Lazard Asset Management LLC boosted its stake in shares of Saratoga Investment Corp. (NYSE:SAR – Get Rating) by 108.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,963 shares of the financial services provider’s stock after acquiring an additional 1,542 shares during the period. Lazard Asset Management LLC’s holdings in Saratoga Investment were worth $71,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in SAR. National Asset Management Inc. increased its stake in shares of Saratoga Investment by 11.8% in the 1st quarter. National Asset Management Inc. now owns 13,545 shares of the financial services provider’s stock valued at $370,000 after purchasing an additional 1,430 shares during the last quarter. Next Level Private LLC lifted its holdings in Saratoga Investment by 4.1% during the 1st quarter. Next Level Private LLC now owns 22,841 shares of the financial services provider’s stock worth $623,000 after buying an additional 891 shares during the period. Fairfield Bush & CO. acquired a new position in Saratoga Investment during the 1st quarter worth about $27,000. RMB Capital Management LLC lifted its holdings in Saratoga Investment by 2.0% during the 1st quarter. RMB Capital Management LLC now owns 25,901 shares of the financial services provider’s stock worth $706,000 after buying an additional 501 shares during the period. Finally, Financial Advocates Investment Management lifted its holdings in Saratoga Investment by 22.2% during the 1st quarter. Financial Advocates Investment Management now owns 8,808 shares of the financial services provider’s stock worth $240,000 after buying an additional 1,602 shares during the period. Institutional investors own 19.74% of the company’s stock.
Analysts Set New Price Targets
SAR has been the topic of several recent research reports. Hovde Group cut their target price on Saratoga Investment to $25.00 in a report on Wednesday, October 5th. Raymond James decreased their price objective on Saratoga Investment from $28.50 to $28.00 and set an “outperform” rating for the company in a report on Thursday, October 6th. Finally, StockNews.com lowered Saratoga Investment from a “hold” rating to a “sell” rating in a report on Thursday.
Saratoga Investment Price Performance
Saratoga Investment Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Stockholders of record on Thursday, December 15th will be paid a $0.68 dividend. This represents a $2.72 dividend on an annualized basis and a dividend yield of 10.01%. The ex-dividend date of this dividend is Wednesday, December 14th. This is an increase from Saratoga Investment’s previous quarterly dividend of $0.54. Saratoga Investment’s payout ratio is presently 155.40%.
About Saratoga Investment
Saratoga Investment Corp. is a business development company specializing in leveraged and management buyouts, acquisition financings, growth financings, recapitalization, debt refinancing, and transitional financing transactions at the lower end of middle market companies. It structures its investments as debt and equity by investing through first and second lien loans, mezzanine debt, co-investments, select high yield bonds, senior secured bonds, unsecured bonds, and preferred and common equity.
- Get a free copy of the StockNews.com research report on Saratoga Investment (SAR)
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