PineBridge Investments L.P. Boosts Stake in Medley Capital Corp. (MCC)
PineBridge Investments L.P. increased its position in Medley Capital Corp. (NYSE:MCC) by 37.6% during the second quarter, Holdings Channel reports. The institutional investor owned 17,227 shares of the investment management company’s stock after buying an additional 4,711 shares during the period. PineBridge Investments L.P.’s holdings in Medley Capital Corp. were worth $115,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of MCC. Dynamic Technology Lab Private Ltd bought a new position in shares of Medley Capital Corp. during the second quarter worth $291,000. Ameriprise Financial Inc. raised its position in Medley Capital Corp. by 2.8% in the second quarter. Ameriprise Financial Inc. now owns 56,679 shares of the investment management company’s stock valued at $380,000 after buying an additional 1,558 shares during the period. Janney Montgomery Scott LLC raised its position in Medley Capital Corp. by 43.8% in the second quarter. Janney Montgomery Scott LLC now owns 400,342 shares of the investment management company’s stock valued at $3,011,000 after buying an additional 121,971 shares during the period. Cambridge Investment Research Advisors Inc. raised its position in Medley Capital Corp. by 8.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 172,378 shares of the investment management company’s stock valued at $1,155,000 after buying an additional 13,888 shares during the period. Finally, Orinda Asset Management LLC acquired a new position in Medley Capital Corp. during the second quarter valued at approximately $618,000. Hedge funds and other institutional investors own 28.30% of the company’s stock.
Medley Capital Corp. (NYSE:MCC) opened at 7.69 on Thursday. The company has a 50-day moving average of $7.54 and a 200 day moving average of $7.01. Medley Capital Corp. has a 1-year low of $5.26 and a 1-year high of $8.19.
Medley Capital Corp. (NYSE:MCC) last announced its quarterly earnings results on Tuesday, August 9th. The investment management company reported $0.26 earnings per share for the quarter, meeting the consensus estimate of $0.26. The firm had revenue of $28.41 million for the quarter, compared to analysts’ expectations of $30.15 million. Medley Capital Corp. had a negative net margin of 31.75% and a positive return on equity of 10.43%. The company’s revenue was down 21.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS. On average, equities analysts predict that Medley Capital Corp. will post $0.96 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Wednesday, August 24th were given a dividend of $0.22 per share. The ex-dividend date was Monday, August 22nd. This represents a $0.88 annualized dividend and a dividend yield of 11.44%. Medley Capital Corp.’s payout ratio is -122.22%.
Several research firms have commented on MCC. Jefferies Group reiterated a “hold” rating on shares of Medley Capital Corp. in a research report on Friday, August 12th. Zacks Investment Research lowered shares of Medley Capital Corp. from a “hold” rating to a “strong sell” rating in a research report on Thursday, August 11th. FBR & Co reiterated a “hold” rating on shares of Medley Capital Corp. in a research report on Wednesday, August 10th. Finally, National Securities reiterated a “neutral” rating and set a $7.00 price objective on shares of Medley Capital Corp. in a research report on Thursday, August 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $7.67.
In other news, Director Seth Taube purchased 239,947 shares of the stock in a transaction dated Tuesday, August 16th. The shares were purchased at an average price of $7.44 per share, with a total value of $1,785,205.68. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Brook Taube purchased 20,000 shares of the stock in a transaction dated Thursday, September 1st. The shares were purchased at an average cost of $7.49 per share, for a total transaction of $149,800.00. The disclosure for this purchase can be found here. Insiders own 0.74% of the company’s stock.
About Medley Capital Corp.
Medley Capital Corporation is a non-diversified closed-end management investment company. The Company’s investment objective is to generate current income and capital appreciation by lending directly to privately held middle market companies, primarily through directly originated transactions to help these companies expand their business, refinance and make acquisitions.
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