National Securities restated their neutral rating on shares of Horizon Technology Finance Corporation (NASDAQ:HRZN) in a report issued on Tuesday. National Securities currently has a $10.00 price objective on the investment management company’s stock.

“• HRZN offered $37.4 million (including the green shoe) of 6.25% notes due 2024. The 2024 note proceeds will be used to redeem the $33.0 million of 2019 notes with a coupon rate 113 bps higher than the new issue. These interest savings are significant and Horizon was wise to take advantage of the current risk-off environment to price a baby bond issue as cheap as they did.

• We continue to expect all-in effective yield and thus NIM (net investment margin) to decline Y/Y for 2017 as a result of the drag on yields from heightened non-accruals before we expect the interest saving swill help bolster NIM Y/Y for 2018 even as we model further effective yield decreases.

• We continue to expect further NAV decreases at HRZN as credit issues have continued to pop up regularly and other non-accruals such as ScoreBig were written down significantly more after having already been placed on non-accrual status. This does not give us much confidence in the ability of Horizon to maintain NAV/share and we expect this to decrease until 2Q18.

• We are revising our 2017 NII/share estimate to $1.04 from $0.98 and our 2018 NII/share estimate to $1.05 from $0.96.,” National Securities’ analyst wrote.

HRZN has been the subject of several other reports. Keefe, Bruyette & Woods reissued a hold rating and issued a $11.00 price objective on shares of Horizon Technology Finance Corporation in a research report on Tuesday, July 25th. Compass Point reissued a sell rating and issued a $10.00 price objective on shares of Horizon Technology Finance Corporation in a research note on Thursday, July 6th. ValuEngine upgraded Horizon Technology Finance Corporation from a hold rating to a buy rating in a research report on Monday. Raymond James Financial, Inc. restated an underperform rating on shares of Horizon Technology Finance Corporation in a research report on Thursday, August 3rd. Finally, UBS AG lowered Horizon Technology Finance Corporation from a market perform rating to an underperform rating in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $11.20.

Horizon Technology Finance Corporation (NASDAQ:HRZN) traded up 0.27% on Tuesday, reaching $11.19. 25,664 shares of the company traded hands. Horizon Technology Finance Corporation has a one year low of $9.64 and a one year high of $13.75. The firm has a 50 day moving average of $10.66 and a 200-day moving average of $11.09.

Horizon Technology Finance Corporation (NASDAQ:HRZN) last released its earnings results on Tuesday, August 1st. The investment management company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.03). The firm had revenue of $5.88 million during the quarter, compared to analyst estimates of $6.71 million. Horizon Technology Finance Corporation had a negative net margin of 6.72% and a positive return on equity of 10.24%. Horizon Technology Finance Corporation’s quarterly revenue was down 35.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 EPS. Equities analysts predict that Horizon Technology Finance Corporation will post $1.09 EPS for the current fiscal year.

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The business also recently declared a monthly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Thursday, October 19th will be issued a $0.10 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 10.75%. The ex-dividend date is Wednesday, October 18th. Horizon Technology Finance Corporation’s payout ratio is -749.95%.

Several hedge funds and other institutional investors have recently made changes to their positions in HRZN. Investment Centers of America Inc. bought a new position in shares of Horizon Technology Finance Corporation during the 2nd quarter worth about $136,000. Royal Bank of Canada grew its stake in shares of Horizon Technology Finance Corporation by 25.8% in the 2nd quarter. Royal Bank of Canada now owns 20,752 shares of the investment management company’s stock valued at $235,000 after buying an additional 4,252 shares during the period. WFG Advisors LP grew its stake in shares of Horizon Technology Finance Corporation by 30.8% in the 2nd quarter. WFG Advisors LP now owns 24,950 shares of the investment management company’s stock valued at $283,000 after buying an additional 5,878 shares during the period. Wells Fargo & Company MN grew its stake in shares of Horizon Technology Finance Corporation by 2.2% in the 1st quarter. Wells Fargo & Company MN now owns 65,616 shares of the investment management company’s stock valued at $730,000 after buying an additional 1,414 shares during the period. Finally, West Family Investments Inc. grew its stake in shares of Horizon Technology Finance Corporation by 49.0% in the 2nd quarter. West Family Investments Inc. now owns 158,628 shares of the investment management company’s stock valued at $1,866,000 after buying an additional 52,156 shares during the period. Hedge funds and other institutional investors own 18.15% of the company’s stock.

Horizon Technology Finance Corporation Company Profile

Horizon Technology Finance Corporation is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to maximize investment portfolio’s total return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments.

Analyst Recommendations for Horizon Technology Finance Corporation (NASDAQ:HRZN)

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