TCG BDC (CGBD) Raised to Buy at Zacks Investment Research

TCG BDC (NASDAQ:CGBD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $17.00 price target on the stock. Zacks Investment Research‘s price objective points to a potential upside of 8.70% from the stock’s current price.

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. “

Other analysts have also recently issued research reports about the company. Wells Fargo & Co lifted their price objective on TCG BDC from $15.25 to $16.00 and gave the stock a “market perform” rating in a research report on Thursday, November 8th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $19.00 price objective on shares of TCG BDC in a research report on Thursday, August 9th. Finally, ValuEngine upgraded TCG BDC from a “sell” rating to a “hold” rating in a research report on Wednesday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $17.75.

Shares of CGBD stock traded up $0.14 during mid-day trading on Monday, reaching $15.64. The stock had a trading volume of 278,800 shares, compared to its average volume of 143,127. TCG BDC has a 12-month low of $15.04 and a 12-month high of $20.30. The stock has a market cap of $969.81 million, a P/E ratio of 8.99, a P/E/G ratio of 4.65 and a beta of -0.07. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt-to-equity ratio of 0.91.

TCG BDC (NASDAQ:CGBD) last announced its quarterly earnings results on Wednesday, November 7th. The company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.01. TCG BDC had a return on equity of 9.41% and a net margin of 33.51%. The business had revenue of $51.28 million during the quarter, compared to analysts’ expectations of $49.12 million. During the same quarter last year, the business posted $0.45 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts anticipate that TCG BDC will post 1.67 earnings per share for the current year.

In related news, CEO Michael Anthony Hart acquired 6,500 shares of the company’s stock in a transaction that occurred on Thursday, November 29th. The stock was purchased at an average price of $15.47 per share, for a total transaction of $100,555.00. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.10% of the company’s stock.

A number of institutional investors have recently bought and sold shares of CGBD. Newport Trust Co purchased a new stake in TCG BDC during the 3rd quarter worth about $13,038,000. Legal & General Group Plc purchased a new stake in TCG BDC during the 2nd quarter worth about $3,964,000. Sageworth Trust Co increased its position in TCG BDC by 46.7% during the 3rd quarter. Sageworth Trust Co now owns 611,849 shares of the company’s stock worth $10,218,000 after purchasing an additional 194,863 shares in the last quarter. Morgan Stanley increased its position in TCG BDC by 15.7% during the 3rd quarter. Morgan Stanley now owns 1,204,384 shares of the company’s stock worth $20,114,000 after purchasing an additional 163,878 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in TCG BDC during the 2nd quarter worth about $959,000. Hedge funds and other institutional investors own 21.27% 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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