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.
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.
WARNING: This article was originally posted by BBNS and is the sole property of of BBNS. If you are accessing this article on another publication, it was copied illegally and reposted in violation of US and international copyright & trademark laws. The correct version of this article can be viewed at https://baseballnewssource.com/markets/national-securities-increases-tpg-specialty-lending-inc-tslx-price-target-to-20-00/1781461.html.
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.
Receive News & Ratings for TPG Specialty Lending Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TPG Specialty Lending Inc and related companies with our FREE daily email newsletter.