to $16.50 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company lowered their price target on shares of Kayne Anderson BDC from $17.00 to $16.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Kayne Anderson BDC currently has a consensus rating of "Moderate Buy" and an average price target of $16.50.

Kayne Anderson BDC Stock Performance

NYSE KBDC traded up $0.08 during trading hours on Tuesday, reaching $14.98. The stock had a trading volume of 64,522 shares, compared to its average volume of 141,551. The stock has a fifty day moving average of $15.58 and a 200 day moving average of $16.00. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.45 and a current ratio of 1.45. The stock has a market cap of $1.06 billion, a P/E ratio of 8.86 and a beta of 0.29. Kayne Anderson BDC, Inc. has a 52-week low of $13.93 and a 52-week high of $17.99.

Kayne Anderson BDC (NYSE:KBDC - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.01). The company had revenue of $57.30 million for the quarter, compared to analysts' expectations of $49.37 million. Kayne Anderson BDC had a net margin of 52.99% and a return on equity of 10.90%. Sell-side analysts predict that Kayne Anderson BDC, Inc. will post 2.06 earnings per share for the current year.

Kayne Anderson BDC Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Tuesday, September 30th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 10.7%. The ex-dividend date is Tuesday, September 30th. Kayne Anderson BDC's dividend payout ratio (DPR) is currently 94.67%.

Insiders Place Their Bets

In related news, Director Albert Rabil sold 43,020 shares of Kayne Anderson BDC stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $15.84, for a total transaction of $681,436.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.10% of the company's stock.

Kayne Anderson BDC Company Profile

Kayne Anderson BDC Inc is a business development company which invests primarily in first lien senior secured loans, with a secondary focus on unitranche and split-lien loans to middle market companies. Kayne Anderson BDC Inc is based in CHICAGO.