Saratoga Investment Corp. raised its quarterly dividend by 2.4% to $0.43 per share. Prior to this, the business development company increased its dividend payout by $0.01 to $0.42 in Jan. 2021.
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Saratoga Investment (SAR) announced that the new dividend will be paid on April 22 to shareholders of record as of April 8. As per the company’s dividend reinvestment plan (DRIP), shareholders will have the option to receive the dividend in cash or as shares of common stock.
The company’s annual dividend of $1.72 per share now reflects a dividend yield of 7.15%.
Saratoga Investment CEO Christian L. Oberbeck said, “We are very pleased that our strong track record, healthy credit profile, robust deal pipeline, and ongoing asset growth continue to generate strong financial performance in support of a program of paying and increasing quarterly dividends.” (See Saratoga Investment stock analysis on TipRanks)
On March 5, Hovde Group analyst Bryce Rowe initiated coverage of the stock with a Buy rating and a price target of $29 (19.3% upside potential).
Saratoga Investment shares have exploded 160.5% over the past year, while the stock still scores a Strong Buy consensus rating based on 5 unanimous Buys. That’s alongside an average analyst price target of $26.38, which implies 8.6% upside potential to current levels.
What’s more, Saratoga Investment scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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