Raymond James Financial Upgrades Alcentra Capital (ABDC) to Market Perform
Alcentra Capital (NASDAQ:ABDC) was upgraded by analysts at Raymond James Financial from an “underperform” rating to a “market perform” rating in a report released on Thursday, MarketBeat Ratings reports.
A number of other equities analysts have also weighed in on the company. Rowe lowered Alcentra Capital from an “outperform” rating to an “underperform” rating in a research note on Wednesday, November 8th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $9.50 target price on shares of Alcentra Capital in a research note on Friday, November 10th. ValuEngine upgraded Alcentra Capital from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. Finally, UBS Group lowered Alcentra Capital from an “outperform” rating to an “underperform” rating in a research note on Wednesday, November 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $12.83.
Shares of Alcentra Capital (ABDC) traded up $0.24 on Thursday, reaching $8.88. The company had a trading volume of 222,287 shares, compared to its average volume of 111,311. The stock has a market cap of $126.50, a PE ratio of -177.56 and a beta of 0.62. Alcentra Capital has a twelve month low of $7.00 and a twelve month high of $14.73.
Alcentra Capital declared that its Board of Directors has authorized a share repurchase program on Monday, November 6th that allows the company to repurchase $2.50 million in outstanding shares. This repurchase authorization allows the asset manager to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other Alcentra Capital news, Director Steven H. Reiff bought 6,900 shares of the firm’s stock in a transaction on Monday, November 13th. The shares were acquired at an average cost of $7.23 per share, for a total transaction of $49,887.00. Following the purchase, the director now directly owns 35,246 shares of the company’s stock, valued at $254,828.58. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Paul J. Echausse sold 10,000 shares of the company’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $7.45, for a total value of $74,500.00. Following the completion of the transaction, the director now owns 58,946 shares in the company, valued at $439,147.70. The disclosure for this sale can be found here. Insiders acquired a total of 11,730 shares of company stock worth $83,956 over the last 90 days. Corporate insiders own 4.96% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Muzinich & Co. Inc. increased its position in shares of Alcentra Capital by 34.7% during the 2nd quarter. Muzinich & Co. Inc. now owns 610,164 shares of the asset manager’s stock valued at $8,292,000 after purchasing an additional 157,251 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Alcentra Capital by 45.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 242,865 shares of the asset manager’s stock valued at $3,300,000 after purchasing an additional 76,115 shares during the last quarter. Wasatch Advisors Inc. increased its position in shares of Alcentra Capital by 82.9% during the 3rd quarter. Wasatch Advisors Inc. now owns 34,124 shares of the asset manager’s stock valued at $365,000 after purchasing an additional 15,469 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in shares of Alcentra Capital during the 2nd quarter valued at about $219,000. Finally, Carnegie Capital Asset Management LLC increased its position in shares of Alcentra Capital by 8.1% during the 2nd quarter. Carnegie Capital Asset Management LLC now owns 20,011 shares of the asset manager’s stock valued at $232,000 after purchasing an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 32.06% of the company’s stock.
About Alcentra Capital
Alcentra Capital Corporation is a specialty finance company that operates as a non-diversified, closed-end management investment company. The Company operates as a business development company and a regulated investment company. It provides customized debt and equity financing solutions to lower middle-market companies, which are companies having annual earnings, before interest, taxes, depreciation and amortization of between $5 million and $15 million, and/or revenues of between $10 million and $100 million.
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