Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) Sees Large Increase in Short Interest

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) was the target of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 720,773 shares, a growth of 19.1% from the February 26th total of 605,150 shares. Approximately 1.5% of the company’s shares are short sold. Based on an average daily volume of 245,368 shares, the short-interest ratio is presently 2.9 days.

Insider Buying and Selling at Nuveen Churchill Direct Lending

In other Nuveen Churchill Direct Lending news, Treasurer Shaul Vichness bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average price of $13.13 per share, for a total transaction of $65,650.00. Following the completion of the acquisition, the treasurer directly owned 25,000 shares in the company, valued at $328,250. The trade was a 25.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jason Strife purchased 7,690 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was acquired at an average cost of $13.40 per share, with a total value of $103,046.00. Following the purchase, the insider directly owned 15,737 shares of the company’s stock, valued at $210,875.80. This trade represents a 95.56% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 47,547 shares of company stock worth $635,105 over the last three months. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nuveen Churchill Direct Lending

Several institutional investors and hedge funds have recently modified their holdings of NCDL. Virtu Financial LLC grew its position in Nuveen Churchill Direct Lending by 181.2% during the 4th quarter. Virtu Financial LLC now owns 41,725 shares of the company’s stock valued at $557,000 after purchasing an additional 26,885 shares during the last quarter. Invesco Ltd. increased its position in shares of Nuveen Churchill Direct Lending by 2,179.1% during the fourth quarter. Invesco Ltd. now owns 742,296 shares of the company’s stock valued at $9,902,000 after acquiring an additional 709,727 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Nuveen Churchill Direct Lending by 31.2% in the 4th quarter. NewEdge Advisors LLC now owns 6,073 shares of the company’s stock worth $81,000 after acquiring an additional 1,443 shares during the last quarter. VARCOV Co. purchased a new position in Nuveen Churchill Direct Lending in the 4th quarter worth approximately $371,000. Finally, Almitas Capital LLC bought a new position in Nuveen Churchill Direct Lending in the 4th quarter valued at approximately $936,000.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wall Street Zen upgraded shares of Nuveen Churchill Direct Lending from a “sell” rating to a “hold” rating in a report on Tuesday, March 10th. Wells Fargo & Company reduced their price target on shares of Nuveen Churchill Direct Lending from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 4th. Keefe, Bruyette & Woods decreased their price target on shares of Nuveen Churchill Direct Lending from $16.00 to $15.00 and set a “market perform” rating for the company in a research note on Friday, February 27th. Truist Financial lowered their price objective on shares of Nuveen Churchill Direct Lending from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, March 4th. Finally, Zacks Research raised Nuveen Churchill Direct Lending from a “strong sell” rating to a “hold” rating in a research report on Friday, January 9th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Nuveen Churchill Direct Lending has an average rating of “Hold” and a consensus price target of $15.40.

Nuveen Churchill Direct Lending Stock Down 1.3%

Shares of NCDL stock traded down $0.17 during mid-day trading on Tuesday, reaching $12.73. 345,985 shares of the company’s stock traded hands, compared to its average volume of 241,033. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 1.27. The company’s 50-day moving average price is $13.42 and its 200-day moving average price is $13.90. The company has a market cap of $628.73 million, a P/E ratio of 9.72 and a beta of 0.44. Nuveen Churchill Direct Lending has a 12 month low of $12.50 and a 12 month high of $17.27.

Nuveen Churchill Direct Lending (NYSE:NCDL) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Nuveen Churchill Direct Lending had a net margin of 31.57% and a return on equity of 10.48%. The company had revenue of $26.36 million during the quarter, compared to analysts’ expectations of $49.60 million. On average, equities analysts expect that Nuveen Churchill Direct Lending will post 2.28 earnings per share for the current fiscal year.

Nuveen Churchill Direct Lending Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.36 per share. The ex-dividend date is Tuesday, March 31st. This represents a $1.44 dividend on an annualized basis and a yield of 11.3%. Nuveen Churchill Direct Lending’s payout ratio is presently 137.40%.

About Nuveen Churchill Direct Lending

Nuveen Churchill Direct Lending (NYSE:NCDL) is a closed-end management investment company that seeks to provide shareholders with attractive risk-adjusted returns through a diversified portfolio of direct lending instruments. Established in early 2022, NCDL focuses on privately negotiated debt investments in middle-market companies, primarily within the United States. The fund offers investors access to a segment of the credit markets that has historically been less correlated with public debt markets, aiming to capture yield premiums associated with private lending.

The fund’s investment strategy centers on senior secured loans, unitranche financings and selectively structured mezzanine debt.