New Mountain Finance Corporation (NMFC) Announces Quarterly Dividend of $0.34
New Mountain Finance Corporation (NYSE:NMFC) announced a quarterly dividend on Wednesday, August 9th, Wall Street Journal reports. Shareholders of record on Friday, September 15th will be paid a dividend of 0.34 per share by the investment management company on Friday, September 29th. This represents a $1.36 dividend on an annualized basis and a yield of 9.25%. The ex-dividend date is Thursday, September 14th.
New Mountain Finance Corporation has a dividend payout ratio of 100.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect New Mountain Finance Corporation to earn $1.40 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 97.1%.
Shares of New Mountain Finance Corporation (NYSE:NMFC) traded up 2.44% during mid-day trading on Wednesday, hitting $14.70. The stock had a trading volume of 511,860 shares. The stock has a 50 day moving average price of $14.41 and a 200 day moving average price of $14.58. New Mountain Finance Corporation has a 52 week low of $13.05 and a 52 week high of $15.00.
New Mountain Finance Corporation (NYSE:NMFC) last released its quarterly earnings results on Tuesday, August 8th. The investment management company reported $0.34 EPS for the quarter, meeting analysts’ consensus estimates of $0.34. New Mountain Finance Corporation had a return on equity of 10.06% and a net margin of 78.68%. The firm had revenue of $50.02 million for the quarter, compared to analyst estimates of $47.66 million. Equities research analysts anticipate that New Mountain Finance Corporation will post $1.36 earnings per share for the current year.
In other news, CFO Shiraz Kajee acquired 2,000 shares of New Mountain Finance Corporation stock in a transaction on Tuesday, June 13th. The stock was acquired at an average cost of $14.63 per share, with a total value of $29,260.00. Following the completion of the acquisition, the chief financial officer now owns 2,000 shares in the company, valued at $29,260. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David Ogens acquired 3,600 shares of New Mountain Finance Corporation stock in a transaction on Wednesday, May 17th. The shares were purchased at an average cost of $14.37 per share, with a total value of $51,732.00. Following the completion of the acquisition, the director now owns 49,654 shares of the company’s stock, valued at approximately $713,527.98. The disclosure for this purchase can be found here. Corporate insiders own 9.73% of the company’s stock.
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A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $15.00 price target on shares of New Mountain Finance Corporation in a research report on Tuesday, July 25th. BidaskClub downgraded New Mountain Finance Corporation from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Finally, Zacks Investment Research raised New Mountain Finance Corporation from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday, July 12th.
About New Mountain Finance Corporation
New Mountain Finance Corporation is a closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities.
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