Nuveen Churchill Direct Lending (NYSE:NCDL) Sets New 1-Year Low - What's Next?

Key Points

• Nuveen Churchill Direct Lending (NYSE:NCDL) hit a new 52-week low, trading as low as $12.09 and ending near $12.10, reflecting continued weakness in the shares.
• Analysts have grown more cautious: several firms cut price targets or downgraded the stock, and the consensus rating is now Hold with an average target price of $15.15.
• The company recently posted mixed fundamentals, missing earnings and revenue expectations in its latest quarter, though it also declared a quarterly dividend of $0.36 per share for a 11.9% annualized yield.

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $12.09 and last traded at $12.1050, with a volume of 60062 shares. The stock had previously closed at $12.23.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Nuveen Churchill Direct Lending from $16.00 to $15.00 and set a "market perform" rating on the stock in a research report on Friday, February 27th. 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 note on Wednesday, March 4th. Wall Street Zen downgraded shares of Nuveen Churchill Direct Lending from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. Zacks Research lowered shares of Nuveen Churchill Direct Lending from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 26th. Finally, UBS Group dropped their target price on shares of Nuveen Churchill Direct Lending from $15.50 to $14.75 and set a "neutral" rating for the company in a report on Monday, May 18th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $15.15.

Nuveen Churchill Direct Lending Stock Down 0.9%

The company has a market cap of $598.31 million, a price-to-earnings ratio of 10.05 and a beta of 0.51. The company has a fifty day simple moving average of $13.38 and a two-hundred day simple moving average of $13.53.

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

Nuveen Churchill Direct Lending Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 11.9%. The ex-dividend date is Tuesday, June 30th. Nuveen Churchill Direct Lending's dividend payout ratio (DPR) is 120.00%.

Insider Transactions at Nuveen Churchill Direct Lending

In other Nuveen Churchill Direct Lending news, Treasurer Shaul Vichness purchased 5,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of $13.20 per share, for a total transaction of $66,000.00. Following the completion of the transaction, the treasurer directly owned 30,705 shares of the company's stock, valued at $405,306. This trade represents a 19.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Marissa Hassen acquired 3,782 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average cost of $13.21 per share, with a total value of $49,960.22. Following the completion of the purchase, the chief accounting officer owned 9,780 shares in the company, valued at approximately $129,193.80. This represents a 63.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.68% of the company's stock.

Institutional Investors Weigh In On Nuveen Churchill Direct Lending

Large investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets increased its position in Nuveen Churchill Direct Lending by 190.2% during the third quarter. BNP Paribas Financial Markets now owns 2,400 shares of the company's stock worth $33,000 after buying an additional 1,573 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Nuveen Churchill Direct Lending in the third quarter valued at $38,000. NewEdge Advisors LLC boosted its stake in shares of Nuveen Churchill Direct Lending by 33.0% during the second quarter. NewEdge Advisors LLC now owns 4,511 shares of the company's stock valued at $73,000 after acquiring an additional 1,118 shares during the last quarter. Quadrant Capital Group LLC acquired a new stake in shares of Nuveen Churchill Direct Lending during the third quarter valued at $80,000. Finally, State of Wyoming purchased a new stake in Nuveen Churchill Direct Lending during the 2nd quarter worth about $108,000.

Nuveen Churchill Direct Lending Company Profile

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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