TCG BDC (CGBD) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of TCG BDC (NASDAQ:CGBD) from a buy rating to a hold rating in a research note published on Wednesday.
According to Zacks, “TCG BDC, Inc. is an externally managed specialty finance company. It focused on providing flexible financing solutions to middle market companies primarily located in the United States. TCG BDC, Inc. is based in New York, United States. “
Several other research analysts have also recently commented on the company. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $19.00 target price on shares of TCG BDC in a research report on Thursday, August 9th. Wells Fargo & Co cut TCG BDC from an outperform rating to a market perform rating and set a $18.50 target price for the company. in a research report on Wednesday, August 8th. Finally, ValuEngine raised TCG BDC from a sell rating to a hold rating in a research report on Wednesday, October 24th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $18.00.
TCG BDC (NASDAQ:CGBD) last announced its quarterly earnings data on Wednesday, November 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.01. The business had revenue of $51.28 million for the quarter, compared to the consensus estimate of $49.12 million. TCG BDC had a net margin of 33.51% and a return on equity of 9.41%. TCG BDC’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company posted $0.45 earnings per share. As a group, research analysts forecast that TCG BDC will post 1.67 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 17th. Investors of record on Friday, December 28th will be given a $0.37 dividend. The ex-dividend date is Thursday, December 27th. This represents a $1.48 annualized dividend and a yield of 9.52%. TCG BDC’s dividend payout ratio (DPR) is currently 85.06%.
A number of hedge funds have recently modified their holdings of the stock. HPM Partners LLC lifted its position in TCG BDC by 120.0% in the third quarter. HPM Partners LLC now owns 49,457 shares of the company’s stock worth $826,000 after purchasing an additional 26,975 shares during the period. JPMorgan Chase & Co. lifted its position in TCG BDC by 79.5% in the third quarter. JPMorgan Chase & Co. now owns 92,098 shares of the company’s stock worth $1,538,000 after purchasing an additional 40,787 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in TCG BDC in the third quarter worth $260,000. Brown Advisory Inc. bought a new position in TCG BDC in the third quarter worth $539,000. Finally, Newport Trust Co bought a new position in TCG BDC in the third quarter worth $13,038,000. 20.03% of the stock is owned by hedge funds and other institutional investors.
About TCG BDC
TCG BDC, Inc is a non-diversified closed-end investment company. The fund operates as a business development company. The company provides debt investments in the U.S. middle market companies. It also invests in first lien and second lien senior secured loans; middle market junior loans, such as corporate mezzanine loans, equity co-investments, syndicated first lien and second lien senior secured loans, high-yield bonds, structured finance obligations, and other opportunistic investments.
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