Stock Traders Buy Large Volume of Put Options on TCG BDC (CGBD)

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TCG BDC Inc (NASDAQ:CGBD) was the target of some unusual options trading activity on Monday. Stock investors bought 753 put options on the company. This represents an increase of 1,221% compared to the average volume of 57 put options.

Shares of NASDAQ CGBD opened at $17.03 on Tuesday. TCG BDC has a one year low of $16.73 and a one year high of $20.30. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 9.79, a price-to-earnings-growth ratio of 5.19 and a beta of -0.45.

TCG BDC (NASDAQ:CGBD) last issued its quarterly earnings results on Wednesday, August 8th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.05. TCG BDC had a net margin of 45.15% and a return on equity of 9.32%. The business had revenue of $52.45 million for the quarter, compared to analysts’ expectations of $46.60 million. sell-side analysts predict that TCG BDC will post 1.65 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 17th. Stockholders of record on Friday, September 28th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 8.69%. The ex-dividend date is Thursday, September 27th. TCG BDC’s dividend payout ratio is 85.06%.

A number of brokerages have commented on CGBD. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $19.00 price target on shares of TCG BDC in a research report on Thursday, August 9th. Zacks Investment Research cut shares of TCG BDC from a “buy” rating to a “hold” rating in a research report on Tuesday, June 12th. ValuEngine cut shares of TCG BDC from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, Wells Fargo & Co cut shares of TCG BDC from an “outperform” rating to a “market perform” rating and set a $18.50 price target on the stock. in a research report on Wednesday, August 8th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $18.88.

Institutional investors have recently modified their holdings of the company. Stanley Laman Group Ltd. bought a new position in shares of TCG BDC in the second quarter worth approximately $172,000. Bingham Osborn & Scarborough LLC bought a new position in shares of TCG BDC in the second quarter worth approximately $173,000. Citadel Advisors LLC bought a new position in shares of TCG BDC in the second quarter worth approximately $197,000. Abbrea Capital LLC bought a new position in shares of TCG BDC in the first quarter worth approximately $206,000. Finally, Sterling Capital Management LLC bought a new position in shares of TCG BDC in the second quarter worth approximately $207,000. Hedge funds and other institutional investors own 16.94% of the company’s stock.

About TCG BDC

TCG BDC, Inc is a non-diversified closed-end investment company. The fund operates as a business development company. The company provides debt investments in the U.S. middle market companies. It also invests in first lien and second lien senior secured loans; middle market junior loans, such as corporate mezzanine loans, equity co-investments, syndicated first lien and second lien senior secured loans, high-yield bonds, structured finance obligations, and other opportunistic investments.

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