Nuveen Churchill Direct Lending (NYSE:NCDL) Sets New 52-Week Low - Here's What Happened

Key Points

• Nuveen Churchill Direct Lending shares hit a new 52-week low of $11.58 and last traded at $11.66, down 1.6% on the day.
• Analyst sentiment remains mixed but centers on a “Hold” rating, with a consensus price target of $13.62; Wells Fargo and Keefe, Bruyette & Woods recently cut their targets.
• The company reported quarterly EPS of $0.41, beating estimates, and declared a $0.36-per-share dividend, representing a 12.5% annualized yield despite a payout ratio above 150%.

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $11.58 and last traded at $11.66, with a volume of 6482 shares traded. The stock had previously closed at $11.70.

Wall Street Analyst Weigh In

A number of research firms have commented on NCDL. Wall Street Zen upgraded Nuveen Churchill Direct Lending from a "sell" rating to a "hold" rating in a research report on Saturday, July 25th. Wells Fargo & Company lowered shares of Nuveen Churchill Direct Lending from an "equal weight" rating to an "underweight" rating and lowered their price target for the stock from $13.00 to $12.00 in a report on Friday, June 12th. Keefe, Bruyette & Woods reduced their price objective on shares of Nuveen Churchill Direct Lending from $15.00 to $13.50 and set a "market perform" rating on the stock in a research note on Monday, August 10th. Zacks Research upgraded shares of Nuveen Churchill Direct Lending from a "strong sell" rating to a "hold" rating in a research report on Tuesday, July 21st. Finally, UBS Group upgraded shares of Nuveen Churchill Direct Lending from a "neutral" rating to a "buy" rating and dropped their target price for the company from $14.75 to $13.00 in a report on Tuesday, September 1st. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $13.62.

Nuveen Churchill Direct Lending Stock Down 1.6%

The firm has a market capitalization of $568.87 million, a P/E ratio of 12.15 and a beta of 0.52. The company's 50 day moving average is $12.34 and its 200-day moving average is $12.87.

Nuveen Churchill Direct Lending (NYSE:NCDL - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $11.14 million during the quarter, compared to the consensus estimate of $46.72 million. Nuveen Churchill Direct Lending had a net margin of 24.44% and a return on equity of 9.60%. On average, analysts predict that Nuveen Churchill Direct Lending Corp. will post 1.6 EPS for the current fiscal year.

Nuveen Churchill Direct Lending Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 27th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.36 per share. The ex-dividend date is Wednesday, September 30th. This represents a $1.44 annualized dividend and a dividend yield of 12.5%. Nuveen Churchill Direct Lending's payout ratio is currently 151.58%.

Hedge Funds Weigh In On Nuveen Churchill Direct Lending

A number of large investors have recently modified their holdings of the company. Centurion Wealth Management LLC bought a new stake in Nuveen Churchill Direct Lending during the 2nd quarter valued at $3,879,000. Hennion & Walsh Asset Management Inc. increased its position in shares of Nuveen Churchill Direct Lending by 2.9% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 442,680 shares of the company's stock worth $5,498,000 after acquiring an additional 12,646 shares in the last quarter. Bank of America Corp DE increased its position in shares of Nuveen Churchill Direct Lending by 23.3% during the first quarter. Bank of America Corp DE now owns 147,909 shares of the company's stock worth $1,881,000 after acquiring an additional 27,970 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Nuveen Churchill Direct Lending by 28.7% in the 1st quarter. Renaissance Technologies LLC now owns 152,024 shares of the company's stock worth $1,934,000 after acquiring an additional 33,918 shares during the last quarter. Finally, Lido Advisors LLC lifted its position in Nuveen Churchill Direct Lending by 19.9% in the 1st quarter. Lido Advisors LLC now owns 53,788 shares of the company's stock valued at $705,000 after acquiring an additional 8,932 shares in the last quarter.

About Nuveen Churchill Direct Lending

Nuveen Churchill Direct Lending Corp. is a business development company (BDC) that provides financing to privately owned, middle-market companies. The company seeks to generate income primarily through investments in senior secured loans and other debt securities, while also pursuing capital appreciation through selected equity and equity-related investments.

Its portfolio generally consists of direct investments in companies operating across a range of industries, with an emphasis on established businesses that may require financing for acquisitions, recapitalizations, refinancings, growth initiatives, or other corporate purposes.

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