TPG Specialty Lending Inc. (TSLX) Lowered to “Neutral” at National Securities
National Securities downgraded shares of TPG Specialty Lending Inc. (NYSE:TSLX) from a buy rating to a neutral rating in a research report released on Monday morning. The firm 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.,” the firm’s analyst commented.
TSLX has been the subject of a number of other reports. Zacks Investment Research cut shares of TPG Specialty Lending from a buy rating to a hold rating in a research note on Thursday, October 6th. TheStreet cut shares of TPG Specialty Lending from a buy rating to a hold rating in a research note on Tuesday, September 20th. JMP Securities reaffirmed a buy rating on shares of TPG Specialty Lending in a research note on Wednesday, November 9th. Barclays PLC reaffirmed a hold rating and set a $18.00 price target on shares of TPG Specialty Lending in a research note on Wednesday, November 9th. Finally, Citigroup Inc. lifted their price target on shares of TPG Specialty Lending from $16.00 to $17.00 and gave the stock a neutral rating in a research note on Friday, August 12th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $18.57.
Shares of TPG Specialty Lending (NYSE:TSLX) opened at 18.24 on Monday. TPG Specialty Lending has a one year low of $15.11 and a one year high of $18.79. The firm has a 50-day moving average of $17.95 and a 200-day moving average of $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, topping analysts’ consensus estimates of $0.43 by $0.08. TPG Specialty Lending had a net margin of 53.66% and a return on equity of 11.50%. The firm earned $53.92 million during the quarter, compared to analysts’ expectations of $46.54 million. During the same period in the previous year, the company earned $0.48 EPS. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. On average, equities analysts forecast that TPG Specialty Lending will post $1.79 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 31st. Stockholders of record on Saturday, December 31st will be issued a $0.39 dividend. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $1.56 annualized dividend and a dividend yield of 8.33%. TPG Specialty Lending’s dividend payout ratio is currently 91.77%.
In other TPG Specialty Lending news, VP David Stiepleman purchased 5,535 shares of TPG Specialty Lending stock in a transaction dated Monday, November 14th. The stock was acquired at an average price of $17.99 per share, for a total transaction of $99,574.65. Following the acquisition, the vice president now owns 5,535 shares in the company, valued at approximately $99,574.65. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 4.90% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the stock. GAM Holding AG acquired a new stake in TPG Specialty Lending during the third quarter valued at approximately $114,000. GSA Capital Partners LLP acquired a new stake in TPG Specialty Lending during the second quarter valued at approximately $185,000. Nomura Holdings Inc. acquired a new stake in TPG Specialty Lending during the second quarter valued at approximately $244,000. PineBridge Investments L.P. raised its stake in TPG Specialty Lending by 188.7% in the second quarter. PineBridge Investments L.P. now owns 15,558 shares of the company’s stock valued at $258,000 after buying an additional 10,169 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in TPG Specialty Lending during the third quarter valued at approximately $288,000. Institutional investors and hedge funds own 62.61% of the company’s stock.
TPG Specialty Lending Company Profile
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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