Nuveen Churchill Direct Lending (NYSE:NCDL) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Nuveen Churchill Direct Lending (NYSE:NCDL) from a strong sell rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Several other research firms have also commented on NCDL. UBS Group reduced their price target on shares of Nuveen Churchill Direct Lending from $15.50 to $14.75 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Wells Fargo & Company lowered Nuveen Churchill Direct Lending from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $13.00 to $12.00 in a research report on Friday, June 12th. Finally, Wall Street Zen cut Nuveen Churchill Direct Lending from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Nuveen Churchill Direct Lending currently has a consensus rating of “Hold” and an average price target of $14.44.

Nuveen Churchill Direct Lending Trading Down 1.1%

Shares of NCDL opened at $12.51 on Tuesday. Nuveen Churchill Direct Lending has a 12-month low of $11.97 and a 12-month high of $17.11. The firm has a market capitalization of $617.92 million, a P/E ratio of 10.43 and a beta of 0.51. The firm has a 50-day moving average price of $12.74 and a 200 day moving average price of $13.28.

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

Nuveen Churchill Direct Lending Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.36 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 11.5%. Nuveen Churchill Direct Lending’s dividend payout ratio (DPR) is currently 120.00%.

Insider Activity

In related news, CAO Marissa Hassen purchased 3,782 shares of Nuveen Churchill Direct Lending 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 purchase, the chief accounting officer owned 9,780 shares of the company’s stock, valued at approximately $129,193.80. The trade was a 63.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John Mccally acquired 7,500 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was bought at an average price of $13.27 per share, for a total transaction of $99,525.00. Following the completion of the acquisition, the vice president owned 15,245 shares in the company, valued at approximately $202,301.15. The trade was a 96.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 16,282 shares of company stock valued at $215,485. Company insiders own 0.68% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. BNP Paribas Financial Markets grew its stake in shares of Nuveen Churchill Direct Lending by 190.2% in the third quarter. BNP Paribas Financial Markets now owns 2,400 shares of the company’s stock valued at $33,000 after buying an additional 1,573 shares in the last quarter. Advisory Services Network LLC acquired a new position in Nuveen Churchill Direct Lending during the 3rd quarter worth about $38,000. NewEdge Advisors LLC boosted its holdings in Nuveen Churchill Direct Lending by 33.0% during the 2nd 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 period. Quadrant Capital Group LLC purchased a new position in Nuveen Churchill Direct Lending during the 3rd quarter valued at about $80,000. Finally, State of Wyoming acquired a new position in Nuveen Churchill Direct Lending in the 2nd quarter valued at 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.