National Securities Raises TPG Specialty Lending (TSLX) Price Target to $20.00

TPG Specialty Lending (NYSE:TSLX) had its price objective increased by National Securities from $19.00 to $20.00 in a report released on Monday, November 13th. National Securities currently has a neutral rating on the financial services provider’s stock.

“• 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.,” National Securities’ analyst wrote.

Other analysts have also issued research reports about the company. BidaskClub lowered TPG Specialty Lending from a strong-buy rating to a buy rating in a report on Thursday, August 31st. SunTrust Banks reaffirmed a buy rating and issued a $22.00 target price (up previously from $21.00) on shares of TPG Specialty Lending in a report on Wednesday, August 9th. Finally, Zacks Investment Research raised TPG Specialty Lending from a hold rating to a buy rating and set a $23.00 price objective on the stock in a report on Tuesday, July 25th. One 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 company. TPG Specialty Lending presently has a consensus rating of Hold and a consensus target price of $21.75.

Shares of TPG Specialty Lending (NYSE:TSLX) traded down $0.16 during mid-day trading on Monday, hitting $20.31. The company had a trading volume of 103,085 shares, compared to its average volume of 146,266. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.76 and a quick ratio of 0.76. TPG Specialty Lending has a 1-year low of $18.13 and a 1-year high of $21.74. The company has a market cap of $1,220.00, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 3.40 and a beta of 0.69.

TPG Specialty Lending (NYSE:TSLX) last released its earnings results on Tuesday, November 7th. The financial services provider reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.08. The firm had revenue of $48.86 million for the quarter, compared to analyst estimates of $48.58 million. TPG Specialty Lending had a return on equity of 12.63% and a net margin of 56.43%. During the same quarter last year, the firm posted $0.51 EPS. sell-side analysts predict that TPG Specialty Lending will post 2.01 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 7.68%. The ex-dividend date is Thursday, December 14th. TPG Specialty Lending’s payout ratio is presently 79.59%.

Several large investors have recently made changes to their positions in the company. Alps Advisors Inc. grew its holdings in shares of TPG Specialty Lending by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 24,051 shares of the financial services provider’s stock worth $492,000 after purchasing an additional 62 shares in the last quarter. Pinebridge Investments L.P. grew its holdings in shares of 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 worth $104,000 after purchasing an additional 94 shares in the last quarter. Summit Global Investments grew its holdings in shares of 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 worth $501,000 after purchasing an additional 1,904 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of 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 worth $1,346,000 after purchasing an additional 2,304 shares in the last quarter. Finally, CIBC World Markets Inc. grew its holdings in shares of 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 worth $532,000 after purchasing an additional 2,327 shares in the last quarter. 63.07% of the stock is currently owned by institutional investors.

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About TPG Specialty Lending

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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