Nuveen Churchill Direct Lending Corp. $NCDL is Blue Owl Capital Holdings LP's 3rd Largest Position

Key Points

• Blue Owl Capital Holdings cut its stake in Nuveen Churchill Direct Lending by 30.7% in the fourth quarter, but NCDL remains its 3rd largest holding and about 2.1% of its portfolio.
• The company reported Q1 earnings of $0.41 per share, missing estimates by a penny, while revenue of $17.15 million also came in well below analyst expectations.
• NCDL declared a quarterly dividend of $0.36 per share, equal to an annualized yield of about 11.2%, even as its payout ratio stands at 120%.

Blue Owl Capital Holdings LP lessened its stake in shares of Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Free Report) by 30.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,143,626 shares of the company's stock after selling 947,927 shares during the quarter. Nuveen Churchill Direct Lending comprises about 2.1% of Blue Owl Capital Holdings LP's holdings, making the stock its 3rd biggest holding. Blue Owl Capital Holdings LP owned 4.34% of Nuveen Churchill Direct Lending worth $28,596,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. NewEdge Wealth LLC purchased a new stake in shares of Nuveen Churchill Direct Lending during the 4th quarter worth approximately $400,000. GRIMES & Co WEALTH MANAGEMENT LLC purchased a new stake in shares of Nuveen Churchill Direct Lending during the 4th quarter worth approximately $164,000. Mutual Advisors LLC purchased a new stake in shares of Nuveen Churchill Direct Lending during the 4th quarter worth approximately $176,000. Aprio Wealth Management LLC lifted its position in shares of Nuveen Churchill Direct Lending by 0.8% during the 4th quarter. Aprio Wealth Management LLC now owns 115,053 shares of the company's stock worth $1,535,000 after buying an additional 879 shares during the last quarter. Finally, UBS Group AG lifted its position in shares of Nuveen Churchill Direct Lending by 40.0% during the 4th quarter. UBS Group AG now owns 689,050 shares of the company's stock worth $9,192,000 after buying an additional 196,956 shares during the last quarter.

Nuveen Churchill Direct Lending Price Performance

NCDL stock opened at $12.89 on Monday. The company has a fifty day moving average price of $13.52 and a 200 day moving average price of $13.76. Nuveen Churchill Direct Lending Corp. has a 12 month low of $12.43 and a 12 month high of $17.27. The company has a market cap of $636.64 million, a price-to-earnings ratio of 10.74 and a beta of 0.63.

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

Nuveen Churchill Direct Lending Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Tuesday, June 30th will be given a $0.36 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.44 annualized dividend and a yield of 11.2%. Nuveen Churchill Direct Lending's dividend payout ratio is 120.00%.

Analyst Ratings Changes

NCDL has been the subject of several recent analyst reports. Wells Fargo & Company reduced their price objective on shares of Nuveen Churchill Direct Lending from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Wednesday, March 4th. Truist Financial reduced their price objective on shares of Nuveen Churchill Direct Lending from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, March 4th. UBS Group reduced their price objective on shares of Nuveen Churchill Direct Lending from $15.50 to $14.75 and set a "neutral" rating for the company in a research report on Monday, May 18th. Wall Street Zen upgraded shares of Nuveen Churchill Direct Lending from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Finally, Keefe, Bruyette & Woods reduced their price objective 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 report on Friday, February 27th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Nuveen Churchill Direct Lending presently has an average rating of "Hold" and a consensus target price of $15.35.

Insider Transactions at Nuveen Churchill Direct Lending

In other Nuveen Churchill Direct Lending news, Director James Joseph Ritchie purchased 17,857 shares of Nuveen Churchill Direct Lending stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average price of $13.71 per share, for a total transaction of $244,819.47. Following the transaction, the director directly owned 78,193 shares in the company, valued at $1,072,026.03. This trade represents a 29.60% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Mat Linett purchased 2,000 shares of Nuveen Churchill Direct Lending stock in a transaction that occurred on Friday, March 6th. The stock was acquired at an average price of $13.05 per share, with a total value of $26,100.00. Following the transaction, the director owned 10,365 shares in the company, valued at $135,263.25. The trade was a 23.91% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 56,329 shares of company stock worth $751,066 over the last 90 days. Company insiders own 0.68% of the company's stock.

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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