TPG Specialty Lending (NYSE:TSLX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “TPG Specialty Lending, Inc. is a specialty finance company. It is focused on providing fully-underwritten capital solutions to middle market companies. The Company specializes in standalone first-lien loans, standalone second-lien loans, mezzanine loans, unitranche loans. TPG Specialty Lending, Inc. is based in Fort Worth, Texas. “
TSLX has been the topic of a number of other reports. TheStreet upgraded shares of TPG Specialty Lending from a “c+” rating to a “b” rating in a report on Tuesday, July 31st. National Securities restated a “buy” rating and set a $21.00 target price on shares of TPG Specialty Lending in a report on Monday, August 6th. Keefe, Bruyette & Woods set a $22.00 target price on shares of TPG Specialty Lending and gave the stock a “buy” rating in a report on Thursday, August 2nd. JPMorgan Chase & Co. upgraded shares of TPG Specialty Lending from a “neutral” rating to an “overweight” rating and set a $18.50 target price on the stock in a report on Monday, July 23rd. Finally, SunTrust Banks restated a “buy” rating and set a $22.00 target price on shares of TPG Specialty Lending in a report on Friday, August 3rd. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the stock. TPG Specialty Lending has a consensus rating of “Buy” and a consensus target price of $21.29.
TSLX traded down $0.03 during trading on Thursday, reaching $20.37. 273,061 shares of the stock were exchanged, compared to its average volume of 285,450. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 4.93 and a beta of 0.62. TPG Specialty Lending has a twelve month low of $17.00 and a twelve month high of $20.94. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.81.
TPG Specialty Lending (NYSE:TSLX) last issued its earnings results on Wednesday, August 1st. The financial services provider reported $0.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.47 by $0.09. The business had revenue of $66.40 million for the quarter, compared to the consensus estimate of $58.63 million. TPG Specialty Lending had a net margin of 53.60% and a return on equity of 12.40%. During the same period in the previous year, the company earned $0.57 earnings per share. As a group, research analysts forecast that TPG Specialty Lending will post 2.04 earnings per share for the current year.
In related news, Director Richard A. Higginbotham acquired 2,000 shares of the firm’s stock in a transaction on Friday, August 24th. The shares were purchased at an average cost of $19.73 per share, for a total transaction of $39,460.00. Following the completion of the acquisition, the director now directly owns 20,000 shares in the company, valued at $394,600. The purchase was disclosed in a filing with the SEC, which is available at this link. 4.50% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in TSLX. FMR LLC increased its holdings in shares of TPG Specialty Lending by 513.5% in the second quarter. FMR LLC now owns 2,341,317 shares of the financial services provider’s stock valued at $42,003,000 after purchasing an additional 1,959,686 shares during the last quarter. LGT Capital Partners LTD. acquired a new position in shares of TPG Specialty Lending in the second quarter valued at $7,233,000. The Manufacturers Life Insurance Company grew its stake in shares of TPG Specialty Lending by 13,938.6% in the first quarter. The Manufacturers Life Insurance Company now owns 263,925 shares of the financial services provider’s stock valued at $4,714,000 after acquiring an additional 262,045 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of TPG Specialty Lending by 3,751.3% in the third quarter. Acadian Asset Management LLC now owns 259,614 shares of the financial services provider’s stock valued at $5,295,000 after acquiring an additional 252,873 shares in the last quarter. Finally, Advisors Capital Management LLC acquired a new position in shares of TPG Specialty Lending in the third quarter valued at about $3,847,000. Hedge funds and other institutional investors own 60.76% of the company’s stock.
About TPG Specialty Lending
TPG Specialty Lending, Inc is a business development company. The fund provides senior secured loans (first-lien, second-lien, and unitranche), mezzanine debt, non-control structured equity, and common equity with a focus on co-investments for organic growth, acquisitions, market or product expansion, restructuring initiatives, recapitalizations, and refinancing.
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