Nuveen Churchill Direct Lending (NYSE:NCDL) Sets New 12-Month Low – What’s Next?

Shares of Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) hit a new 52-week low on Monday . The stock traded as low as $12.43 and last traded at $12.4150, with a volume of 109812 shares trading hands. The stock had previously closed at $12.77.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Zacks Research downgraded Nuveen Churchill Direct Lending from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 26th. Truist Financial lowered their price objective on Nuveen Churchill Direct Lending from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Wells Fargo & Company downgraded Nuveen Churchill Direct Lending from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $13.00 to $12.00 in a research report on Friday, June 12th. Wall Street Zen downgraded Nuveen Churchill Direct Lending from a “hold” rating to a “sell” rating in a research report on Saturday, June 6th. Finally, UBS Group lowered their price objective on Nuveen Churchill Direct Lending from $15.50 to $14.75 and set a “neutral” rating for the company in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Nuveen Churchill Direct Lending has an average rating of “Hold” and an average target price of $15.15.

Nuveen Churchill Direct Lending Stock Down 2.9%

The company has a market cap of $603.05 million, a P/E ratio of 7.22 and a beta of 0.50. The business has a fifty day moving average of $13.42 and a 200 day moving average of $13.57.

Nuveen Churchill Direct Lending (NYSE:NCDL) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). The firm had revenue of $17.15 million during the quarter, compared to analysts’ expectations of $47.79 million. Nuveen Churchill Direct Lending had a return on equity of 9.80% and a net margin of 29.56%. On average, sell-side analysts anticipate that Nuveen Churchill Direct Lending Corp. will post 1.6 EPS for the current fiscal year.

Nuveen Churchill Direct Lending Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 28th. Investors of record on Tuesday, June 30th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 11.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Nuveen Churchill Direct Lending’s dividend payout ratio is presently 120.00%.

Insider Buying and Selling at Nuveen Churchill Direct Lending

In related news, Treasurer Shaul Vichness bought 5,000 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were purchased at an average cost of $13.20 per share, with a total value of $66,000.00. Following the completion of the purchase, the treasurer owned 30,705 shares in the company, valued at approximately $405,306. The trade was a 19.45% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Marissa Hassen bought 3,782 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was bought at an average cost of $13.21 per share, for a total transaction of $49,960.22. Following the completion of the purchase, the chief accounting officer owned 9,780 shares of the company’s stock, valued at approximately $129,193.80. The trade was a 63.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nuveen Churchill Direct Lending

A number of institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in shares of Nuveen Churchill Direct Lending by 23.3% in the first quarter. Bank of America Corp DE now owns 147,909 shares of the company’s stock worth $1,881,000 after acquiring an additional 27,970 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Nuveen Churchill Direct Lending by 28.7% in the first quarter. Renaissance Technologies LLC now owns 152,024 shares of the company’s stock worth $1,934,000 after acquiring an additional 33,918 shares during the last quarter. Lido Advisors LLC grew its stake in shares of Nuveen Churchill Direct Lending by 19.9% in the first quarter. Lido Advisors LLC now owns 53,788 shares of the company’s stock worth $705,000 after acquiring an additional 8,932 shares during the last quarter. NewEdge Wealth LLC grew its stake in shares of Nuveen Churchill Direct Lending by 199.3% in the first quarter. NewEdge Wealth LLC now owns 89,776 shares of the company’s stock worth $1,142,000 after acquiring an additional 59,777 shares during the last quarter. Finally, Bulldog Investors LLP boosted its position in shares of Nuveen Churchill Direct Lending by 29.6% during the first quarter. Bulldog Investors LLP now owns 224,822 shares of the company’s stock valued at $2,860,000 after buying an additional 51,410 shares during the last quarter.

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.