State of Michigan Retirement System Purchases Shares of 6,566,762 Kayne Anderson BDC, Inc. $KBDC

Key Points

• State of Michigan Retirement System bought 6,566,762 shares of Kayne Anderson BDC (KBDC) in Q4—an approximate $94.04 million purchase that left the fund with about 9.60% ownership.
• Kayne Anderson BDC pays a quarterly dividend of $0.40 ($1.60 annualized) for an 11.2% yield$0.44, beating estimates of $0.41.
• KBDC has a market cap around $949M with a P/E of 10.72, and analysts rate the stock a "Moderate Buy" with an average price target of $15.13 (three Buys, one Hold).

State of Michigan Retirement System purchased a new position in Kayne Anderson BDC, Inc. (NYSE:KBDC - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 6,566,762 shares of the company's stock, valued at approximately $94,036,000. State of Michigan Retirement System owned about 9.60% of Kayne Anderson BDC at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UBS Group AG raised its position in shares of Kayne Anderson BDC by 265.0% during the fourth quarter. UBS Group AG now owns 576,812 shares of the company's stock valued at $8,260,000 after buying an additional 418,789 shares during the last quarter. Catalina Capital Group LLC acquired a new stake in Kayne Anderson BDC during the fourth quarter worth about $220,000. Adams Asset Advisors LLC acquired a new stake in Kayne Anderson BDC during the fourth quarter worth about $291,000. Hennion & Walsh Asset Management Inc. increased its stake in Kayne Anderson BDC by 22.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 49,544 shares of the company's stock valued at $709,000 after acquiring an additional 9,063 shares during the period. Finally, Alpine Global Management LLC bought a new position in Kayne Anderson BDC during the third quarter valued at about $706,000.

Kayne Anderson BDC Stock Up 0.0%

Shares of KBDC opened at $14.26 on Monday. The stock has a market cap of $948.96 million, a price-to-earnings ratio of 10.72 and a beta of 0.04. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.01. Kayne Anderson BDC, Inc. has a 12 month low of $13.06 and a 12 month high of $16.40. The company has a 50-day moving average price of $13.97 and a two-hundred day moving average price of $14.37.

Kayne Anderson BDC (NYSE:KBDC - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.03. Kayne Anderson BDC had a net margin of 39.74% and a return on equity of 10.23%. The business had revenue of $33.44 million during the quarter, compared to analysts' expectations of $56.48 million. Equities analysts predict that Kayne Anderson BDC, Inc. will post 1.6 EPS for the current fiscal year.

Kayne Anderson BDC Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 16th. Stockholders of record on Tuesday, March 31st were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 11.2%. Kayne Anderson BDC's dividend payout ratio (DPR) is presently 120.30%.

Insider Activity

In other Kayne Anderson BDC news, Director George E. Marucci, Jr. bought 9,000 shares of Kayne Anderson BDC stock in a transaction dated Friday, March 6th. The shares were acquired at an average cost of $13.74 per share, with a total value of $123,660.00. Following the acquisition, the director directly owned 10,000 shares of the company's stock, valued at $137,400. The trade was a 900.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.20% of the company's stock.

Wall Street Analyst Weigh In

KBDC has been the subject of a number of research reports. Keefe, Bruyette & Woods reduced their price objective on Kayne Anderson BDC from $16.00 to $15.50 and set an "outperform" rating for the company in a research report on Wednesday, March 4th. UBS Group boosted their price objective on Kayne Anderson BDC from $14.50 to $15.00 and gave the company a "neutral" rating in a research report on Monday, April 20th. Finally, Wells Fargo & Company cut their target price on Kayne Anderson BDC from $15.00 to $14.00 and set an "overweight" rating for the company in a research note on Wednesday, March 4th. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Kayne Anderson BDC has an average rating of "Moderate Buy" and an average price target of $15.13.

About Kayne Anderson BDC

Kayne Anderson BDC, Inc NYSE: KBDC is a closed-end, non-diversified management investment company structured as a business development company under the Investment Company Act of 1940. The firm focuses on providing bespoke financing solutions to U.S. middle-market companies, offering first-lien and second-lien secured loans, unitranche facilities, mezzanine debt and selected equity co-investments. KBDC targets businesses with EBITDA profiles generally ranging from $10 million to $100 million, aiming to generate attractive income and potential capital appreciation for shareholders.

The company's portfolio spans a variety of sectors, including healthcare, technology, energy services, consumer products and industrials.

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