JPMorgan Chase & Co. Sells 3,655 Shares of MVC Capital, Inc. (MVC)
JPMorgan Chase & Co. lessened its holdings in MVC Capital, Inc. (NYSE:MVC) by 18.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,838 shares of the investment management company’s stock after selling 3,655 shares during the quarter. JPMorgan Chase & Co. owned 0.07% of MVC Capital worth $156,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in MVC. Eagle Global Advisors LLC boosted its position in shares of MVC Capital by 2.6% in the second quarter. Eagle Global Advisors LLC now owns 39,347 shares of the investment management company’s stock valued at $388,000 after acquiring an additional 1,000 shares during the period. Legal & General Group Plc boosted its position in shares of MVC Capital by 6.3% in the second quarter. Legal & General Group Plc now owns 54,808 shares of the investment management company’s stock valued at $542,000 after acquiring an additional 3,256 shares during the period. Finally, BB&T Securities LLC boosted its position in shares of MVC Capital by 12.7% in the second quarter. BB&T Securities LLC now owns 12,638 shares of the investment management company’s stock valued at $124,000 after acquiring an additional 1,429 shares during the period. 43.49% of the stock is owned by institutional investors.
Shares of MVC Capital, Inc. (NYSE:MVC) opened at 10.80 on Friday. The stock has a 50 day moving average of $10.24 and a 200-day moving average of $9.79. MVC Capital, Inc. has a 12 month low of $8.22 and a 12 month high of $10.85.
MVC Capital announced that its Board of Directors has authorized a stock repurchase program on Friday, July 21st that permits the company to repurchase $15.00 million in shares. This repurchase authorization permits the investment management company to reacquire shares of its stock through a dutch auction. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Tuesday, October 24th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, October 23rd. This represents a $0.60 annualized dividend and a yield of 5.56%. This is a positive change from MVC Capital’s previous quarterly dividend of $0.14. MVC Capital’s dividend payout ratio (DPR) is 37.04%.
Separately, Maxim Group began coverage on shares of MVC Capital in a research report on Thursday, October 12th. They issued a “buy” rating and a $12.50 target price for the company.
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MVC Capital Profile
MVC Capital, Inc is a non-diversified closed-end management investment company. The Company’s investment objective is to seek to maximize total return from capital appreciation and/or income. The Company’s segments are its investing operations as a business development company, which includes MVC Cayman and MVC Turf, LLC and MVC Financial Services, Inc (MVCFS).
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