Virtus ETF Advisers LLC acquired a new stake in shares of Saratoga Investment Corp (NYSE:SAR) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 76,116 shares of the financial services provider’s stock, valued at approximately $1,879,000. Virtus ETF Advisers LLC owned approximately 0.87% of Saratoga Investment as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in SAR. NEXT Financial Group Inc purchased a new position in Saratoga Investment during the second quarter valued at approximately $49,000. Advisors Asset Management Inc. purchased a new position in Saratoga Investment during the first quarter valued at approximately $198,000. Wiley BROS. Aintree Capital LLC purchased a new position in Saratoga Investment during the second quarter valued at approximately $225,000. Ahrens Investment Partners LLC grew its position in Saratoga Investment by 25.6% during the second quarter. Ahrens Investment Partners LLC now owns 11,300 shares of the financial services provider’s stock valued at $279,000 after purchasing an additional 2,300 shares in the last quarter. Finally, Advantage Investment Management LLC purchased a new position in Saratoga Investment during the second quarter valued at approximately $304,000. 17.09% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on SAR shares. Aegis started coverage on shares of Saratoga Investment in a research report on Thursday, August 29th. They set a “buy” rating and a $26.00 price objective on the stock. Zacks Investment Research downgraded shares of Saratoga Investment from a “hold” rating to a “sell” rating in a research report on Thursday. Maxim Group reissued a “buy” rating and issued a $27.00 target price on shares of Saratoga Investment in a research report on Friday, July 12th. B. Riley set a $26.00 target price on shares of Saratoga Investment and gave the stock a “buy” rating in a research report on Wednesday, August 21st. Finally, National Securities reissued a “neutral” rating and issued a $24.00 target price on shares of Saratoga Investment in a research report on Friday, May 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Saratoga Investment currently has an average rating of “Hold” and a consensus price target of $25.83.
Saratoga Investment (NYSE:SAR) last issued its quarterly earnings data on Wednesday, July 10th. The financial services provider reported $0.60 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. Saratoga Investment had a net margin of 44.66% and a return on equity of 10.75%. The business had revenue of $12.75 million during the quarter, compared to analysts’ expectations of $12.21 million. On average, analysts predict that Saratoga Investment Corp will post 2.37 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Friday, September 13th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 8.97%. This is a boost from Saratoga Investment’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Thursday, September 12th. Saratoga Investment’s payout ratio is presently 83.65%.
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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