TPG Specialty Lending Inc. (TSLX) Lowered to “Neutral” at National Securities
National Securities lowered shares of TPG Specialty Lending Inc. (NYSE:TSLX) from a buy rating to a neutral rating in a research report report published on Monday. National Securities currently has $19.00 price objective on the stock.
“Downgrade: We are downgrading TPG Specialty Lending (TSLX) to NEUTRAL from BUY and maintaining our $19 price target. This downgrade is solely a result of valuation and our investment thesis remains in-tact. We are maintaining our 2016 NII/share estimate of $1.82 and our 2017 NII/share estimate of $1.85. Our $19 price target implies an estimated 2017 P/NII of 10.3x, dividend yield of 8.2%, and P/NAV of 1.16x compared to the BDC sector averages of 9.9x, 9.4%, and 0.90x, respectively.,” National Securities’ analyst wrote.
Other research analysts have also issued reports about the stock. TheStreet upgraded shares of TPG Specialty Lending from a hold rating to a buy rating in a research report on Monday, November 21st. Zacks Investment Research upgraded shares of TPG Specialty Lending from a hold rating to a buy rating and set a $20.00 target price for the company in a research report on Thursday, November 10th. JMP Securities reiterated a buy rating on shares of TPG Specialty Lending in a research report on Wednesday, November 9th. Barclays PLC reiterated a hold rating and issued a $18.00 target price on shares of TPG Specialty Lending in a research report on Wednesday, November 9th. Finally, Citigroup Inc. upped their target price on shares of TPG Specialty Lending from $16.00 to $17.00 and gave the stock a neutral rating in a research report on Friday, August 12th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $18.57.
TPG Specialty Lending (NYSE:TSLX) opened at 18.24 on Monday. TPG Specialty Lending has a 12 month low of $15.11 and a 12 month high of $18.79. The company’s 50-day moving average price is $17.95 and its 200 day moving average price is $17.53.
TPG Specialty Lending (NYSE:TSLX) last released its quarterly earnings results on Monday, November 7th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. The firm earned $53.92 million during the quarter, compared to analyst estimates of $46.54 million. TPG Specialty Lending had a net margin of 53.66% and a return on equity of 11.50%. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 EPS. On average, analysts predict that TPG Specialty Lending will post $1.79 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 31st. Shareholders of record on Saturday, December 31st will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 8.33%. The ex-dividend date is Wednesday, December 28th. TPG Specialty Lending’s dividend payout ratio (DPR) is presently 91.77%.
In other TPG Specialty Lending news, VP David Stiepleman acquired 5,535 shares of the business’s stock in a transaction on Monday, November 14th. The shares were acquired at an average price of $17.99 per share, for a total transaction of $99,574.65. Following the completion of the acquisition, the vice president now owns 5,535 shares in the company, valued at $99,574.65. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.90% of the stock is currently owned by company insiders.
A number of large investors have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in shares of TPG Specialty Lending by 14.2% in the third quarter. Wells Fargo & Company MN now owns 3,169,000 shares of the company’s stock worth $57,391,000 after buying an additional 394,207 shares during the period. Muzinich & Co. Inc. boosted its stake in shares of TPG Specialty Lending by 95.9% in the third quarter. Muzinich & Co. Inc. now owns 595,350 shares of the company’s stock worth $10,782,000 after buying an additional 291,517 shares during the period. Delphi Financial Group Inc. boosted its stake in shares of TPG Specialty Lending by 19.7% in the second quarter. Delphi Financial Group Inc. now owns 1,142,719 shares of the company’s stock worth $18,946,000 after buying an additional 188,397 shares during the period. Strs Ohio boosted its stake in shares of TPG Specialty Lending by 2.5% in the second quarter. Strs Ohio now owns 4,162,136 shares of the company’s stock worth $69,133,000 after buying an additional 101,452 shares during the period. Finally, Nuveen Fund Advisors LLC acquired a new stake in shares of TPG Specialty Lending during the second quarter worth $1,360,000. Institutional investors and hedge funds own 62.61% of the company’s stock.
About TPG Specialty Lending
TPG Specialty Lending, Inc (TSL) is an externally managed, closed-end, non-diversified management investment company. The Company is a specialty finance company focused on lending to middle-market companies. It seeks to generate current income primarily in the United States domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine loans and investments in corporate bonds and equity securities.
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