Zacks: TCG BDC, Inc. (CGBD) Receives Average Recommendation of “Strong Buy” from Brokerages
TCG BDC, Inc. (NASDAQ:CGBD) has been assigned a consensus broker rating score of 1.25 (Strong Buy) from the four analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a buy rating and three have issued a strong buy rating on the company.
Brokers have set a 1 year consensus price objective of $19.25 for the company, according to Zacks. Zacks has also assigned TCG BDC an industry rank of 174 out of 265 based on the ratings given to its competitors.
A number of research firms have recently weighed in on CGBD. Keefe, Bruyette & Woods reissued a “buy” rating and set a $20.00 price target on shares of TCG BDC in a research report on Thursday, August 31st. Wells Fargo & Company began coverage on shares of TCG BDC in a research report on Monday, July 10th. They set an “outperform” rating and a $18.50 price target for the company. Zacks Investment Research raised shares of TCG BDC from a “hold” rating to a “strong-buy” rating and set a $21.00 price target for the company in a research report on Monday, September 11th. Bank of America Corporation began coverage on shares of TCG BDC in a research report on Monday, July 10th. They set a “buy” rating and a $19.00 price target for the company. Finally, J P Morgan Chase & Co began coverage on shares of TCG BDC in a research report on Monday, July 10th. They set an “overweight” rating and a $19.00 price target for the company.
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Several hedge funds have recently added to or reduced their stakes in CGBD. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in shares of TCG BDC during the second quarter worth approximately $1,987,000. State of New Jersey Common Pension Fund D acquired a new position in TCG BDC in the second quarter worth $9,906,000. West Family Investments Inc. acquired a new position in TCG BDC in the second quarter worth $5,403,000. Ameriprise Financial Inc. acquired a new position in TCG BDC in the second quarter worth $6,258,000. Finally, Muzinich & Co. Inc. acquired a new position in TCG BDC in the second quarter worth $14,408,000. 7.63% of the stock is owned by institutional investors and hedge funds.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, September 29th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 7.83%. The ex-dividend date of this dividend is Thursday, September 28th.
About TCG BDC
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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