National Securities Reiterates “Neutral” Rating for Goldman Sachs BDC, Inc. (GSBD)
Goldman Sachs BDC, Inc. (NYSE:GSBD)‘s stock had its “neutral” rating restated by equities researchers at National Securities in a report issued on Monday. They currently have a $22.00 price target on the financial services provider’s stock. National Securities’ price target suggests a potential upside of 1.01% from the company’s previous close.
The analysts wrote, “• For 3Q17, GSBD posted NII/share of $0.47, matching consensus estimates but falling a penny short of our estimate. Despite the portfolio at cost increasing to $1.22 billion from $1.15 billion Q/Q investment income declined by 4.5% Q/Q as a result of lower prepayment fees and accelerated OID relative to 2Q17. The company generated respectable portfolio growth with a robust $258.4 million of originations versus sales and repayments of $194.3 million.
• Goldman’s asset quality remains sound although non-accruals increased on the quarter to $40.9 million at amortized cost or 3.4% of the portfolio from $6.7 million or 0.6% of the portfolio. Bolttech Mannings, Inc. was placed on non-accrual with a cost of $40.1 million although NAV/share was unchanged on the quarter. Bolttech was already heavily marked down as of 6/30/17 with an unrealized loss of $19.7 million that increased to $22.8 million as of 9/30/17.
• GSBD has tailwinds for yield and NIM, as we see it. We expect the increased utilization of the SCF (senior credit fund) and Goldman leading a greater amount of larger, sponsored transactions made possible by exemptive relief should help offset spread compression.
• We are revising our 2017 NII/share estimate to $2.09 from $2.10 and our 2018 NII/share estimate to $2.01 from $2.03.”
A number of other analysts also recently issued reports on the stock. BidaskClub downgraded shares of Goldman Sachs BDC from a “hold” rating to a “sell” rating in a report on Saturday, October 28th. Zacks Investment Research downgraded shares of Goldman Sachs BDC from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, TheStreet upgraded shares of Goldman Sachs BDC from a “c” rating to a “b-” rating in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $22.60.
Shares of Goldman Sachs BDC (NYSE GSBD) opened at $21.78 on Monday. The stock has a market cap of $879.26, a P/E ratio of 10.43, a PEG ratio of 2.12 and a beta of 0.84. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Goldman Sachs BDC has a 1-year low of $20.83 and a 1-year high of $25.60.
Goldman Sachs BDC (NYSE:GSBD) last announced its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.47. The business had revenue of $34.40 million during the quarter, compared to the consensus estimate of $33.56 million. Goldman Sachs BDC had a net margin of 32.19% and a return on equity of 11.34%. The business’s revenue was up 1.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.51 EPS. research analysts forecast that Goldman Sachs BDC will post 2.07 earnings per share for the current fiscal year.
WARNING: This article was first published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this article on another website, it was illegally copied and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this article can be viewed at https://www.thecerbatgem.com/2017/11/08/national-securities-reiterates-neutral-rating-for-goldman-sachs-bdc-inc-gsbd.html.
A number of institutional investors have recently bought and sold shares of GSBD. IFP Advisors Inc increased its holdings in Goldman Sachs BDC by 4.9% in the 2nd quarter. IFP Advisors Inc now owns 4,553 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 211 shares during the last quarter. US Bancorp DE acquired a new stake in Goldman Sachs BDC in the 2nd quarter valued at approximately $142,000. Global X MANAGEMENT CO LLC increased its holdings in Goldman Sachs BDC by 49.5% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 8,384 shares of the financial services provider’s stock valued at $191,000 after purchasing an additional 2,776 shares during the last quarter. Advisors Capital Management LLC acquired a new stake in Goldman Sachs BDC in the 3rd quarter valued at approximately $202,000. Finally, Palisade Capital Management LLC NJ acquired a new stake in Goldman Sachs BDC in the 2nd quarter valued at approximately $203,000. Hedge funds and other institutional investors own 36.56% of the company’s stock.
About Goldman Sachs BDC
Goldman Sachs BDC, Inc is a closed-end management investment company. The Company is a specialty finance company, which is focused on lending to middle-market companies. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, including first lien, unitranche, including last out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.
Receive News & Stock Ratings for Goldman Sachs BDC Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Goldman Sachs BDC Inc. and related stocks with our FREE daily email newsletter.