Goldman Sachs BDC Inc. (GSBD) Rating Lowered to Neutral at National Securities
Goldman Sachs BDC Inc. (NYSE:GSBD) was downgraded by investment analysts at National Securities from a “buy” rating to a “neutral” rating in a research note issued on Monday. They presently have a $23.00 target price on the stock. National Securities’ price target suggests a potential upside of 0.92% from the stock’s current price.
The analysts wrote, “Downgrade: We are downgrading Goldman Sachs BDC Inc. (GSBD) to NEUTRAL from BUY and maintaining our $23 price target. This downgrade is solely a result of valuation and our investment thesis remains in-tact. We are maintaining our NII/share estimate for 2016 of $2.13 and our 2017 NII/share estimate of $2.15. Our $23 price target implies an estimated 2017 P/NII of 10.7x, dividend yield of 7.8%, and P/NAV of 1.19x compared to the BDC sector averages of 9.9x, 9.4%, and 0.90x, respectively.”
A number of other equities analysts also recently issued reports on GSBD. Goldman Sachs Group Inc. downgraded Goldman Sachs BDC from a “neutral” rating to an “underperform” rating and set a $20.50 price objective for the company. in a report on Thursday, November 3rd. Zacks Investment Research downgraded Goldman Sachs BDC from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Bank of America Corp. downgraded Goldman Sachs BDC from a “neutral” rating to an “underperform” rating and set a $20.50 price objective for the company. in a report on Thursday, November 3rd. Finally, Citigroup Inc. increased their price objective on Goldman Sachs BDC from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Wednesday, October 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $22.08.
Shares of Goldman Sachs BDC (NYSE:GSBD) opened at 22.79 on Monday. The company has a 50-day moving average of $21.95 and a 200 day moving average of $20.94. Goldman Sachs BDC has a 52-week low of $16.66 and a 52-week high of $23.00.
Goldman Sachs BDC (NYSE:GSBD) last announced its earnings results on Thursday, November 3rd. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. The company earned $33.95 million during the quarter, compared to the consensus estimate of $26.37 million. Goldman Sachs BDC had a return on equity of 11.88% and a net margin of 28.66%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. On average, equities research analysts anticipate that Goldman Sachs BDC will post $2.10 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Saturday, December 31st will be given a dividend of $0.45 per share. The ex-dividend date is Wednesday, December 28th. This represents a $1.80 annualized dividend and a dividend yield of 7.90%. Goldman Sachs BDC’s dividend payout ratio (DPR) is presently 181.82%.
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In other Goldman Sachs BDC news, Director Jaime Ardila acquired 4,683 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The shares were bought at an average cost of $21.52 per share, with a total value of $100,778.16. Following the completion of the transaction, the director now directly owns 4,683 shares of the company’s stock, valued at approximately $100,778.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.35% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Creative Planning acquired a new stake in Goldman Sachs BDC during the third quarter valued at approximately $112,000. PineBridge Investments L.P. boosted its stake in Goldman Sachs BDC by 133.9% in the second quarter. PineBridge Investments L.P. now owns 9,334 shares of the company’s stock valued at $187,000 after buying an additional 5,344 shares during the period. BB&T Securities LLC acquired a new stake in Goldman Sachs BDC during the third quarter valued at approximately $202,000. Starfire Investment Advisers Inc. acquired a new stake in Goldman Sachs BDC during the second quarter valued at approximately $248,000. Finally, National Asset Management Inc. acquired a new stake in Goldman Sachs BDC during the second quarter valued at approximately $263,000. 33.48% of the stock is currently owned by institutional investors.
Goldman Sachs BDC Company Profile
Goldman Sachs BDC, Inc, formerly Goldman Sachs Liberty Harbor Capital, LLC, is a closed-end management investment company. The Company is focused on lending to middle-market companies. Its investment objective is to generate current income and capital appreciation through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.
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