Saratoga Investment Corp (NYSE:SAR) declared a quarterly dividend on Tuesday, February 27th, Wall Street Journal reports. Shareholders of record on Wednesday, March 14th will be given a dividend of 0.50 per share by the financial services provider on Monday, March 26th. This represents a $2.00 annualized dividend and a yield of 9.26%. The ex-dividend date of this dividend is Tuesday, March 13th. This is a boost from Saratoga Investment’s previous quarterly dividend of $0.49.
Saratoga Investment has increased its dividend by an average of 135.5% annually over the last three years and has increased its dividend annually for the last 2 consecutive years. Saratoga Investment has a payout ratio of 81.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Saratoga Investment to earn $2.11 per share next year, which means the company should continue to be able to cover its $1.96 annual dividend with an expected future payout ratio of 92.9%.
Saratoga Investment (NYSE SAR) traded up $0.63 on Tuesday, reaching $21.60. 23,293 shares of the company’s stock traded hands, compared to its average volume of 17,946. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 0.01. The company has a market cap of $127.27, a PE ratio of 9.55 and a beta of 0.26. Saratoga Investment has a 1-year low of $19.62 and a 1-year high of $23.78.
Several equities analysts have issued reports on the stock. National Securities restated a “neutral” rating and set a $24.00 target price (up previously from $23.00) on shares of Saratoga Investment in a research note on Friday, January 12th. Zacks Investment Research cut shares of Saratoga Investment from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 20th. Finally, ValuEngine upgraded shares of Saratoga Investment from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 31st. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Saratoga Investment presently has an average rating of “Buy” and a consensus price target of $24.67.
An institutional investor recently bought a new position in Saratoga Investment stock. Northern Trust Corp acquired a new position in Saratoga Investment Corp (NYSE:SAR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,213 shares of the financial services provider’s stock, valued at approximately $213,000. Northern Trust Corp owned 0.17% of Saratoga Investment as of its most recent SEC filing. Institutional investors and hedge funds own 16.75% of the company’s stock.
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About Saratoga Investment
Saratoga Investment Corp. is a specialty finance company. The Company is an externally managed, closed-end, non-diversified management investment company. The Company invests primarily in leveraged loans and mezzanine debt issued by private middle-market companies in the United States. Its investment objective is to generate current income and, to a lesser extent, capital appreciation from its investments.
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