Nuveen Churchill Direct Lending (NYSE:NCDL) Sees Strong Trading Volume - Here's Why

Key Points

• NCDL trading volume surged 146% to approximately 553,173 shares, while the stock rose 2.1% to $10.59 from its prior close of $10.39.
• Analyst sentiment remains mixed, with two Buy, two Hold and one Sell rating; the consensus rating is Hold with a price target of $13.62.
• The company reported quarterly EPS of $0.41, beating estimates by $0.02, and declared a $0.36 quarterly dividend—equivalent to a 13.6% annualized yield.

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Get Free Report) shares saw unusually-high trading volume on Thursday. Approximately 553,173 shares changed hands during mid-day trading, an increase of 146% from the previous session's volume of 225,186 shares. The stock last traded at $10.59 and had previously closed at $10.39.

Analysts Set New Price Targets

NCDL has been the subject of several analyst reports. Wall Street Zen raised Nuveen Churchill Direct Lending from a "sell" rating to a "hold" rating in a research note on Saturday, July 25th. Zacks Research upgraded Nuveen Churchill Direct Lending from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods dropped their target price on Nuveen Churchill Direct Lending from $15.00 to $13.50 and set a "market perform" rating on the stock in a report on Monday, August 10th. Finally, UBS Group upgraded Nuveen Churchill Direct Lending from a "neutral" rating to a "buy" rating and cut their price target for the stock from $14.75 to $13.00 in a research note on Tuesday, September 1st. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $13.62.

Nuveen Churchill Direct Lending Stock Up 2.1%

The firm has a market cap of $524.03 million, a PE ratio of 11.17 and a beta of 0.55. The company's fifty day moving average price is $11.77 and its two-hundred day moving average price is $12.59.

Nuveen Churchill Direct Lending (NYSE:NCDL - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. The business had revenue of $11.14 million for the quarter, compared to analyst estimates of $46.72 million. Nuveen Churchill Direct Lending had a net margin of 24.44% and a return on equity of 9.60%. As a group, analysts predict that Nuveen Churchill Direct Lending Corp. will post 1.60 earnings per share for the current year.

Nuveen Churchill Direct Lending Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 27th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.36 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.44 annualized dividend and a yield of 13.6%. Nuveen Churchill Direct Lending's payout ratio is presently 151.58%.

Institutional Trading of Nuveen Churchill Direct Lending

Several hedge funds have recently modified their holdings of the business. Centurion Wealth Management LLC purchased a new stake in shares of Nuveen Churchill Direct Lending in the second quarter valued at approximately $3,879,000. NewEdge Wealth LLC raised its position in Nuveen Churchill Direct Lending by 199.3% in the first quarter. NewEdge Wealth LLC now owns 89,776 shares of the company's stock worth $1,142,000 after acquiring an additional 59,777 shares in the last quarter. Bulldog Investors LLP lifted its holdings in Nuveen Churchill Direct Lending by 29.6% in the first quarter. Bulldog Investors LLP now owns 224,822 shares of the company's stock valued at $2,860,000 after acquiring an additional 51,410 shares during the period. Renaissance Technologies LLC lifted its holdings in Nuveen Churchill Direct Lending by 28.7% in the first quarter. Renaissance Technologies LLC now owns 152,024 shares of the company's stock valued at $1,934,000 after acquiring an additional 33,918 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Nuveen Churchill Direct Lending by 23.3% in the first quarter. Bank of America Corp DE now owns 147,909 shares of the company's stock valued at $1,881,000 after acquiring an additional 27,970 shares during the period.

Nuveen Churchill Direct Lending Company Profile

Nuveen Churchill Direct Lending Corp. NYSE: NCDL is a closed-end investment company that has elected to be regulated as a business development company. The company provides financing to privately owned, primarily U.S.-based middle-market businesses.

NCDL invests mainly in senior secured loans and other debt investments, with a focus on companies that may have limited access to traditional bank financing. Its portfolio may also include unitranche loans, subordinated debt and, to a lesser extent, equity or equity-related investments.

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