TPG Specialty Lending’s (TSLX) “Neutral” Rating Reaffirmed at National Securities
TPG Specialty Lending, Inc. (NYSE:TSLX)‘s stock had its “neutral” rating restated by research analysts at National Securities in a report issued on Monday. They currently have a $19.00 price target on the financial services provider’s stock. National Securities’ price objective would suggest a potential downside of 10.04% from the stock’s current price.
The analysts wrote, “• TPG reported NII/share of $0.57 compared to our estimate of $0.44 and consensus of $0.46/share. There were significant repayments during the quarter of $277.0 million and a significant amount of prepayment activity, largely driven by Qlik Technologies and Payless. There was $0.26/share of prepayment fees and OID acceleration combined during the quarter.
• TPG’s asset quality remains very strong, with the company finished 2Q17 with no non-accruals. Mississippi Resources was on non-accrual as of 3/31/17 but was restructured and has seen improved performance since the restructuring. NAV/share increased modestly Q/Q, driving a 12.4% annualized economic return for the quarter.
• TSLX is well positioned to grow its portfolio despite challenging loan market. The company’s ability to understand and participate in complex situations, co-invest and take down larger bite sizes and provide certainty of closing, and utilize ABL (asset-based lending) as well as cash flow lending all bode well for TPG’s ability to drive good volume while maintaining its stringent underwriting criteria and preserving credit quality going forward.
• We are revising our 2017 NII/share estimate to $1.94 from $1.83 and are maintaining our 2018 NII/share estimate of $1.85.”
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut TPG Specialty Lending from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. BidaskClub cut TPG Specialty Lending from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 20th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $19.25.
TPG Specialty Lending (NYSE:TSLX) opened at 21.12 on Monday. The firm has a 50-day moving average price of $20.53 and a 200-day moving average price of $20.14. TPG Specialty Lending has a 52 week low of $17.00 and a 52 week high of $21.25.
TPG Specialty Lending (NYSE:TSLX) last released its earnings results on Wednesday, August 2nd. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.11. The firm had revenue of $58.82 million during the quarter, compared to analysts’ expectations of $49.41 million. TPG Specialty Lending had a return on equity of 12.68% and a net margin of 60.77%. The company’s revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.43 EPS. On average, equities analysts forecast that TPG Specialty Lending will post $1.88 earnings per share for the current fiscal year.
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Institutional investors have recently made changes to their positions in the stock. Alps Advisors Inc. boosted its position in shares of TPG Specialty Lending by 0.3% in the second quarter. Alps Advisors Inc. now owns 24,051 shares of the financial services provider’s stock valued at $492,000 after buying an additional 62 shares during the last quarter. Summit Global Investments boosted its position in shares of TPG Specialty Lending by 1.5% in the first quarter. Summit Global Investments now owns 22,609 shares of the financial services provider’s stock valued at $461,000 after buying an additional 341 shares during the last quarter. LPL Financial LLC boosted its position in shares of TPG Specialty Lending by 4.0% in the first quarter. LPL Financial LLC now owns 12,528 shares of the financial services provider’s stock valued at $202,000 after buying an additional 486 shares during the last quarter. Nuveen Fund Advisors LLC boosted its position in shares of TPG Specialty Lending by 0.7% in the third quarter. Nuveen Fund Advisors LLC now owns 82,452 shares of the financial services provider’s stock valued at $1,493,000 after buying an additional 574 shares during the last quarter. Finally, Koshinski Asset Management Inc. boosted its position in shares of TPG Specialty Lending by 21.8% in the second quarter. Koshinski Asset Management Inc. now owns 12,850 shares of the financial services provider’s stock valued at $263,000 after buying an additional 2,300 shares during the last quarter. Institutional investors own 64.35% of the company’s stock.
TPG Specialty Lending Company Profile
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.
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