KCAP Financial (KCAP) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of KCAP Financial (NASDAQ:KCAP) from a buy rating to a hold rating in a research note published on Tuesday, January 9th.

According to Zacks, “KCAP Financial Inc. is an internally managed business development company. The Company’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. KCAP Financial Inc., formerly Kohlberg Capital Corp., is based in the New York. “

KCAP has been the topic of a number of other research reports. Keefe, Bruyette & Woods restated a hold rating and issued a $3.50 price objective on shares of KCAP Financial in a research report on Tuesday, October 24th. Ladenburg Thalmann Financial Services assumed coverage on shares of KCAP Financial in a research report on Monday, September 25th. They issued a neutral rating on the stock. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $7.75.

KCAP Financial (NASDAQ:KCAP) traded up $0.04 during midday trading on Tuesday, hitting $3.43. 48,434 shares of the stock were exchanged, compared to its average volume of 158,873. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.16 and a quick ratio of 0.16. The company has a market cap of $127.54, a P/E ratio of 57.17 and a beta of 1.71. KCAP Financial has a 52 week low of $3.30 and a 52 week high of $4.12.

KCAP Financial (NASDAQ:KCAP) last posted its quarterly earnings results on Tuesday, November 7th. The financial services provider reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.01). The business had revenue of $6.25 million during the quarter, compared to the consensus estimate of $6.80 million. KCAP Financial had a return on equity of 6.54% and a net margin of 7.78%. sell-side analysts predict that KCAP Financial will post 0.29 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Friday, January 5th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 11.66%. The ex-dividend date is Thursday, January 4th. KCAP Financial’s dividend payout ratio is currently 666.67%.

A number of institutional investors and hedge funds have recently made changes to their positions in KCAP. Macquarie Group Ltd. purchased a new stake in KCAP Financial in the third quarter worth about $125,000. Citadel Advisors LLC grew its holdings in KCAP Financial by 55.8% in the third quarter. Citadel Advisors LLC now owns 41,545 shares of the financial services provider’s stock worth $152,000 after purchasing an additional 14,879 shares during the period. Legal & General Group Plc grew its holdings in KCAP Financial by 8.6% in the second quarter. Legal & General Group Plc now owns 92,703 shares of the financial services provider’s stock worth $328,000 after purchasing an additional 7,303 shares during the period. Finally, Ares Management LLC grew its holdings in KCAP Financial by 3.5% in the second quarter. Ares Management LLC now owns 160,322 shares of the financial services provider’s stock worth $565,000 after purchasing an additional 5,487 shares during the period. Institutional investors and hedge funds own 20.22% of the company’s stock.

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About KCAP Financial

KCAP Financial, Inc is an internally managed, non-diversified closed-end investment company. The Company has approximately three principal areas of investments. First, the Company originates, structures and invests in senior secured term loans and mezzanine debt primarily in privately-held middle market companies (the debt securities portfolio).

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