THL Credit (NASDAQ:TCRD) had its price objective lowered by equities researchers at National Securities from $12.00 to $11.00 in a report released on Monday, November 13th. The firm presently has a “buy” rating on the investment management company’s stock. National Securities’ price target indicates a potential upside of 15.79% from the company’s previous close.
The analysts wrote, “• For 3Q17, TCRD posted NII/share of $0.34, exceeding our estimate by $0.07/share. The beat versus our estimate was entirely due to the company not earning any incentive fee during the quarter as NAV declined further, albeit by a modest amount.
• Non-accruals at amortized cost decreased to $32.4 million as of 9/30/17 from $46.3 million Q/Q as a result of Aerogroup International being placed on non-accrual status during the quarter and previous non-accrual CRS Reprocessing being restructured.
• The company took further shareholder friendly actions that we applaud. The base management fee will be excluded from being added back to setting the capped incentive fee in the look-back calculation. Additionally, the incentive fee will be calculated on a rolling 12-quarter basis instead of the most recent quarter. Under this new structure, the amount of incentive fees paid under this will never exceed what would have been calculated under the current incentive fee formula (which already has a three-year look-back feature). The incentive fee will be waived in 4Q17 just as it was in 3Q17 and the external manager has agreed to waive up to 25% of incentive fees earned through 2018, if required, to ensure the dividend is covered.
• We are revising our 2017 NII/share estimate to $1.26 from $1.15 and are revising our 2018 NII/share estimate to $1.11 from $1.16.”
Other equities research analysts also recently issued reports about the stock. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $10.50 price objective on shares of THL Credit in a research note on Wednesday, August 16th. TheStreet upgraded shares of THL Credit from a “c+” rating to a “b-” rating in a research note on Monday, July 31st. ValuEngine upgraded shares of THL Credit from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Maxim Group reiterated a “buy” rating and set a $11.50 price objective on shares of THL Credit in a research note on Friday, November 10th. Finally, Deutsche Bank downgraded shares of THL Credit from a “buy” rating to a “hold” rating and set a $10.50 price objective on the stock. in a research note on Tuesday, August 8th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $10.70.
THL Credit (NASDAQ:TCRD) last announced its quarterly earnings data on Thursday, November 9th. The investment management company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.07. The firm had revenue of $20.10 million for the quarter, compared to the consensus estimate of $19.74 million. THL Credit had a net margin of 23.15% and a return on equity of 10.53%. The business’s revenue for the quarter was down 6.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. equities research analysts anticipate that THL Credit will post 1.25 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its stake in shares of THL Credit by 120.8% in the 2nd quarter. Goldman Sachs Group Inc. now owns 72,908 shares of the investment management company’s stock valued at $725,000 after purchasing an additional 39,895 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of THL Credit in the 2nd quarter valued at approximately $390,000. WFG Advisors LP boosted its stake in shares of THL Credit by 134.9% in the 2nd quarter. WFG Advisors LP now owns 61,760 shares of the investment management company’s stock valued at $615,000 after purchasing an additional 35,471 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of THL Credit by 12.6% in the 2nd quarter. Van ECK Associates Corp now owns 271,385 shares of the investment management company’s stock valued at $2,700,000 after purchasing an additional 30,421 shares in the last quarter. Finally, BB&T Securities LLC boosted its stake in shares of THL Credit by 19.7% in the 2nd quarter. BB&T Securities LLC now owns 220,732 shares of the investment management company’s stock valued at $2,196,000 after purchasing an additional 36,265 shares in the last quarter. Institutional investors own 43.96% of the company’s stock.
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THL Credit Company Profile
THL Credit, Inc is an externally managed, non-diversified closed-end management investment company. The Company’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of lower middle market companies.
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