Saratoga Investment Corp. (SAR) Reaches New 52-Week High After Dividend Announcement
Shares of Saratoga Investment Corp. (NYSE:SAR) hit a new 52-week high on Thursday after the company announced a dividend. The stock traded as high as $18.79 and last traded at $18.52, with a volume of 20,676 shares traded. The stock had previously closed at $18.37.
The newly announced dividend which will be paid on Wednesday, November 9th. Stockholders of record on Monday, October 31st will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 9.66%. This is a boost from Saratoga Investment Corp.’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Thursday, October 27th. Saratoga Investment Corp.’s dividend payout ratio is presently 129.32%.
A number of analysts recently weighed in on the company. Zacks Investment Research downgraded Saratoga Investment Corp. from a “hold” rating to a “sell” rating in a report on Friday, September 16th. Compass Point assumed coverage on Saratoga Investment Corp. in a report on Tuesday, July 26th. They issued a “neutral” rating and a $18.00 price objective for the company.
The firm’s 50 day moving average price is $18.04 and its 200-day moving average price is $17.08. The company has a market capitalization of $104.60 million, a price-to-earnings ratio of 13.67 and a beta of 0.39.
Saratoga Investment Corp. (NYSE:SAR) last released its quarterly earnings results on Wednesday, October 12th. The company reported $0.45 EPS for the quarter, meeting analysts’ consensus estimates of $0.45. Saratoga Investment Corp. had a net margin of 24.83% and a return on equity of 9.23%. Analysts anticipate that Saratoga Investment Corp. will post $1.91 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Orinda Asset Management LLC purchased a new position in Saratoga Investment Corp. during the second quarter worth approximately $193,000. Legal & General Group Plc raised its position in Saratoga Investment Corp. by 2.7% in the second quarter. Legal & General Group Plc now owns 11,712 shares of the company’s stock worth $197,000 after buying an additional 303 shares during the period. Ameriprise Financial Inc. raised its position in Saratoga Investment Corp. by 1.5% in the second quarter. Ameriprise Financial Inc. now owns 18,129 shares of the company’s stock worth $306,000 after buying an additional 265 shares during the period. Mendon Capital Advisors Corp increased its stake in Saratoga Investment Corp. by 2.7% in the second quarter. Mendon Capital Advisors Corp now owns 55,753 shares of the company’s stock worth $942,000 after buying an additional 1,443 shares in the last quarter. Finally, Relative Value Partners Group LLC increased its stake in Saratoga Investment Corp. by 8.7% in the second quarter. Relative Value Partners Group LLC now owns 86,816 shares of the company’s stock worth $1,432,000 after buying an additional 6,949 shares in the last quarter. Hedge funds and other institutional investors own 20.45% of the company’s stock.
Saratoga Investment Corp. Company Profile
Saratoga Investment Corp. is a specialty finance company. The Company is an externally managed, closed-end, non-diversified management investment company. The Company invests primarily in leveraged loans and mezzanine debt issued by private middle-market companies in the United States. Its investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.
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