Saratoga Investment Corp $SAR Shares Sold by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC reduced its holdings in Saratoga Investment Corp by 79.5%, leaving them with only 12,094 shares valued at approximately $306,000.
• Multiple institutional investors, including LPL Financial LLC and Bartlett & CO. Wealth Management LLC, have adjusted their stakes in Saratoga Investment, with some increasing their positions significantly in the first quarter.
• Saratoga Investment reported earnings per share of $0.66, missing estimates, while also announcing a dividend of $0.25 with a dividend yield of 1,217.0% and a payout ratio of 121.46%.

Kovitz Investment Group Partners LLC lessened its holdings in Saratoga Investment Corp (NYSE:SAR - Free Report) by 79.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 12,094 shares of the financial services provider's stock after selling 46,956 shares during the period. Kovitz Investment Group Partners LLC owned 0.08% of Saratoga Investment worth $306,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of SAR. Bartlett & CO. Wealth Management LLC grew its position in shares of Saratoga Investment by 300.0% during the first quarter. Bartlett & CO. Wealth Management LLC now owns 2,000 shares of the financial services provider's stock valued at $51,000 after purchasing an additional 1,500 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Saratoga Investment by 35.8% during the fourth quarter. JPMorgan Chase & Co. now owns 6,789 shares of the financial services provider's stock valued at $162,000 after purchasing an additional 1,789 shares in the last quarter. Sunbelt Securities Inc. grew its position in shares of Saratoga Investment by 36.4% during the first quarter. Sunbelt Securities Inc. now owns 6,932 shares of the financial services provider's stock valued at $176,000 after purchasing an additional 1,850 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of Saratoga Investment during the first quarter valued at about $255,000. Finally, Jane Street Group LLC purchased a new position in shares of Saratoga Investment during the fourth quarter valued at about $252,000. Hedge funds and other institutional investors own 19.09% of the company's stock.

Saratoga Investment Trading Up 0.3%

NYSE SAR traded up $0.09 during trading on Wednesday, hitting $25.52. The stock had a trading volume of 70,189 shares, compared to its average volume of 111,890. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.32 and a current ratio of 0.32. The stock has a market capitalization of $406.96 million, a price-to-earnings ratio of 10.33 and a beta of 0.64. Saratoga Investment Corp has a one year low of $21.10 and a one year high of $26.49. The stock has a 50 day simple moving average of $25.01 and a 200 day simple moving average of $24.58.

Saratoga Investment (NYSE:SAR - Get Free Report) last issued its earnings results on Tuesday, July 8th. The financial services provider reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.69 by ($0.03). The company had revenue of $35,219.96 billion for the quarter, compared to analysts' expectations of $32.75 million. Saratoga Investment had a return on equity of 12.71% and a net margin of 24.85%. Sell-side analysts predict that Saratoga Investment Corp will post 3.93 earnings per share for the current year.

Saratoga Investment Dividend Announcement

The company also recently declared a dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th were issued a $0.25 dividend. This represents a yield of 1,217.0%. The ex-dividend date of this dividend was Wednesday, August 6th. Saratoga Investment's payout ratio is currently 121.46%.

Analysts Set New Price Targets

A number of brokerages recently commented on SAR. Compass Point downgraded shares of Saratoga Investment from a "buy" rating to a "neutral" rating and lowered their price target for the company from $25.25 to $24.25 in a report on Monday, June 9th. B. Riley began coverage on shares of Saratoga Investment in a report on Tuesday, May 13th. They issued a "neutral" rating and a $23.50 price target for the company. Four analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Saratoga Investment has a consensus rating of "Hold" and an average price target of $24.25.

Saratoga Investment Profile

Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity.