Dallas, Texas 03/26/2014 (FINANCIALSTRENDS) – MCG Capital Corp (NASDAQ:MCGC) recently announced its March 14 dividend on Investors who were of record on 14 March 14th will be paid the dividend of 0.125/ share on 28 March. Analysts at the MLV Capital firm initiated their coverage on MCG Capital Corp (NASDAQ:MCGC) shares in the research note on 21 January. They have set a rating of “hold” on the stock.
MCG Capital Corp (NASDAQ:MCGC) also reported its Q4 Quarter 2013 & Annual Results & Distribution of $0.125/Share. As of end of every fiscal year, the company determines its tax- attributes of the distributions, including return of capital, which is based on its taxable income and the distributions that have been paid for the entire year, which they report to every stockholder on the Form 1099. Based on tax attributes of these distributions that they declared for the year 2013, 75.0% of the company’s distributions were from the ordinary income & 25.0% of the distributions were the return of capital.
In addition, on Oct 25, 2013, the company’s board of directors had authorized a stock- repurchase program of upto $25.0 million. On Feb 28, 2014, the company’s board of directors had approved the increase in this program from $25.0 million up to $35.0 million. Under this program, MCG Capital Corp (NASDAQ:MCGC)’s management is now authorized to repurchase the shares in various open market transactions, including via block-purchases, depending on the current market conditions & various other factors. They intend to fund these repurchases via their available liquidity.
The previous MCG Capital Corp (NASDAQ:MCGC) stock repurchase program, that had been authorized on Jan 17, 2012 for upto $35.0 million, had been terminated after they effected the repurchases that totaled approximately $29.4M. For the 3 and 12 months that ended Dec 31, 2013, they repurchased 512,100 & 1,016,739 shares, of their common stock at the weighted average purchase-prices of $4.73 & $4.62 per share, respectively.