Nuveen Churchill Direct Lending (NYSE:NCDL) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research cut shares of Nuveen Churchill Direct Lending (NYSE:NCDL) from a hold rating to a strong sell rating in a research report sent to investors on Tuesday morning,Zacks.com reports.

NCDL has been the topic of several other research reports. Wall Street Zen raised Nuveen Churchill Direct Lending from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. UBS Group cut their target price on Nuveen Churchill Direct Lending from $15.50 to $14.75 and set a “neutral” rating on the stock in a research report on Monday, May 18th. Wells Fargo & Company cut their target price on Nuveen Churchill Direct Lending from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 4th. Truist Financial cut their target price on Nuveen Churchill Direct Lending from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. Finally, Keefe, Bruyette & Woods cut their target price on Nuveen Churchill Direct Lending from $16.00 to $15.00 and set a “market perform” rating on the stock in a research report on Friday, February 27th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nuveen Churchill Direct Lending currently has an average rating of “Hold” and a consensus price target of $15.35.

Nuveen Churchill Direct Lending Stock Performance

Shares of NYSE NCDL opened at $12.90 on Tuesday. Nuveen Churchill Direct Lending has a fifty-two week low of $12.43 and a fifty-two week high of $17.27. The firm has a market capitalization of $637.28 million, a PE ratio of 10.75 and a beta of 0.63. The stock’s 50-day simple moving average is $13.51 and its 200-day simple moving average is $13.73.

Nuveen Churchill Direct Lending (NYSE:NCDL) last issued its earnings results on Thursday, May 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). Nuveen Churchill Direct Lending had a return on equity of 9.80% and a net margin of 29.56%.The business had revenue of $17.15 million for the quarter, compared to analyst estimates of $47.79 million. On average, sell-side analysts forecast that Nuveen Churchill Direct Lending will post 1.6 earnings per share for the current fiscal year.

Nuveen Churchill Direct Lending Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 11.2%. The ex-dividend date is Tuesday, June 30th. Nuveen Churchill Direct Lending’s dividend payout ratio (DPR) is currently 120.00%.

Insider Activity

In other news, CAO Marissa Hassen purchased 3,782 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average price of $13.21 per share, for a total transaction of $49,960.22. Following the purchase, the chief accounting officer directly owned 9,780 shares of the company’s stock, valued at $129,193.80. This represents a 63.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jason Strife purchased 7,690 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were purchased at an average price of $13.40 per share, for a total transaction of $103,046.00. Following the purchase, the insider directly owned 15,737 shares in the company, valued at $210,875.80. The trade was a 95.56% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 56,329 shares of company stock worth $751,066 over the last ninety days. 0.68% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in shares of Nuveen Churchill Direct Lending by 23.3% in the 1st quarter. Bank of America Corp DE now owns 147,909 shares of the company’s stock valued at $1,881,000 after purchasing an additional 27,970 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Nuveen Churchill Direct Lending by 28.7% in the 1st quarter. Renaissance Technologies LLC now owns 152,024 shares of the company’s stock valued at $1,934,000 after purchasing an additional 33,918 shares during the last quarter. Lido Advisors LLC grew its stake in shares of Nuveen Churchill Direct Lending by 19.9% in the 1st quarter. Lido Advisors LLC now owns 53,788 shares of the company’s stock valued at $705,000 after purchasing an additional 8,932 shares during the last quarter. NewEdge Wealth LLC grew its stake in shares of Nuveen Churchill Direct Lending by 199.3% in the 1st quarter. NewEdge Wealth LLC now owns 89,776 shares of the company’s stock valued at $1,142,000 after purchasing an additional 59,777 shares during the last quarter. Finally, Bulldog Investors LLP grew its stake in shares of Nuveen Churchill Direct Lending by 29.6% in the 1st quarter. Bulldog Investors LLP now owns 224,822 shares of the company’s stock valued at $2,860,000 after purchasing an additional 51,410 shares during the last quarter.

Nuveen Churchill Direct Lending Company Profile

Nuveen Churchill Direct Lending (NYSE:NCDL) is a closed-end management investment company that seeks to provide shareholders with attractive risk-adjusted returns through a diversified portfolio of direct lending instruments. Established in early 2022, NCDL focuses on privately negotiated debt investments in middle-market companies, primarily within the United States. The fund offers investors access to a segment of the credit markets that has historically been less correlated with public debt markets, aiming to capture yield premiums associated with private lending.

The fund’s investment strategy centers on senior secured loans, unitranche financings and selectively structured mezzanine debt.