TPG Specialty Lending, Inc. (NYSE:TSLX) had its price objective lifted by National Securities from $19.00 to $20.00 in a research report sent to investors on Monday morning. National Securities currently has a neutral rating on the financial services provider’s stock.
“• For 3Q17, TSLX posted NII/share of $0.51, exceeding our estimate of $0.45 and consensus estimates of $0.44. While gross investment income was down 11% linked Q/Q largely from lower prepayment-related income, fee income was elevated on the quarter making up for the decline in interest income.
• While prepayments will likely slow in the coming quarters relative to the last two, we note that we still expect prepayments and prepayment-related income to remain elevated as a result of TPG’s strong underwriting and higher yielding loans in an environment of marked complacency in loan markets.
• NAV/share was down 6 cents on the quarter to $16.09 but TSLX continues to have no non-accruals. NAV/share has improved $0.14 YTD and we expect further steady improvements to $16.51 as of 4Q18. Given the history of credit discipline and very strong underwriting, we expect non-accruals to remain muted and for the NAV increases coupled with a stable base dividend to generate strong economic returns for shareholders.
• We are revising our 2017 NII/share estimate to $2.04 from $1.94 and our 2018 NII/share estimate to $1.95 from $1.85.,” National Securities’ analyst commented.
Other research analysts have also recently issued reports about the company. BidaskClub cut TPG Specialty Lending from a sell rating to a strong sell rating in a research report on Thursday, November 9th. Zacks Investment Research raised TPG Specialty Lending from a hold rating to a buy rating and set a $23.00 target price on the stock in a research report on Friday. SunTrust Banks, Inc. reissued a buy rating and issued a $22.00 target price (up from $21.00) on shares of TPG Specialty Lending in a research report on Wednesday, August 9th. Finally, JMP Securities raised their target price on TPG Specialty Lending from $21.50 to $22.00 and gave the stock an outperform rating in a research report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $21.75.
Shares of TPG Specialty Lending (NYSE:TSLX) traded up $0.08 during trading hours on Monday, reaching $20.43. The company’s stock had a trading volume of 134,500 shares, compared to its average volume of 204,721. The stock has a market capitalization of $1,225.58, a PE ratio of 10.07, a price-to-earnings-growth ratio of 3.40 and a beta of 0.69. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.76 and a quick ratio of 0.76. TPG Specialty Lending has a fifty-two week low of $17.93 and a fifty-two week high of $21.74.
TPG Specialty Lending (NYSE:TSLX) last announced its earnings results on Tuesday, November 7th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.08. The business had revenue of $48.86 million for the quarter, compared to analysts’ expectations of $48.58 million. TPG Specialty Lending had a return on equity of 12.63% and a net margin of 56.43%. During the same period last year, the firm posted $0.51 earnings per share. equities analysts forecast that TPG Specialty Lending will post 1.99 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 15th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 7.64%. TPG Specialty Lending’s payout ratio is currently 79.59%.
Hedge funds have recently bought and sold shares of the company. Pinebridge Investments L.P. lifted its position in shares of TPG Specialty Lending by 1.9% during the 2nd quarter. Pinebridge Investments L.P. now owns 5,102 shares of the financial services provider’s stock valued at $104,000 after buying an additional 94 shares in the last quarter. Global X MANAGEMENT CO LLC lifted its position in shares of TPG Specialty Lending by 37.9% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 9,454 shares of the financial services provider’s stock valued at $198,000 after buying an additional 2,600 shares in the last quarter. Ameriprise Financial Inc. purchased a new position in shares of TPG Specialty Lending during the 1st quarter valued at about $201,000. Nationwide Fund Advisors purchased a new position in shares of TPG Specialty Lending during the 3rd quarter valued at about $256,000. Finally, Eagle Global Advisors LLC purchased a new position in shares of TPG Specialty Lending during the 2nd quarter valued at about $304,000. 62.73% of the stock is currently owned by hedge funds and other institutional investors.
About TPG Specialty Lending
TPG Specialty Lending, Inc 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 originations of mezzanine and unsecured loans and investments in corporate bonds and equity securities.
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