Joan Y. McCabe, a director at Carlyle Credit Income Fund (NYSE:CCIF), has recently increased her stake in the company with the purchase of additional shares. On June 21, McCabe acquired 5,950 shares of common stock at a price of $8.40 per share, totaling an investment of $49,980.
This transaction has bolstered McCabe's total holdings in the fund to 12,279 shares. The purchase, executed directly, reflects a notable addition to her investment in Carlyle Credit Income Fund, which specializes in credit investment management.
Investors often monitor the buying and selling activities of a company's directors and executives as they can provide insight into their confidence in the firm's future performance. McCabe's acquisition of shares may be seen as a sign of her belief in the potential growth or undervaluation of the fund's stock.
Carlyle Credit Income Fund, headquartered in New York, is incorporated in the state of Delaware and operates in the financial sector, focusing on global credit investment management. The fund is managed by Carlyle Global Credit Investment Management, which is also based at One Vanderbilt Avenue in New York City.
Transactions involving company insiders are regularly reported to the Securities and Exchange Commission, and the details of such trades are publicly accessible, providing transparency for investors and the market. The recent purchase by McCabe is now part of the public record, as documented in the latest SEC filings.
In other recent news, Carlyle Credit Income Fund disclosed its unaudited net asset value (NAV) per common share as of May 31, 2024, at $7.92. The company also announced the maintenance of its monthly dividend at $0.105 through August 2024, reflecting a robust 15.95% annualized yield. The fund's recent strategic transformation led to two significant dividend increases and reported a total investment income of $7.3 million for the second quarter of 2024.
B. Riley initiated coverage of Carlyle Credit Income Fund with a Buy rating, setting a stock price target at $9.00, approximately 1.15 times the projected forward NAV. The firm's analysis suggests a total return of 23% for investors over the next 12 months. Carlyle Credit's active involvement in the Collateralized Loan Obligation (CLO) market was highlighted by $20 million in new investments and strong equity distributions.
The fund is discussing potential expansion of its capital structure, including the addition of preferred shares and longer-dated bond issuances. These recent developments underscore Carlyle Credit's proactive approach in navigating the dynamic CLO market. The company's strategy, focused on high-quality CLO managers and investments in both primary and secondary markets, positions it well for future growth.
InvestingPro Insights
In light of Joan Y. McCabe's recent share purchase in Carlyle Credit Income Fund (NYSE:CCIF), investors might be curious about the company's performance metrics and what other insights can be gleaned from the data. According to InvestingPro, Carlyle Credit Income Fund currently boasts a market capitalization of $97.84 million, indicating its size within the credit investment sector. Additionally, the fund has a substantial dividend yield of 15.02%, reflecting a strong commitment to returning value to shareholders. This is further underscored by the fact that the company has maintained dividend payments for 13 consecutive years, a testament to its financial stability and reliability for income-focused investors.
Despite the challenges that come with weak gross profit margins, the fund's stock has shown low price volatility, which may appeal to investors seeking a more stable investment in the financial sector. Moreover, the price of Carlyle Credit Income Fund's shares is currently at 92.06% of its 52-week high, indicating that the shares are trading close to their peak value over the past year. This could suggest that the market is recognizing the value of the fund, aligning with McCabe's recent investment decision.
For those interested in exploring further, there are additional InvestingPro Tips available that could provide deeper insights into Carlyle Credit Income Fund's valuation and performance. By visiting InvestingPro, investors can access these tips and consider how they might impact their investment strategies. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to gain access to the full range of valuable tips and metrics that InvestingPro offers.
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