Zacks Investment Research upgraded shares of TCG BDC, Inc. (NASDAQ:CGBD) from a hold rating to a strong-buy rating in a report released on Monday morning. They currently have $21.00 price objective on the stock.
According to Zacks, “TCG BDC, Inc. is an externally managed specialty finance company. It focused on providing flexible financing solutions to middle market companies primarily located in the United States. TCG BDC, Inc. is based in New York, United States. “
Several other equities analysts have also commented on CGBD. Keefe, Bruyette & Woods reiterated a buy rating and issued a $20.00 price target on shares of TCG BDC in a research note on Thursday, August 31st. Wells Fargo & Company assumed coverage on shares of TCG BDC in a research report on Monday, July 10th. They set an outperform rating and a $18.50 target price on the stock. J P Morgan Chase & Co assumed coverage on shares of TCG BDC in a research report on Monday, July 10th. They set an overweight rating and a $19.00 target price on the stock. Finally, Bank of America Corporation assumed coverage on shares of TCG BDC in a research report on Monday, July 10th. They set a buy rating and a $19.00 target price on the stock. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $19.50.
Shares of TCG BDC (NASDAQ CGBD) opened at 18.40 on Monday. The firm’s 50-day moving average is $18.45 and its 200 day moving average is $18.47. TCG BDC has a 52 week low of $17.61 and a 52 week high of $18.65.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, September 29th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 8.04%.
Institutional investors and hedge funds have recently made changes to their positions in the company. Susquehanna International Group LLP purchased a new position in TCG BDC in the 2nd quarter valued at $200,000. Goldman Sachs Group Inc. purchased a new position in TCG BDC in the 2nd quarter valued at $571,000. Sumitomo Mitsui Asset Management Company LTD purchased a new position in TCG BDC in the 2nd quarter valued at $1,987,000. West Family Investments Inc. purchased a new position in TCG BDC in the 2nd quarter valued at $5,403,000. Finally, Ameriprise Financial Inc. purchased a new position in TCG BDC in the 2nd quarter valued at $6,258,000. Institutional investors and hedge funds own 7.63% of the company’s stock.
About TCG BDC
TCG BDC, Inc, formerly Carlyle GMS Finance, Inc, is a managed and non-diversified closed-end investment company. The Company is focused on lending to middle market companies. The Company’s investment objective is to generate current income and capital appreciation primarily through debt investments in the United States and middle market companies.
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