Brokerages Set Saratoga Investment Corp. (NYSE:SAR) Price Target at $23.75
Saratoga Investment Corp. (NYSE:SAR) has been assigned an average recommendation of “Buy” from the nine brokerages that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $23.75.
SAR has been the topic of a number of analyst reports. LADENBURG THALM/SH SH lifted their target price on shares of Saratoga Investment from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, January 7th. B. Riley reiterated a “buy” rating on shares of Saratoga Investment in a research report on Monday, February 22nd. Hovde Group began coverage on shares of Saratoga Investment in a research report on Friday, March 5th. They set an “outperform” rating and a $29.00 price target for the company. Finally, Janney Montgomery Scott upgraded shares of Saratoga Investment from a “neutral” rating to a “buy” rating in a research report on Thursday, January 7th.
Hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN grew its holdings in shares of Saratoga Investment by 16.2% in the third quarter. Wells Fargo & Company MN now owns 56,293 shares of the financial services provider’s stock valued at $946,000 after purchasing an additional 7,848 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Saratoga Investment in the fourth quarter valued at approximately $335,000. Advisors Asset Management Inc. grew its holdings in Saratoga Investment by 23.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 97,342 shares of the financial services provider’s stock worth $1,634,000 after acquiring an additional 18,341 shares in the last quarter. Black Diamond Capital Management L.L.C. grew its holdings in Saratoga Investment by 2.4% during the 3rd quarter. Black Diamond Capital Management L.L.C. now owns 890,739 shares of the financial services provider’s stock worth $14,956,000 after acquiring an additional 20,504 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Saratoga Investment by 4.7% during the 3rd quarter. Morgan Stanley now owns 44,588 shares of the financial services provider’s stock worth $749,000 after acquiring an additional 2,020 shares in the last quarter. Hedge funds and other institutional investors own 21.63% of the company’s stock.
Saratoga Investment (NYSE:SAR) last issued its earnings results on Thursday, January 7th. The financial services provider reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Saratoga Investment had a net margin of 54.72% and a return on equity of 7.97%. The company had revenue of $14.28 million for the quarter, compared to the consensus estimate of $12.61 million. Sell-side analysts expect that Saratoga Investment will post 2.23 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 22nd. Investors of record on Thursday, April 8th will be issued a $0.43 dividend. The ex-dividend date is Wednesday, April 7th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 6.79%. This is a boost from Saratoga Investment’s previous quarterly dividend of $0.42. Saratoga Investment’s payout ratio is 67.47%.
About Saratoga Investment
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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