Chicago Partners Investment Group LLC raised its position in shares of Saratoga Investment Corp. (NYSE:SAR – Get Rating) by 9.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,100 shares of the financial services provider’s stock after purchasing an additional 2,010 shares during the quarter. Chicago Partners Investment Group LLC owned 0.19% of Saratoga Investment worth $605,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in SAR. Advisors Asset Management Inc. increased its stake in shares of Saratoga Investment by 6.0% in the 1st quarter. Advisors Asset Management Inc. now owns 146,577 shares of the financial services provider’s stock worth $3,996,000 after purchasing an additional 8,347 shares in the last quarter. First Republic Investment Management Inc. increased its position in Saratoga Investment by 44.6% in the first quarter. First Republic Investment Management Inc. now owns 12,981 shares of the financial services provider’s stock worth $354,000 after buying an additional 4,006 shares in the last quarter. UBS Group AG raised its stake in shares of Saratoga Investment by 44.3% in the first quarter. UBS Group AG now owns 5,810 shares of the financial services provider’s stock worth $158,000 after buying an additional 1,783 shares during the period. Northern Trust Corp lifted its position in shares of Saratoga Investment by 11.0% during the 1st quarter. Northern Trust Corp now owns 13,876 shares of the financial services provider’s stock valued at $378,000 after buying an additional 1,378 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new position in shares of Saratoga Investment during the 1st quarter valued at approximately $38,000. Hedge funds and other institutional investors own 19.74% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have commented on SAR. Raymond James decreased their target price on shares of Saratoga Investment from $31.00 to $28.50 and set an “outperform” rating on the stock in a research note on Friday, July 8th. Hovde Group dropped their target price on shares of Saratoga Investment to $28.00 in a report on Friday, May 20th. Finally, StockNews.com cut Saratoga Investment from a “hold” rating to a “sell” rating in a report on Thursday, September 8th. One research analyst has rated the stock with a sell rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Saratoga Investment has a consensus rating of “Hold” and a consensus price target of $29.13.
Saratoga Investment Stock Performance
Saratoga Investment (NYSE:SAR – Get Rating) last issued its quarterly earnings data on Wednesday, July 6th. The financial services provider reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.02). Saratoga Investment had a net margin of 31.95% and a return on equity of 7.56%. The firm had revenue of $18.68 million for the quarter, compared to analysts’ expectations of $18.79 million. As a group, sell-side analysts forecast that Saratoga Investment Corp. will post 2.26 earnings per share for the current fiscal year.
Saratoga Investment Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th will be given a dividend of $0.54 per share. This is an increase from Saratoga Investment’s previous quarterly dividend of $0.53. This represents a $2.16 dividend on an annualized basis and a dividend yield of 8.58%. The ex-dividend date of this dividend is Tuesday, September 13th. Saratoga Investment’s dividend payout ratio is currently 104.95%.
Insider Buying and Selling
In other Saratoga Investment news, Director Steven M. Looney acquired 1,250 shares of the stock in a transaction on Tuesday, August 2nd. The stock was acquired at an average price of $23.54 per share, for a total transaction of $29,425.00. Following the completion of the transaction, the director now directly owns 3,758 shares of the company’s stock, valued at $88,463.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.00% of the stock is currently owned by company insiders.
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.
- Get a free copy of the StockNews.com research report on Saratoga Investment (SAR)
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