Harvest Capital Credit (NASDAQ:HCAP) Upgraded to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of Harvest Capital Credit (NASDAQ:HCAP) from a sell rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “Harvest Capital Credit Corporation is a closed-end management investment company. The company invest in the form of subordinated debt, senior debt and minority equity. Harvest Capital Credit Corporation is headquartered in New York, United Sates. “

Shares of NASDAQ HCAP opened at $9.93 on Thursday. The company has a market capitalization of $61.31 million, a P/E ratio of 10.68 and a beta of 0.68. The stock has a 50 day moving average of $9.99 and a 200-day moving average of $10.29. The company has a current ratio of 10.39, a quick ratio of 10.39 and a debt-to-equity ratio of 0.76. Harvest Capital Credit has a 12 month low of $9.31 and a 12 month high of $11.65.

Harvest Capital Credit (NASDAQ:HCAP) last issued its quarterly earnings results on Friday, August 9th. The investment management company reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.02). Harvest Capital Credit had a net margin of 16.14% and a return on equity of 6.25%. The business had revenue of $2.99 million during the quarter, compared to the consensus estimate of $3.50 million. Analysts predict that Harvest Capital Credit will post 0.67 EPS for the current fiscal year.

The business also recently declared a monthly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 19th will be given a $0.08 dividend. The ex-dividend date is Wednesday, September 18th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 9.67%. Harvest Capital Credit’s dividend payout ratio (DPR) is presently 103.23%.

In other news, CEO Joseph A. Jolson purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $9.77 per share, with a total value of $146,550.00. Following the purchase, the chief executive officer now owns 20,000 shares in the company, valued at $195,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph A. Jolson purchased 6,078 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $9.85 per share, for a total transaction of $59,868.30. Following the completion of the purchase, the chief executive officer now owns 20,000 shares in the company, valued at approximately $197,000. The disclosure for this purchase can be found here. Insiders bought a total of 33,632 shares of company stock worth $329,866 over the last three months. 13.40% of the stock is owned by company insiders.

An institutional investor recently raised its position in Harvest Capital Credit stock. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Harvest Capital Credit Corp (NASDAQ:HCAP) by 2.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 46,914 shares of the investment management company’s stock after buying an additional 1,028 shares during the quarter. Ladenburg Thalmann Financial Services Inc. owned about 0.77% of Harvest Capital Credit worth $495,000 at the end of the most recent quarter. 8.25% of the stock is owned by hedge funds and other institutional investors.

About Harvest Capital Credit

Harvest Capital Credit Corporation is a business development company providing structured credit to small businesses and specializing in leveraged buyouts, add-on acquisitions, recapitalizations, growth financings and debt refinancing investments. It prefers to invest in North America-based companies.

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