Harvest Capital Credit Corp Declares Dividend of $0.10 (HCAP)
Harvest Capital Credit Corp (NASDAQ:HCAP) announced a dividend on Wednesday, August 1st, NASDAQ reports. Shareholders of record on Thursday, September 20th will be paid a dividend of 0.095 per share by the investment management company on Thursday, September 27th. The ex-dividend date of this dividend is Wednesday, September 19th.
Harvest Capital Credit has a dividend payout ratio of 118.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Harvest Capital Credit to earn $1.12 per share next year, which means the company may not be able to cover its $1.14 annual dividend with an expected future payout ratio of 101.8%.
Shares of HCAP opened at $11.28 on Tuesday. The firm has a market cap of $71.97 million, a price-to-earnings ratio of 10.23 and a beta of 0.76. The company has a quick ratio of 5.70, a current ratio of 5.70 and a debt-to-equity ratio of 0.63. Harvest Capital Credit has a 1-year low of $9.90 and a 1-year high of $13.92.
A number of brokerages have weighed in on HCAP. Zacks Investment Research lowered shares of Harvest Capital Credit from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. TheStreet upgraded shares of Harvest Capital Credit from a “c+” rating to a “b-” rating in a research note on Wednesday, July 18th. Finally, ValuEngine lowered shares of Harvest Capital Credit from a “hold” rating to a “sell” rating in a research note on Saturday, June 2nd. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Harvest Capital Credit has an average rating of “Hold” and a consensus price target of $12.00.
In related news, CEO Joseph A. Jolson acquired 3,059 shares of Harvest Capital Credit stock in a transaction dated Thursday, June 28th. The stock was purchased at an average cost of $10.50 per share, for a total transaction of $32,119.50. Following the purchase, the chief executive officer now directly owns 20,000 shares of the company’s stock, valued at approximately $210,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph A. Jolson acquired 46,511 shares of Harvest Capital Credit stock in a transaction dated Tuesday, June 26th. The stock was bought at an average price of $10.45 per share, with a total value of $486,039.95. Following the completion of the purchase, the chief executive officer now directly owns 20,000 shares in the company, valued at $209,000. The disclosure for this purchase can be found here. Insiders bought a total of 50,012 shares of company stock valued at $522,770 over the last 90 days. 9.30% of the stock is currently owned by company insiders.
About Harvest Capital Credit
Harvest Capital Credit Corporation is a business development company providing structured credit to small businesses and specializing in leveraged buyouts, add-on acquisitions, recapitalizations, growth financings and debt refinancing investments. It prefers to invest in North America-based companies.
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