TPG Specialty Lending, Inc. (NYSE:TSLX) had its price target upped by analysts at National Securities from $19.00 to $20.00 in a note issued to investors on Monday. The firm presently has a “neutral” rating on the financial services provider’s stock. National Securities’ target price would indicate a potential downside of 1.72% from the company’s previous close.
The analysts wrote, “• 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.”
TSLX has been the topic of several other research reports. BidaskClub cut shares of TPG Specialty Lending from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 31st. Zacks Investment Research cut shares of TPG Specialty Lending from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $22.00 price target (up previously from $21.00) on shares of TPG Specialty Lending in a report on Wednesday, August 9th. Finally, JMP Securities lifted their price target on shares of TPG Specialty Lending from $21.50 to $22.00 and gave the company an “outperform” rating in a 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 issued a buy rating to the stock. TPG Specialty Lending currently has an average rating of “Hold” and a consensus price target of $21.75.
Shares of TPG Specialty Lending (NYSE:TSLX) opened at $20.35 on Monday. The firm has a market cap of $1,225.58, a price-to-earnings ratio of 10.07, a P/E/G ratio of 3.40 and a beta of 0.69. TPG Specialty Lending has a fifty-two week low of $17.73 and a fifty-two week high of $21.74. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.58.
TPG Specialty Lending (NYSE:TSLX) last released its quarterly earnings results on Tuesday, November 7th. The financial services provider reported $0.51 earnings per share for the quarter, beating 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 net margin of 56.43% and a return on equity of 12.63%. During the same quarter in the previous year, the business posted $0.51 earnings per share. equities analysts expect that TPG Specialty Lending will post 1.99 EPS for the current year.
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A number of institutional investors have recently made changes to their positions in the business. Alps Advisors Inc. lifted its position in TPG Specialty Lending by 0.3% during the second quarter. Alps Advisors Inc. now owns 24,051 shares of the financial services provider’s stock valued at $492,000 after buying an additional 62 shares during the period. Pinebridge Investments L.P. raised its holdings in 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 during the period. Summit Global Investments raised its holdings in TPG Specialty Lending by 8.4% during the 2nd quarter. Summit Global Investments now owns 24,513 shares of the financial services provider’s stock valued at $501,000 after buying an additional 1,904 shares during the period. Janney Montgomery Scott LLC raised its holdings in TPG Specialty Lending by 3.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 65,826 shares of the financial services provider’s stock valued at $1,346,000 after buying an additional 2,304 shares during the period. Finally, CIBC World Markets Inc. raised its holdings in TPG Specialty Lending by 9.8% during the 2nd quarter. CIBC World Markets Inc. now owns 26,008 shares of the financial services provider’s stock valued at $532,000 after buying an additional 2,327 shares during the period. 62.73% of the stock is owned by institutional investors and hedge funds.
TPG Specialty Lending Company Profile
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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