Sixth Street Specialty Lending (NYSE:TSLX) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Sixth Street Specialty Lending (NYSE:TSLX) in a report issued on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a $23.00 target price on the financial services provider’s stock.

Separately, Keefe, Bruyette & Woods reduced their price objective on shares of Sixth Street Specialty Lending from $23.50 to $23.00 and set an outperform rating for the company in a research report on Monday, May 6th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $22.67.

Sixth Street Specialty Lending Trading Down 0.0 %

TSLX opened at $20.79 on Thursday. Sixth Street Specialty Lending has a twelve month low of $19.02 and a twelve month high of $22.35. The company has a fifty day moving average of $21.19 and a 200-day moving average of $21.27. The stock has a market cap of $1.93 billion, a PE ratio of 8.38 and a beta of 1.05. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 1.07.

Sixth Street Specialty Lending (NYSE:TSLX) last issued its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. Sixth Street Specialty Lending had a return on equity of 13.76% and a net margin of 44.55%. The firm had revenue of $121.82 million during the quarter, compared to the consensus estimate of $120.33 million. During the same period last year, the business posted $0.58 EPS. On average, sell-side analysts predict that Sixth Street Specialty Lending will post 2.31 EPS for the current year.

Sixth Street Specialty Lending Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 8.85%. This is a positive change from Sixth Street Specialty Lending’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Monday, September 16th. Sixth Street Specialty Lending’s dividend payout ratio is presently 74.19%.

Insider Activity at Sixth Street Specialty Lending

In other Sixth Street Specialty Lending news, Director Judy S. Slotkin acquired 7,015 shares of Sixth Street Specialty Lending stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $19.90 per share, for a total transaction of $139,598.50. Following the completion of the acquisition, the director now directly owns 18,726 shares of the company’s stock, valued at $372,647.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Texas Capital Bank Wealth Management Services Inc boosted its stake in shares of Sixth Street Specialty Lending by 4.0% in the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 128,694 shares of the financial services provider’s stock worth $2,748,000 after buying an additional 4,895 shares during the last quarter. Millennium Management LLC boosted its position in Sixth Street Specialty Lending by 482.6% in the second quarter. Millennium Management LLC now owns 287,311 shares of the financial services provider’s stock worth $6,134,000 after purchasing an additional 237,995 shares during the last quarter. Progeny 3 Inc. grew its stake in Sixth Street Specialty Lending by 2.6% in the 2nd quarter. Progeny 3 Inc. now owns 2,036,778 shares of the financial services provider’s stock valued at $43,485,000 after purchasing an additional 50,908 shares during the period. 1832 Asset Management L.P. increased its position in shares of Sixth Street Specialty Lending by 6.6% during the 2nd quarter. 1832 Asset Management L.P. now owns 1,279,000 shares of the financial services provider’s stock valued at $27,307,000 after purchasing an additional 79,000 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Sixth Street Specialty Lending by 14.5% during the 2nd quarter. ProShare Advisors LLC now owns 14,986 shares of the financial services provider’s stock worth $320,000 after purchasing an additional 1,898 shares during the period. Institutional investors own 70.25% of the company’s stock.

Sixth Street Specialty Lending Company Profile

Sixth Street Specialty Lending, Inc (NYSE: TSLX) is a business development company. The fund provides senior secured loans (first-lien, second-lien, and unitranche), unsecured loans, mezzanine debt, and investments in corporate bonds and equity securities and structured products, 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.