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

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL) was the target of a large growth in short interest in 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. Currently, 1.5% of the company’s stock are short sold. Based on an average daily trading volume, of 245,368 shares, the days-to-cover ratio is presently 2.9 days.

Nuveen Churchill Direct Lending Stock Performance

NCDL traded down $0.07 on Wednesday, reaching $12.65. The company had a trading volume of 228,001 shares, compared to its average volume of 268,502. The company has a quick ratio of 1.85, a current ratio of 1.85 and a debt-to-equity ratio of 1.27. Nuveen Churchill Direct Lending has a 1 year low of $12.43 and a 1 year high of $17.27. The stock has a market capitalization of $624.78 million, a PE ratio of 9.66 and a beta of 0.44. The stock has a 50-day moving average price of $13.42 and a 200-day moving average price of $13.90.

Nuveen Churchill Direct Lending (NYSE:NCDL) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. Nuveen Churchill Direct Lending had a return on equity of 10.48% and a net margin of 31.57%.The company had revenue of $26.36 million for the quarter, compared to analyst estimates of $49.60 million. As a group, research analysts forecast that Nuveen Churchill Direct Lending will post 2.28 EPS for the current fiscal year.

Nuveen Churchill Direct Lending Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 28th. Shareholders of record on Tuesday, March 31st will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $1.44 annualized dividend and a yield of 11.4%. Nuveen Churchill Direct Lending’s payout ratio is 137.40%.

Insider Buying and Selling at Nuveen Churchill Direct Lending

In other news, Director Kenneth M. Miranda bought 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were purchased at an average cost of $12.83 per share, for a total transaction of $38,490.00. Following the completion of the purchase, the director owned 30,000 shares of the company’s stock, valued at approximately $384,900. This represents a 11.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Joseph Ritchie purchased 17,857 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was purchased at an average price of $13.71 per share, with a total value of $244,819.47. Following the purchase, the director directly owned 78,193 shares of the company’s stock, valued at $1,072,026.03. The trade was a 29.60% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 47,547 shares of company stock valued at $635,105. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuveen Churchill Direct Lending

Several large investors have recently modified their holdings of NCDL. BNP Paribas Financial Markets increased its holdings in shares of Nuveen Churchill Direct Lending by 190.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,400 shares of the company’s stock valued at $33,000 after acquiring an additional 1,573 shares during the period. Advisory Services Network LLC acquired a new stake in Nuveen Churchill Direct Lending during the 3rd quarter worth $38,000. NewEdge Advisors LLC grew its position in Nuveen Churchill Direct Lending by 33.0% during the 2nd quarter. NewEdge Advisors LLC now owns 4,511 shares of the company’s stock worth $73,000 after purchasing an additional 1,118 shares during the last quarter. Quadrant Capital Group LLC purchased a new position in Nuveen Churchill Direct Lending during the 3rd quarter worth $80,000. Finally, Global Retirement Partners LLC acquired a new position in Nuveen Churchill Direct Lending in the third quarter valued at $85,000.

Analysts Set New Price Targets

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

Nuveen Churchill Direct Lending Company Profile

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.