TCG BDC, Inc. (CGBD) Lifted to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of TCG BDC, Inc. (NASDAQ:CGBD) from a hold rating to a strong-buy rating in a report released on Monday. They currently have $21.00 price target on the stock.
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 equities research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods started coverage on shares of TCG BDC in a research report on Monday, July 10th. They set an outperform rating and a $20.00 price target for the company. J P Morgan Chase & Co started coverage on shares of TCG BDC in a research report on Monday, July 10th. They issued an overweight rating and a $19.00 target price for the company. Bank of America Corporation initiated coverage on shares of TCG BDC in a research report on Monday, July 10th. They issued a buy rating and a $19.00 target price for the company. Finally, Wells Fargo & Company initiated coverage on shares of TCG BDC in a research note on Monday, July 10th. They set an outperform rating and a $18.50 price target on the stock. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $19.50.
Shares of TCG BDC (NASDAQ CGBD) opened at 18.42 on Monday. The company has a 50-day moving average price of $18.45 and a 200-day moving average price of $18.47. TCG BDC has a 12 month low of $17.61 and a 12 month high of $18.65.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, September 29th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 8.04%. The ex-dividend date is Thursday, September 28th.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Asset Management Company LTD purchased a new position in shares of TCG BDC during the 2nd quarter valued at $1,987,000. State of New Jersey Common Pension Fund D purchased a new position in shares of TCG BDC during the 2nd quarter valued at $9,906,000. West Family Investments Inc. purchased a new position in shares of TCG BDC during the 2nd quarter valued at $5,403,000. Susquehanna International Group LLP purchased a new position in shares of TCG BDC during the 2nd quarter valued at $200,000. Finally, Ares Management LLC purchased a new position in shares of TCG BDC during the 2nd quarter valued at $8,554,000. Institutional investors own 7.63% of the company’s stock.
TCG BDC Company Profile
TCG BDC, Inc, formerly Carlyle GMS Finance, Inc, is a managed and non-diversified closed-end investment company. The Company is focused on lending to middle market companies. The Company’s investment objective is to generate current income and capital appreciation primarily through debt investments in the United States and middle market companies.
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