MVC Capital (NYSE:MVC) declared that its Board of Directors has authorized a share repurchase program, which permits the company to buyback $15.00 million in shares on Friday, July 21st, EventVestor reports. This buyback authorization permits the investment management company to buy shares of its stock through a dutch auction. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Separately, TheStreet raised shares of MVC Capital from a “c” rating to a “b-” rating in a research note on Monday, April 24th.
Shares of MVC Capital (NYSE MVC) traded down 0.99% during trading on Friday, reaching $10.00. 51,435 shares of the company were exchanged. The stock has a 50-day moving average price of $10.17 and a 200-day moving average price of $9.29. MVC Capital has a one year low of $7.93 and a one year high of $10.47.
MVC Capital (NYSE:MVC) last issued its quarterly earnings results on Thursday, June 8th. The investment management company reported ($0.10) earnings per share (EPS) for the quarter. The business had revenue of $3.93 million during the quarter. MVC Capital had a negative return on equity of 0.44% and a net margin of 44.33%. Equities analysts anticipate that MVC Capital will post $0.25 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Monday, July 24th were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 5.40%. The ex-dividend date of this dividend was Thursday, July 20th. MVC Capital’s dividend payout ratio (DPR) is 135.00%.
In related news, Director Phillip Goldstein sold 29,853 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $9.82, for a total transaction of $293,156.46. Following the sale, the director now directly owns 37,250 shares of the company’s stock, valued at approximately $365,795. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.41% of the company’s stock.
MVC Capital Company Profile
MVC Capital, Inc is a non-diversified closed-end management investment company. The Company’s investment objective is to seek to maximize total return from capital appreciation and/or income. The Company’s segments are its investing operations as a business development company, which includes MVC Cayman and MVC Turf, LLC and MVC Financial Services, Inc (MVCFS).
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