Wells Fargo & Co Raises TCG BDC (CGBD) Price Target to $16.00

TCG BDC (NASDAQ:CGBD) had its target price increased by Wells Fargo & Co from $15.25 to $16.00 in a research note issued to investors on Thursday. The brokerage presently has a “market perform” rating on the stock. Wells Fargo & Co’s price objective would indicate a potential upside of 0.19% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. ValuEngine upgraded TCG BDC from a “sell” rating to a “hold” rating in a report on Wednesday, October 24th. Zacks Investment Research upgraded TCG BDC from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a report on Wednesday, October 24th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $19.00 target price on shares of TCG BDC in a report on Thursday, August 9th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. TCG BDC currently has an average rating of “Buy” and a consensus target price of $18.00.

Shares of NASDAQ:CGBD opened at $15.97 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 9.18, a P/E/G ratio of 4.81 and a beta of -0.05. TCG BDC has a 52-week low of $15.27 and a 52-week high of $20.30.

TCG BDC (NASDAQ:CGBD) last issued its earnings results on Wednesday, November 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. The company had revenue of $51.28 million during the quarter, compared to analysts’ expectations of $49.12 million. TCG BDC had a return on equity of 9.36% and a net margin of 33.51%. The firm’s quarterly 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 expect that TCG BDC will post 1.67 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Newport Trust Co purchased a new position in shares of TCG BDC during the 3rd quarter worth $13,038,000. Sageworth Trust Co grew its holdings in shares of 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 during the period. Van ECK Associates Corp grew its holdings in shares of TCG BDC by 1.7% during the 2nd quarter. Van ECK Associates Corp now owns 446,612 shares of the company’s stock worth $7,601,000 after purchasing an additional 7,383 shares during the period. BlackRock Inc. purchased a new position in shares of TCG BDC during the 1st quarter worth $6,292,000. Finally, Legal & General Group Plc purchased a new position in shares of TCG BDC during the 2nd quarter worth $3,964,000. Institutional investors and hedge funds own 19.77% 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.

Featured Story: How do investors use RSI to grade stocks?

Receive News & Ratings for TCG BDC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TCG BDC and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply