Monroe Capital (MRCC) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Monroe Capital (NASDAQ:MRCC) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $14.00 target price on the financial services provider’s stock.
According to Zacks, “Monroe Capital Corporation is a non-diversified closed-end management investment company focused on providing financing primarily to lower middle-market companies in the United States and Canada. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through investments in senior, unitranche and junior secured debt and unsecured debt and equity investments. Monroe Capital Corporation is headquartered in Chicago. “
Other equities analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of Monroe Capital from a strong sell rating to a sell rating in a research report on Wednesday, December 5th. National Securities reiterated a neutral rating and issued a $13.00 target price on shares of Monroe Capital in a research report on Thursday, March 7th. TheStreet cut shares of Monroe Capital from a b- rating to a c rating in a research report on Friday, November 16th. Finally, BidaskClub cut shares of Monroe Capital from a buy rating to a hold rating in a research report on Thursday, February 28th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $13.13.
Monroe Capital (NASDAQ:MRCC) last posted its quarterly earnings data on Tuesday, March 5th. The financial services provider reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Monroe Capital had a net margin of 10.02% and a return on equity of 11.96%. As a group, equities analysts forecast that Monroe Capital will post 1.49 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 11.28%. The ex-dividend date is Thursday, March 14th. Monroe Capital’s payout ratio is 89.17%.
In other news, Chairman Theodore L. Koenig acquired 10,700 shares of the firm’s stock in a transaction on Friday, December 21st. The shares were purchased at an average price of $9.34 per share, for a total transaction of $99,938.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Aaron Daniel Peck acquired 4,500 shares of the firm’s stock in a transaction on Monday, December 24th. The stock was purchased at an average price of $9.20 per share, for a total transaction of $41,400.00. Following the transaction, the chief financial officer now directly owns 10,436 shares of the company’s stock, valued at approximately $96,011.20. The disclosure for this purchase can be found here. Insiders acquired 16,400 shares of company stock worth $152,978 in the last 90 days. Corporate insiders own 1.90% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MRCC. Cliffwater LLC increased its position in shares of Monroe Capital by 65.0% in the third quarter. Cliffwater LLC now owns 210,642 shares of the financial services provider’s stock valued at $2,858,000 after acquiring an additional 82,987 shares during the period. BlackRock Inc. boosted its stake in shares of Monroe Capital by 10.0% during the 3rd quarter. BlackRock Inc. now owns 98,961 shares of the financial services provider’s stock valued at $1,343,000 after purchasing an additional 8,959 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Monroe Capital by 73.1% during the 3rd quarter. Mackenzie Financial Corp now owns 36,387 shares of the financial services provider’s stock valued at $494,000 after purchasing an additional 15,369 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Monroe Capital by 16.3% during the 4th quarter. Oppenheimer & Co. Inc. now owns 79,199 shares of the financial services provider’s stock valued at $760,000 after purchasing an additional 11,091 shares in the last quarter. Finally, CFO4Life Group LLC bought a new stake in shares of Monroe Capital during the 4th quarter valued at about $112,000. Hedge funds and other institutional investors own 23.78% of the company’s stock.
About Monroe Capital
Monroe Capital Corporation is a business development company specializing in senior, unitranche and junior secured debt and to a lesser extent, unsecured debt and equity investments, and buyouts in middle-market companies. The fund prefers to invest in casinos and gaming, broadcasting, publishing, alcoholic beverage and tobacco distribution, oil and gas, insurance, pharmaceuticals and bio sciences, aerospace and defense, commercial printing, natural rubber, glass, container and packaging, metals and mining, and real estate.
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