Kayne Anderson BDC (NYSE:KBDC) Downgraded by Wells Fargo & Company to Hold

Wells Fargo & Company cut shares of Kayne Anderson BDC (NYSE:KBDC) from a strong-buy rating to a hold rating in a research note released on Friday,Zacks.com reports.

Several other research firms have also recently commented on KBDC. Keefe, Bruyette & Woods dropped their target price on shares of Kayne Anderson BDC from $16.00 to $15.50 and set an “outperform” rating on the stock in a research report on Wednesday, March 4th. UBS Group lifted their target price on shares of Kayne Anderson BDC from $14.50 to $15.00 and gave the stock a “neutral” rating in a research report on Monday, April 20th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $15.13.

Kayne Anderson BDC Stock Performance

Shares of KBDC stock opened at $14.46 on Friday. The firm has a 50-day moving average of $14.55 and a 200-day moving average of $14.46. The company has a market cap of $959.55 million, a P/E ratio of 11.30 and a beta of 0.25. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.15 and a quick ratio of 1.15. Kayne Anderson BDC has a one year low of $13.06 and a one year high of $16.28.

Kayne Anderson BDC (NYSE:KBDC) last released its quarterly earnings results on Monday, May 11th. The company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The business had revenue of $24.86 million for the quarter, compared to analysts’ expectations of $52.40 million. Kayne Anderson BDC had a net margin of 37.30% and a return on equity of 10.47%. Equities research analysts forecast that Kayne Anderson BDC will post 1.62 EPS for the current fiscal year.

Kayne Anderson BDC Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 16th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.1%. The ex-dividend date is Tuesday, June 30th. Kayne Anderson BDC’s dividend payout ratio (DPR) is 125.00%.

Institutional Investors Weigh In On Kayne Anderson BDC

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in shares of Kayne Anderson BDC by 2.7% in the 1st quarter. Bank of America Corp DE now owns 5,565,223 shares of the company’s stock worth $76,355,000 after purchasing an additional 143,854 shares during the period. Royal Bank of Canada increased its position in Kayne Anderson BDC by 62.8% in the first quarter. Royal Bank of Canada now owns 67,563 shares of the company’s stock worth $927,000 after buying an additional 26,066 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Kayne Anderson BDC by 101.8% during the 1st quarter. Renaissance Technologies LLC now owns 145,322 shares of the company’s stock valued at $1,994,000 after buying an additional 73,322 shares during the last quarter. Sei Investments Co. bought a new position in shares of Kayne Anderson BDC during the 1st quarter worth $730,000. Finally, HB Wealth Management LLC grew its stake in shares of Kayne Anderson BDC by 8.0% during the 1st quarter. HB Wealth Management LLC now owns 235,341 shares of the company’s stock worth $3,229,000 after acquiring an additional 17,469 shares during the period.

About Kayne Anderson BDC

Kayne Anderson BDC, Inc (NYSE: KBDC) is a closed-end, non-diversified management investment company structured as a business development company under the Investment Company Act of 1940. The firm focuses on providing bespoke financing solutions to U.S. middle-market companies, offering first-lien and second-lien secured loans, unitranche facilities, mezzanine debt and selected equity co-investments. KBDC targets businesses with EBITDA profiles generally ranging from $10 million to $100 million, aiming to generate attractive income and potential capital appreciation for shareholders.

The company’s portfolio spans a variety of sectors, including healthcare, technology, energy services, consumer products and industrials.