Zacks Investment Research Upgrades TCG BDC (NASDAQ:CGBD) to Hold
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. “
Separately, ValuEngine cut shares of TCG BDC from a hold rating to a sell rating in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $16.17.
TCG BDC (NASDAQ:CGBD) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.02. TCG BDC had a net margin of 22.04% and a return on equity of 10.40%. The business had revenue of $56.87 million for the quarter, compared to analysts’ expectations of $57.06 million. During the same quarter last year, the firm earned $0.45 EPS. On average, sell-side analysts predict that TCG BDC will post 1.77 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 17th. Shareholders of record on Monday, September 30th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, September 27th. This represents a $1.48 annualized dividend and a dividend yield of 10.21%. TCG BDC’s dividend payout ratio is currently 85.55%.
Several institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC lifted its position in shares of TCG BDC by 23.0% during the 2nd quarter. HighTower Advisors LLC now owns 2,695,484 shares of the company’s stock worth $41,080,000 after buying an additional 503,148 shares in the last quarter. Morgan Stanley increased its stake in shares of TCG BDC by 20.3% during the 2nd quarter. Morgan Stanley now owns 2,022,518 shares of the company’s stock worth $30,823,000 after purchasing an additional 341,430 shares during the last quarter. PagnatoKarp Partners LLC increased its stake in shares of TCG BDC by 41.7% during the 2nd quarter. PagnatoKarp Partners LLC now owns 1,539,297 shares of the company’s stock worth $24,152,000 after purchasing an additional 453,096 shares during the last quarter. Sageworth Trust Co increased its stake in shares of TCG BDC by 26.0% during the 2nd quarter. Sageworth Trust Co now owns 1,409,157 shares of the company’s stock worth $21,475,000 after purchasing an additional 290,834 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of TCG BDC by 8.2% during the 2nd quarter. Van ECK Associates Corp now owns 540,027 shares of the company’s stock worth $8,230,000 after purchasing an additional 41,119 shares during the last quarter. 30.52% of the stock is currently owned by hedge funds and other institutional investors.
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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