ValuEngine upgraded shares of Saratoga Investment (NYSE:SAR) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.
Several other analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Saratoga Investment from a hold rating to a sell rating in a research report on Friday, March 2nd. Compass Point downgraded shares of Saratoga Investment from a buy rating to a neutral rating in a research report on Tuesday, May 29th. B. Riley started coverage on shares of Saratoga Investment in a research report on Tuesday, March 27th. They set a buy rating and a $23.50 price objective on the stock. Finally, National Securities reissued a neutral rating and set a $24.00 price objective on shares of Saratoga Investment in a research report on Wednesday, May 16th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Saratoga Investment currently has a consensus rating of Buy and an average price target of $24.13.
NYSE:SAR opened at $27.69 on Tuesday. The stock has a market capitalization of $171.70 million, a PE ratio of 12.20 and a beta of 0.21. Saratoga Investment has a 1-year low of $19.62 and a 1-year high of $28.30.
Saratoga Investment (NYSE:SAR) last released its earnings results on Tuesday, May 15th. The financial services provider reported $0.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.36. The firm had revenue of $10.13 million for the quarter, compared to the consensus estimate of $9.59 million. Saratoga Investment had a net margin of 45.78% and a return on equity of 10.46%. research analysts anticipate that Saratoga Investment will post 2.23 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 27th. Investors of record on Friday, June 15th were given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 7.37%. This is an increase from Saratoga Investment’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, June 14th. Saratoga Investment’s dividend payout ratio is 89.87%.
In related news, major shareholder Elizabeth Oberbeck sold 60,000 shares of the stock in a transaction dated Monday, June 25th. The shares were sold at an average price of $25.53, for a total transaction of $1,531,800.00. Following the sale, the insider now directly owns 684,183 shares of the company’s stock, valued at approximately $17,467,191.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Christian L. Oberbeck purchased 40,061 shares of the company’s stock in a transaction dated Wednesday, May 23rd. The shares were bought at an average cost of $22.45 per share, for a total transaction of $899,369.45. Following the acquisition, the chief executive officer now owns 578,007 shares in the company, valued at $12,976,257.15. The disclosure for this purchase can be found here. Corporate insiders own 32.00% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in SAR. Macquarie Group Ltd. boosted its holdings in shares of Saratoga Investment by 346.5% during the 4th quarter. Macquarie Group Ltd. now owns 36,027 shares of the financial services provider’s stock valued at $806,000 after acquiring an additional 27,959 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of Saratoga Investment during the 4th quarter valued at about $365,000. Black Diamond Capital Management L.L.C. boosted its holdings in shares of Saratoga Investment by 2.1% during the 1st quarter. Black Diamond Capital Management L.L.C. now owns 728,454 shares of the financial services provider’s stock valued at $15,159,000 after acquiring an additional 15,094 shares during the last quarter. Stratos Wealth Partners LTD. purchased a new stake in shares of Saratoga Investment during the 1st quarter valued at about $155,000. Finally, Wells Fargo & Company MN boosted its holdings in shares of Saratoga Investment by 48.9% during the 4th quarter. Wells Fargo & Company MN now owns 12,802 shares of the financial services provider’s stock valued at $286,000 after acquiring an additional 4,204 shares during the last quarter. 16.27% of the stock is currently owned by hedge funds and other institutional investors.
Saratoga Investment Company Profile
Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity.
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