Mackenzie Financial Corp Sells 18,147 Shares of Saratoga Investment Corp. (NYSE:SAR)

Mackenzie Financial Corp reduced its position in Saratoga Investment Corp. (NYSE:SARGet Rating) by 37.5% in the second quarter, HoldingsChannel.com reports. The firm owned 30,229 shares of the financial services provider’s stock after selling 18,147 shares during the period. Mackenzie Financial Corp’s holdings in Saratoga Investment were worth $725,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. boosted its position in shares of Saratoga Investment by 6.0% during the first quarter. Advisors Asset Management Inc. now owns 146,577 shares of the financial services provider’s stock worth $3,996,000 after acquiring an additional 8,347 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in shares of Saratoga Investment by 12.6% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 101,958 shares of the financial services provider’s stock worth $2,444,000 after acquiring an additional 11,441 shares during the last quarter. Raymond James & Associates boosted its position in shares of Saratoga Investment by 9.4% during the first quarter. Raymond James & Associates now owns 81,686 shares of the financial services provider’s stock worth $2,227,000 after acquiring an additional 7,043 shares during the last quarter. Banque Pictet & Cie SA bought a new position in shares of Saratoga Investment during the second quarter worth $1,016,000. Finally, Pictet North America Advisors SA bought a new position in shares of Saratoga Investment during the second quarter worth $1,016,000. 19.74% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SAR has been the topic of a number of recent research reports. Raymond James decreased their price target on shares of Saratoga Investment from $28.50 to $28.00 and set an “outperform” rating on the stock in a research note on Thursday, October 6th. StockNews.com downgraded shares of Saratoga Investment from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Hovde Group decreased their price target on shares of Saratoga Investment to $25.00 in a research note on Wednesday, October 5th.

Saratoga Investment Price Performance

Saratoga Investment stock opened at $27.16 on Friday. Saratoga Investment Corp. has a 52-week low of $20.16 and a 52-week high of $29.65. The company has a market cap of $323.20 million, a price-to-earnings ratio of 19.54 and a beta of 1.33. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 0.07. The firm’s fifty day moving average is $22.69 and its 200 day moving average is $24.00.

Saratoga Investment Increases Dividend

The company 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. The ex-dividend date is Wednesday, December 14th. This represents a $2.72 annualized dividend and a dividend yield of 10.01%. This is an increase from Saratoga Investment’s previous quarterly dividend of $0.54. Saratoga Investment’s dividend payout ratio is currently 155.40%.

Saratoga Investment Company Profile

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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.

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Institutional Ownership by Quarter for Saratoga Investment (NYSE:SAR)

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