MidCap Financial Q4 NAV falls 3.3% qtr/qtr, announces new buyback

Reuters05:36
MidCap Financial Q4 NAV falls 3.3% qtr/qtr, announces new buyback

Overview

  • Investment firm's Q4 net investment income per share rose marginally qtr/qtr to $0.39

  • Company's NAV per share fell 3.3% qtr/qtr due to earlier investments

  • Company authorized a new $100 mln stock repurchase plan

Outlook

  • Company sees stock repurchases as more accretive than new investments

  • Company did not provide specific financial guidance for future quarters or year

Result Drivers

  • INVESTMENT PERFORMANCE - NAV per share declined 3.3% due to underperforming investments from 2022 and earlier

  • STOCK REPURCHASE - Repurchased 1,091,753 shares at a discount, generating $0.03 per share of NAV accretion

Company press release: ID:nGNX6wr8vw

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q4 Dividend

$0.31

Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the investment management & fund operators peer group is "buy."

  • Wall Street's median 12-month price target for MidCap Financial Investment Corp is $12.63, about 15.5% above its February 25 closing price of $10.93

  • The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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