TCG BDC, Inc. (CGBD) Downgraded to “Hold” at Zacks Investment Research
TCG BDC, Inc. (NASDAQ:CGBD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods assumed coverage on TCG BDC in a report on Monday, July 10th. They issued an “outperform” rating and a $20.00 price target for the company. J P Morgan Chase & Co assumed coverage on TCG BDC in a report on Monday, July 10th. They issued an “overweight” rating and a $19.00 price target for the company. Bank of America Corporation assumed coverage on TCG BDC in a report on Monday, July 10th. They issued a “buy” rating and a $19.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on TCG BDC in a report on Monday, July 10th. They issued an “outperform” rating and a $18.50 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $19.50.
Shares of TCG BDC (NASDAQ:CGBD) traded up 0.05% during trading on Wednesday, hitting $18.64. 84,189 shares of the company traded hands. TCG BDC has a 52-week low of $17.61 and a 52-week high of $19.25. The company has a 50-day moving average of $18.59 and a 200-day moving average of $18.43.
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A number of institutional investors and hedge funds have recently made changes to their positions in CGBD. Muzinich & Co. Inc. acquired a new position in TCG BDC in the second quarter valued at approximately $14,408,000. State of New Jersey Common Pension Fund D purchased a new stake in TCG BDC in the second quarter valued at approximately $9,906,000. Ares Management LLC purchased a new stake in TCG BDC in the second quarter valued at approximately $8,554,000. Ameriprise Financial Inc. purchased a new stake in TCG BDC in the second quarter valued at approximately $6,258,000. Finally, West Family Investments Inc. purchased a new stake in TCG BDC in the second quarter valued at approximately $5,403,000. 7.63% of the stock is owned by hedge funds and other institutional investors.
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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