Great Elm Capital (NASDAQ:GECC) Trading 10.7% Higher After Dividend Announcement
Shares of Great Elm Capital Corp (NASDAQ:GECC) traded up 10.7% on Tuesday after the company announced a dividend. The company traded as high as $3.20 and last traded at $2.90, 113,861 shares traded hands during trading. An increase of 70% from the average session volume of 66,884 shares. The stock had previously closed at $2.62.
The newly announced dividend which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.083 dividend. This represents a $1.00 annualized dividend and a dividend yield of 34.23%. The ex-dividend date of this dividend is Monday, June 29th. Great Elm Capital’s dividend payout ratio (DPR) is presently 93.46%.
Separately, Zacks Investment Research raised shares of Great Elm Capital from a “sell” rating to a “hold” rating in a report on Wednesday, January 15th.
Great Elm Capital (NASDAQ:GECC) last released its earnings results on Thursday, March 19th. The financial services provider reported $0.25 EPS for the quarter, hitting the consensus estimate of $0.25. Great Elm Capital had a negative net margin of 27.91% and a positive return on equity of 11.05%. The firm had revenue of $7.01 million for the quarter, compared to the consensus estimate of $6.99 million.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Squarepoint Ops LLC increased its position in Great Elm Capital by 9.5% in the third quarter. Squarepoint Ops LLC now owns 17,769 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 1,549 shares during the last quarter. Monarch Partners Asset Management LLC increased its position in Great Elm Capital by 3.1% in the fourth quarter. Monarch Partners Asset Management LLC now owns 78,681 shares of the financial services provider’s stock worth $612,000 after purchasing an additional 2,365 shares during the last quarter. Virtu Financial LLC bought a new stake in Great Elm Capital in the third quarter worth $95,000. Punch & Associates Investment Management Inc. increased its position in Great Elm Capital by 3.6% in the fourth quarter. Punch & Associates Investment Management Inc. now owns 486,810 shares of the financial services provider’s stock worth $3,787,000 after purchasing an additional 16,915 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in Great Elm Capital in the fourth quarter worth $456,000. Institutional investors own 14.94% of the company’s stock.
Great Elm Capital Company Profile (NASDAQ:GECC)
Great Elm Capital Corporation is a business development company which specializes in loan and mezzanine, middle market investments. The fund prefers to invest in media, commercial services and supplies, healthcare, telecommunication services, communications equipment. It typically makes equity investments between $3 million and $10 million in companies with revenues between $3 million and $75 million.
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