THL Credit, Inc. (TCRD) Price Target Cut to $11.00

THL Credit, Inc. (NASDAQ:TCRD) had its target price lowered by National Securities from $12.00 to $11.00 in a report released on Monday. National Securities currently has a buy rating on the investment management company’s stock.

“• 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.,” the firm’s analyst wrote.

Several other equities analysts have also recently commented on TCRD. Maxim Group reissued a buy rating and issued a $11.50 price target on shares of THL Credit in a research report on Friday, November 10th. Keefe, Bruyette & Woods reissued a hold rating and issued a $10.50 price target on shares of THL Credit in a research report on Monday, October 16th. ValuEngine raised shares of THL Credit from a hold rating to a buy rating in a research report on Friday, November 10th. TheStreet raised shares of THL Credit from a c+ rating to a b- rating in a research report on Monday, July 31st. Finally, Deutsche Bank AG cut shares of THL Credit from a buy rating to a hold rating and set a $10.50 price target for the company. in a research report on Tuesday, August 8th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. THL Credit has an average rating of Hold and a consensus price target of $10.70.

THL Credit (NASDAQ:TCRD) traded up $0.13 during trading hours on Monday, hitting $9.38. 105,300 shares of the company were exchanged, compared to its average volume of 114,849. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.20 and a quick ratio of 0.20. The stock has a market cap of $302.23, a PE ratio of 7.58, a P/E/G ratio of 7.38 and a beta of 1.10. THL Credit has a 1 year low of $8.90 and a 1 year high of $10.60.

THL Credit (NASDAQ:TCRD) last posted its quarterly earnings data on Thursday, November 9th. The investment management company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.07. THL Credit had a net margin of 23.15% and a return on equity of 10.53%. The firm had revenue of $20.10 million during the quarter, compared to analysts’ expectations of $19.74 million. During the same quarter last year, the company posted $0.32 EPS. The firm’s quarterly revenue was down 6.9% on a year-over-year basis. equities analysts predict that THL Credit will post 1.25 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.08 annualized dividend and a dividend yield of 11.51%. THL Credit’s dividend payout ratio (DPR) is currently 189.48%.

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new stake in shares of THL Credit during the 2nd quarter worth $105,000. Macquarie Group Ltd. purchased a new stake in shares of THL Credit during the 3rd quarter worth $104,000. Cetera Investment Advisers purchased a new stake in shares of THL Credit during the 2nd quarter worth $136,000. CIBC World Markets Inc. purchased a new stake in shares of THL Credit during the 2nd quarter worth $150,000. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of THL Credit during the 3rd quarter worth $163,000. 45.17% of the stock is owned by institutional investors and hedge funds.

About THL Credit

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.

Analyst Recommendations for THL Credit (NASDAQ:TCRD)

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