Truist Financial Corp Acquires New Stake in New Mountain Finance Corporation $NMFC

Truist Financial Corp acquired a new stake in New Mountain Finance Corporation (NASDAQ:NMFC) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 15,791 shares of the company’s stock, valued at approximately $167,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Transcend Capital Advisors LLC acquired a new stake in shares of New Mountain Finance in the 1st quarter worth $4,674,000. LSV Asset Management increased its stake in shares of New Mountain Finance by 14.3% in the 1st quarter. LSV Asset Management now owns 2,764,111 shares of the company’s stock worth $30,488,000 after acquiring an additional 346,508 shares during the last quarter. Millennium Management LLC increased its stake in shares of New Mountain Finance by 36.9% in the 1st quarter. Millennium Management LLC now owns 711,050 shares of the company’s stock worth $7,843,000 after acquiring an additional 191,518 shares during the last quarter. Trexquant Investment LP increased its stake in shares of New Mountain Finance by 75.3% in the 1st quarter. Trexquant Investment LP now owns 291,634 shares of the company’s stock worth $3,217,000 after acquiring an additional 125,230 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of New Mountain Finance by 10.7% in the 1st quarter. Invesco Ltd. now owns 1,091,476 shares of the company’s stock worth $12,039,000 after acquiring an additional 105,559 shares during the last quarter. 32.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at New Mountain Finance

In other New Mountain Finance news, EVP Adam B. Weinstein purchased 49,750 shares of New Mountain Finance stock in a transaction that occurred on Monday, September 15th. The stock was purchased at an average price of $10.03 per share, with a total value of $498,992.50. Following the completion of the acquisition, the executive vice president owned 652,490 shares of the company’s stock, valued at approximately $6,544,474.70. This trade represents a 8.25% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Steven B. Klinsky bought 106,691 shares of New Mountain Finance stock in a transaction on Tuesday, September 16th. The shares were purchased at an average cost of $9.78 per share, for a total transaction of $1,043,437.98. Following the acquisition, the director owned 4,370,857 shares in the company, valued at $42,746,981.46. The trade was a 2.50% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 157,191 shares of company stock valued at $1,550,035 over the last quarter. Insiders own 11.71% of the company’s stock.

New Mountain Finance Price Performance

Shares of NASDAQ NMFC opened at $9.24 on Friday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.42 and a current ratio of 1.42. New Mountain Finance Corporation has a fifty-two week low of $8.84 and a fifty-two week high of $12.05. The firm has a market capitalization of $982.77 million, a PE ratio of 12.16 and a beta of 0.79. The stock’s 50-day simple moving average is $9.99 and its 200-day simple moving average is $10.23.

New Mountain Finance (NASDAQ:NMFC) last released its quarterly earnings results on Monday, August 4th. The company reported $0.32 EPS for the quarter, hitting the consensus estimate of $0.32. The company had revenue of $83.49 million for the quarter, compared to analyst estimates of $84.57 million. New Mountain Finance had a return on equity of 10.43% and a net margin of 23.27%.During the same quarter in the previous year, the company posted $0.36 earnings per share. As a group, equities research analysts forecast that New Mountain Finance Corporation will post 1.39 EPS for the current fiscal year.

New Mountain Finance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 13.9%. The ex-dividend date was Tuesday, September 16th. New Mountain Finance’s dividend payout ratio is presently 168.42%.

Analyst Ratings Changes

A number of brokerages recently issued reports on NMFC. Zacks Research downgraded New Mountain Finance from a “hold” rating to a “strong sell” rating in a research report on Monday, October 13th. New Street Research set a $10.00 price objective on New Mountain Finance in a research report on Friday, October 10th. Bank of America reissued an “underperform” rating and set a $10.00 price objective (down from $11.75) on shares of New Mountain Finance in a research report on Monday, September 15th. Oppenheimer set a $11.00 price objective on New Mountain Finance and gave the stock a “market perform” rating in a research report on Wednesday, August 6th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of New Mountain Finance in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, New Mountain Finance has a consensus rating of “Reduce” and a consensus target price of $10.50.

About New Mountain Finance

New Mountain Finance Corporation (Nasdaq: NMFC), a business development company is a private equity / buyouts and loan fund specializes in directly investing and lending to middle market companies in defensive growth industries. The fund prefers investing in buyout and middle market companies. It also makes investments in debt securities at all levels of the capital structure including first and second lien debt, unsecured notes, and mezzanine securities.