Goldman Sachs BDC, Inc. (NYSE:GSBD)‘s stock had its “neutral” rating reiterated by research analysts at National Securities in a research report issued to clients and investors on Monday, November 6th. They presently have a $22.00 price target on the financial services provider’s stock. National Securities’ price objective would suggest a potential downside of 0.81% from the stock’s previous close.
The analysts wrote, “• For 3Q17, GSBD posted NII/share of $0.47, matching consensus estimates but falling a penny short of our estimate. Despite the portfolio at cost increasing to $1.22 billion from $1.15 billion Q/Q investment income declined by 4.5% Q/Q as a result of lower prepayment fees and accelerated OID relative to 2Q17. The company generated respectable portfolio growth with a robust $258.4 million of originations versus sales and repayments of $194.3 million.
• Goldman’s asset quality remains sound although non-accruals increased on the quarter to $40.9 million at amortized cost or 3.4% of the portfolio from $6.7 million or 0.6% of the portfolio. Bolttech Mannings, Inc. was placed on non-accrual with a cost of $40.1 million although NAV/share was unchanged on the quarter. Bolttech was already heavily marked down as of 6/30/17 with an unrealized loss of $19.7 million that increased to $22.8 million as of 9/30/17.
• GSBD has tailwinds for yield and NIM, as we see it. We expect the increased utilization of the SCF (senior credit fund) and Goldman leading a greater amount of larger, sponsored transactions made possible by exemptive relief should help offset spread compression.
• We are revising our 2017 NII/share estimate to $2.09 from $2.10 and our 2018 NII/share estimate to $2.01 from $2.03.”
A number of other research firms have also recently commented on GSBD. TheStreet upgraded Goldman Sachs BDC from a “c” rating to a “b-” rating in a research note on Wednesday, August 9th. BidaskClub upgraded Goldman Sachs BDC from a “sell” rating to a “hold” rating in a research note on Thursday, September 28th. Finally, Zacks Investment Research cut Goldman Sachs BDC from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $22.60.
Goldman Sachs BDC (NYSE:GSBD) last released its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $0.47 EPS for the quarter, meeting analysts’ consensus estimates of $0.47. Goldman Sachs BDC had a return on equity of 11.34% and a net margin of 32.19%. The firm had revenue of $34.40 million for the quarter, compared to analysts’ expectations of $33.56 million. During the same period in the prior year, the firm posted $0.51 earnings per share. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. equities research analysts forecast that Goldman Sachs BDC will post 2.07 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of the company. Pinebridge Investments L.P. increased its position in shares of Goldman Sachs BDC by 0.4% during the second quarter. Pinebridge Investments L.P. now owns 9,946 shares of the financial services provider’s stock worth $224,000 after acquiring an additional 37 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in Goldman Sachs BDC by 1.3% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 10,445 shares of the financial services provider’s stock valued at $235,000 after buying an additional 139 shares during the last quarter. IFP Advisors Inc increased its holdings in Goldman Sachs BDC by 4.9% in the second quarter. IFP Advisors Inc now owns 4,553 shares of the financial services provider’s stock valued at $103,000 after buying an additional 211 shares during the last quarter. Homrich & Berg increased its holdings in Goldman Sachs BDC by 1.7% in the second quarter. Homrich & Berg now owns 33,012 shares of the financial services provider’s stock valued at $743,000 after buying an additional 558 shares during the last quarter. Finally, Anchor Capital Advisors LLC increased its holdings in Goldman Sachs BDC by 1.4% in the second quarter. Anchor Capital Advisors LLC now owns 80,551 shares of the financial services provider’s stock valued at $1,814,000 after buying an additional 1,094 shares during the last quarter. 36.56% of the stock is currently owned by institutional investors and hedge funds.
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Goldman Sachs BDC Company Profile
Goldman Sachs BDC, Inc is a closed-end management investment company. The Company is a specialty finance company, which is focused on lending to middle-market companies. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, including first lien, unitranche, including last out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.
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