Zacks Investment Research cut shares of TCG BDC (NASDAQ:CGBD) from a buy rating to a hold rating in a report issued on Tuesday morning.
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. “
CGBD has been the subject of a number of other reports. Wells Fargo & Co lowered their price objective on TCG BDC from $17.75 to $15.00 and set a market perform rating for the company in a research note on Thursday, October 4th. ValuEngine downgraded TCG BDC from a hold rating to a sell rating in a research note on Monday, October 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $17.00.
Shares of NASDAQ CGBD traded up $0.12 during trading on Tuesday, reaching $14.39. The stock had a trading volume of 204,397 shares, compared to its average volume of 360,700. TCG BDC has a one year low of $12.19 and a one year high of $18.63. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $891.60 million, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 4.04 and a beta of 0.60.
TCG BDC (NASDAQ:CGBD) last issued its quarterly earnings data on Wednesday, November 7th. The company reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.01. The firm had revenue of $51.28 million during the quarter, compared to the consensus estimate of $49.12 million. TCG BDC had a return on equity of 9.41% and a net margin of 33.51%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 EPS. As a group, equities analysts predict that TCG BDC will post 1.67 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 17th. Shareholders of record on Friday, December 28th will be given a dividend of $0.37 per share. The ex-dividend date is Thursday, December 27th. This represents a $1.48 dividend on an annualized basis and a yield of 10.28%. TCG BDC’s dividend payout ratio (DPR) is presently 85.06%.
In other news, CEO Michael Anthony Hart acquired 6,500 shares of the business’s stock in a transaction dated Thursday, November 29th. The stock was acquired at an average price of $15.47 per share, for a total transaction of $100,555.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have acquired a total of 23,525 shares of company stock valued at $356,265 in the last quarter. 0.10% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the company. Newport Trust Co purchased a new stake in shares of TCG BDC during the third quarter valued at $13,038,000. Legal & General Group Plc purchased a new stake in shares of TCG BDC during the second quarter valued at $3,964,000. Sageworth Trust Co lifted its holdings in shares of TCG BDC by 46.7% during the third quarter. Sageworth Trust Co now owns 611,849 shares of the company’s stock valued at $10,218,000 after purchasing an additional 194,863 shares during the last quarter. Morgan Stanley lifted its holdings in shares of TCG BDC by 15.7% during the third quarter. Morgan Stanley now owns 1,204,384 shares of the company’s stock valued at $20,114,000 after purchasing an additional 163,878 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of TCG BDC during the second quarter valued at $959,000. Institutional investors and hedge funds own 21.26% of the company’s stock.
TCG BDC Company Profile
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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