Carlyle Secured Lending (NASDAQ:CGBD) Stock Rating Cut to Hold at Wells Fargo & Company

Wells Fargo & Company downgraded shares of Carlyle Secured Lending (NASDAQ:CGBD) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning, MarketBeat reports. Wells Fargo & Company currently has $11.00 price target on the stock.

Carlyle Secured Lending Price Performance

Carlyle Secured Lending stock opened at $11.10 on Tuesday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.79 and a quick ratio of 0.79. The business has a 50 day simple moving average of $11.12 and a 200-day simple moving average of $11.05. Carlyle Secured Lending has a 12 month low of $9.94 and a 12 month high of $13.28. The stock has a market capitalization of $763.74 million, a PE ratio of 21.77 and a beta of 0.64.

Carlyle Secured Lending Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Wednesday, September 30th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $1.40 annualized dividend and a dividend yield of 12.6%. Carlyle Secured Lending’s payout ratio is presently 274.51%.

Institutional Investors Weigh In On Carlyle Secured Lending

A number of hedge funds have recently added to or reduced their stakes in CGBD. Allworth Financial LP acquired a new stake in Carlyle Secured Lending in the second quarter valued at $27,000. Burk Holdings LLC acquired a new stake in shares of Carlyle Secured Lending in the second quarter valued at about $37,000. Entropy Technologies LP lifted its stake in shares of Carlyle Secured Lending by 37.4% in the first quarter. Entropy Technologies LP now owns 18,913 shares of the company’s stock valued at $207,000 after purchasing an additional 5,146 shares during the period. Beaumont Financial Advisors LLC purchased a new stake in Carlyle Secured Lending during the first quarter worth about $110,000. Finally, Novare Capital Management LLC grew its position in Carlyle Secured Lending by 4.3% during the first quarter. Novare Capital Management LLC now owns 251,395 shares of the company’s stock worth $2,750,000 after buying an additional 10,345 shares during the period. Institutional investors and hedge funds own 24.51% of the company’s stock.

Carlyle Secured Lending Company Profile

Carlyle Secured Lending, Inc (NASDAQ: CGBD) is a business development company that provides financing to privately owned, middle-market companies. The company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by investing in debt and equity securities.

Carlyle Secured Lending primarily invests in senior secured loans, including first-lien and second-lien loans, as well as subordinated debt and select equity investments. Its portfolio companies operate across a range of industries, and the company generally focuses on established businesses with experienced management teams and significant private equity sponsorship.

The company invests primarily in the United States and is externally managed by Carlyle Global Credit Investment Management LLC, an affiliate of The Carlyle Group.