Raymond James Financial Inc. purchased a new stake in shares of Saratoga Investment Corp. (NYSE:SAR - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 34,032 shares of the financial services provider's stock, valued at approximately $814,000. Raymond James Financial Inc. owned approximately 0.24% of Saratoga Investment at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of the business. Kovitz Investment Group Partners LLC purchased a new stake in shares of Saratoga Investment during the third quarter worth $1,450,000. PVG Asset Management Corp purchased a new stake in Saratoga Investment during the 3rd quarter worth about $236,000. Janney Montgomery Scott LLC bought a new position in Saratoga Investment in the 4th quarter worth about $212,000. Hennion & Walsh Asset Management Inc. grew its holdings in Saratoga Investment by 4.8% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 144,817 shares of the financial services provider's stock valued at $3,464,000 after buying an additional 6,632 shares in the last quarter. Finally, JPMorgan Chase & Co. bought a new stake in shares of Saratoga Investment during the third quarter valued at about $116,000. 19.09% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts recently commented on the stock. StockNews.com cut shares of Saratoga Investment from a "buy" rating to a "hold" rating in a research note on Tuesday, April 1st. Compass Point decreased their price target on shares of Saratoga Investment from $26.25 to $25.25 and set a "buy" rating on the stock in a report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $25.08.
View Our Latest Stock Analysis on Saratoga Investment
Saratoga Investment Price Performance
Saratoga Investment stock traded down $0.62 during mid-day trading on Thursday, hitting $22.34. 87,705 shares of the company traded hands, compared to its average volume of 85,449. The stock has a fifty day moving average price of $24.59 and a 200-day moving average price of $24.42. The stock has a market cap of $320.49 million, a price-to-earnings ratio of 9.01 and a beta of 0.94. Saratoga Investment Corp. has a one year low of $21.10 and a one year high of $26.49. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.33 and a current ratio of 0.33.
Saratoga Investment (NYSE:SAR - Get Free Report) last announced its earnings results on Wednesday, January 8th. The financial services provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.08. Saratoga Investment had a net margin of 22.01% and a return on equity of 15.53%. On average, equities analysts predict that Saratoga Investment Corp. will post 3.93 earnings per share for the current fiscal year.
Saratoga Investment Increases Dividend
The company also recently declared a monthly dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Thursday, June 5th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, June 5th. This represents a $3.00 annualized dividend and a yield of 13.43%. This is a positive change from Saratoga Investment's previous monthly dividend of $0.25. Saratoga Investment's payout ratio is 120.97%.
Saratoga Investment Profile
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Free Report)
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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