TPG Specialty Lending (TSLX) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of TPG Specialty Lending (NYSE:TSLX) from a buy rating to a hold rating in a report issued on Saturday morning.
According to Zacks, “TPG Specialty Lending, Inc. is a specialty finance company. It is focused on providing fully-underwritten capital solutions to middle market companies. The Company specializes in standalone first-lien loans, standalone second-lien loans, mezzanine loans, unitranche loans. TPG Specialty Lending, Inc. is based in Fort Worth, Texas. “
A number of other research analysts have also recently weighed in on TSLX. National Securities reaffirmed a buy rating and set a $21.00 price objective on shares of TPG Specialty Lending in a research report on Monday, August 6th. JPMorgan Chase & Co. raised TPG Specialty Lending from a neutral rating to an overweight rating and set a $18.50 price objective on the stock in a research report on Monday, July 23rd. ValuEngine cut TPG Specialty Lending from a hold rating to a sell rating in a research report on Saturday, June 2nd. TheStreet raised TPG Specialty Lending from a c+ rating to a b rating in a research report on Tuesday, July 31st. Finally, Keefe, Bruyette & Woods set a $22.00 price target on TPG Specialty Lending and gave the stock a buy rating in a report on Thursday, August 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $21.14.
TPG Specialty Lending (NYSE:TSLX) last released its quarterly earnings results on Wednesday, August 1st. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.09. The business had revenue of $66.40 million during the quarter, compared to the consensus estimate of $58.63 million. TPG Specialty Lending had a return on equity of 12.40% and a net margin of 53.60%. During the same period in the previous year, the company posted $0.57 EPS. sell-side analysts expect that TPG Specialty Lending will post 2.02 earnings per share for the current fiscal year.
The firm also recently declared a special dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, August 30th. This is a boost from TPG Specialty Lending’s previous special dividend of $0.06. This represents a yield of 7.9%. TPG Specialty Lending’s payout ratio is currently 78.00%.
In other TPG Specialty Lending news, Director Richard A. Higginbotham purchased 2,000 shares of the stock in a transaction that occurred on Friday, August 24th. The shares were bought at an average cost of $19.73 per share, with a total value of $39,460.00. Following the acquisition, the director now owns 20,000 shares in the company, valued at $394,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.50% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the business. Strs Ohio increased its stake in TPG Specialty Lending by 2.9% in the 2nd quarter. Strs Ohio now owns 5,006,805 shares of the financial services provider’s stock worth $89,822,000 after acquiring an additional 139,070 shares during the last quarter. FMR LLC increased its stake in TPG Specialty Lending by 513.5% in the 2nd quarter. FMR LLC now owns 2,341,317 shares of the financial services provider’s stock worth $42,003,000 after acquiring an additional 1,959,686 shares during the last quarter. Delphi Financial Group Inc. increased its stake in TPG Specialty Lending by 4.8% in the 2nd quarter. Delphi Financial Group Inc. now owns 1,482,024 shares of the financial services provider’s stock worth $26,602,000 after acquiring an additional 68,267 shares during the last quarter. LSV Asset Management increased its stake in TPG Specialty Lending by 50.0% in the 1st quarter. LSV Asset Management now owns 728,600 shares of the financial services provider’s stock worth $13,012,000 after acquiring an additional 242,973 shares during the last quarter. Finally, Progeny 3 Inc. increased its stake in TPG Specialty Lending by 30.0% in the 2nd quarter. Progeny 3 Inc. now owns 520,020 shares of the financial services provider’s stock worth $9,329,000 after acquiring an additional 119,993 shares during the last quarter. 60.36% of the stock is currently owned by institutional investors and hedge funds.
About TPG Specialty Lending
TPG Specialty Lending, Inc is a business development company. The fund provides senior secured loans (first-lien, second-lien, and unitranche), mezzanine debt, non-control structured equity, and common equity with a focus on co-investments for organic growth, acquisitions, market or product expansion, restructuring initiatives, recapitalizations, and refinancing.
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