Zacks Investment Research Lowers Harvest Capital Credit (NASDAQ:HCAP) to Sell

Zacks Investment Research downgraded shares of Harvest Capital Credit (NASDAQ:HCAP) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Harvest Capital Credit Corporation is a closed-end management investment company. The company invest in the form of subordinated debt, senior debt and minority equity. Harvest Capital Credit Corporation is headquartered in New York, United Sates. “

Shares of HCAP stock opened at $9.95 on Wednesday. Harvest Capital Credit has a fifty-two week low of $9.31 and a fifty-two week high of $11.65. The firm has a market capitalization of $60.40 million, a price-to-earnings ratio of 10.70 and a beta of 0.67. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.72 and a current ratio of 10.39. The stock’s 50-day simple moving average is $10.27 and its 200-day simple moving average is $10.42.

Harvest Capital Credit (NASDAQ:HCAP) last issued its earnings results on Friday, August 9th. The investment management company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.02). The firm had revenue of $2.99 million during the quarter, compared to analysts’ expectations of $3.50 million. Harvest Capital Credit had a net margin of 16.14% and a return on equity of 6.25%. As a group, equities analysts forecast that Harvest Capital Credit will post 0.7 earnings per share for the current year.

The company also recently announced a monthly dividend, which will be paid on Thursday, August 29th. Investors of record on Thursday, August 22nd will be given a $0.08 dividend. The ex-dividend date is Wednesday, August 21st. This represents a $0.96 dividend on an annualized basis and a yield of 9.65%. Harvest Capital Credit’s dividend payout ratio is currently 103.23%.

A hedge fund recently raised its stake in Harvest Capital Credit stock. Ladenburg Thalmann Financial Services Inc. boosted its position in Harvest Capital Credit Corp (NASDAQ:HCAP) by 2.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,914 shares of the investment management company’s stock after buying an additional 1,028 shares during the period. Ladenburg Thalmann Financial Services Inc. owned approximately 0.77% of Harvest Capital Credit worth $495,000 as of its most recent filing with the Securities & Exchange Commission. 8.11% of the stock is currently owned by institutional investors.

About Harvest Capital Credit

Harvest Capital Credit Corporation is a business development company providing structured credit to small businesses and specializing in leveraged buyouts, add-on acquisitions, recapitalizations, growth financings and debt refinancing investments. It prefers to invest in North America-based companies.

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