Insider Trading Reports: Harvest Capital Credit Corporation (HCAP)

Harvest Capital Credit Corporation (HCAP)

Insider Trading Reports: Harvest Capital Credit Corporation (HCAP)

CEO and major holder adds to stake.

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  • Joseph Jolson, the CEO of Harvest Capital Credit Company (HCAP) as well as a major holder with over 10 percent of shares, added another 10,000 shares on the open market recently, paying nearly $90,000 and increasing his stake by 1.3 percent.

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  • Jolson has been an active buyer of shares of the company over the past three years, and has made a few sales along the way as well, but now has just under 793,000 shares.

    Harvest Capital is a structured credit company providing small businesses with loans and specializing in buyouts and other financing needs for smaller, privately-held companies. Insiders, mostly Jolson, own over 25 percent of the company, a strong vote of confidence going forward.

    Action to take: Thanks to an 18 percent drop in shares price this year, the dividend yield on this business development company now tops 10 percent. And with monthly payouts, investors are getting just shy of 1 percent per month returns here.

    The company trades at a discount to book value, and isn’t as leveraged as other BDC plays, so shares look attractive up to $9.25.

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  • Speculators will have to look elsewhere, as there are no options to trade on shares to bet on a move, and as BDC companies, being high-yielding to begin with, tend to see smaller percentage moves in their share prices relative to other companies.