TPG Specialty Lending (TSLX) Upgraded by Zacks Investment Research to Buy

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Zacks Investment Research upgraded shares of TPG Specialty Lending (NYSE:TSLX) from a hold rating to a buy rating in a report released on Friday. The brokerage currently has $22.00 target price on the financial services provider’s stock.

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 subject of several other reports. Keefe, Bruyette & Woods began coverage on TPG Specialty Lending in a research note on Thursday, June 28th. They issued an outperform rating and a $21.00 price objective for the company. TheStreet raised TPG Specialty Lending from a c+ rating to a b rating in a research note on Tuesday, July 31st. National Securities reissued a buy rating and issued a $21.00 price objective on shares of TPG Specialty Lending in a research note on Monday, August 6th. JPMorgan Chase & Co. upgraded TPG Specialty Lending from a neutral rating to an overweight rating and set a $18.50 target price for the company in a report on Monday, July 23rd. Finally, SunTrust Banks restated a buy rating and issued a $22.00 target price on shares of TPG Specialty Lending in a report on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. TPG Specialty Lending presently has a consensus rating of Buy and an average target price of $21.14.

NYSE TSLX traded down $0.03 during mid-day trading on Friday, hitting $20.01. The stock had a trading volume of 192,125 shares, compared to its average volume of 235,254. TPG Specialty Lending has a twelve month low of $17.00 and a twelve month high of $21.15. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.55 and a current ratio of 0.55. The company has a market cap of $1.31 billion, a P/E ratio of 10.01, a P/E/G ratio of 4.96 and a beta of 0.66.

TPG Specialty Lending (NYSE:TSLX) last posted its quarterly earnings data on Wednesday, August 1st. The financial services provider reported $0.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.47 by $0.09. TPG Specialty Lending had a return on equity of 12.40% and a net margin of 53.60%. The firm had revenue of $66.40 million during the quarter, compared to the consensus estimate of $58.63 million. During the same period in the prior year, the company earned $0.57 EPS. sell-side analysts predict that TPG Specialty Lending will post 2.02 EPS for the current fiscal year.

The business also recently announced a special dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, August 31st will be issued a $0.08 dividend. This is a boost from TPG Specialty Lending’s previous special dividend of $0.06. This represents a yield of 7.9%. The ex-dividend date of this dividend is Thursday, August 30th. TPG Specialty Lending’s dividend payout ratio is presently 78.00%.

In related news, Director Richard A. Higginbotham bought 2,000 shares of the company’s stock in a transaction on Friday, August 24th. The stock was bought at an average cost of $19.73 per share, for a total transaction of $39,460.00. Following the acquisition, the director now directly owns 20,000 shares in the company, valued at $394,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.50% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of the business. FMR LLC grew its holdings in shares of TPG Specialty Lending by 513.5% during the 2nd quarter. FMR LLC now owns 2,341,317 shares of the financial services provider’s stock worth $42,003,000 after purchasing an additional 1,959,686 shares during the period. LGT Capital Partners LTD. purchased a new position in shares of TPG Specialty Lending during the 2nd quarter worth $7,233,000. The Manufacturers Life Insurance Company grew its holdings in shares of TPG Specialty Lending by 13,938.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 263,925 shares of the financial services provider’s stock worth $4,714,000 after purchasing an additional 262,045 shares during the period. LSV Asset Management grew its holdings in shares of TPG Specialty Lending by 50.0% during the 1st quarter. LSV Asset Management now owns 728,600 shares of the financial services provider’s stock worth $13,012,000 after purchasing an additional 242,973 shares during the period. Finally, Dimension Capital Management LLC grew its holdings in shares of TPG Specialty Lending by 41.6% during the 1st quarter. Dimension Capital Management LLC now owns 480,377 shares of the financial services provider’s stock worth $8,580,000 after purchasing an additional 141,049 shares during the period. Institutional investors own 59.89% 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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