Sixth Street Specialty Lending (NYSE:TSLX) Hits New 12-Month Low at $17.99

Sixth Street Specialty Lending, Inc. (NYSE:TSLXGet Rating)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $17.99 and last traded at $18.00, with a volume of 3645 shares trading hands. The stock had previously closed at $18.20.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TSLX. Raymond James dropped their target price on Sixth Street Specialty Lending from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 4th. StockNews.com lowered Sixth Street Specialty Lending from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, TheStreet downgraded Sixth Street Specialty Lending from a “b-” rating to a “c” rating in a research note on Thursday, August 11th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.38.

Sixth Street Specialty Lending Stock Performance

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 1.01. The stock has a 50 day simple moving average of $18.91 and a two-hundred day simple moving average of $20.56. The stock has a market capitalization of $1.46 billion, a P/E ratio of 11.09 and a beta of 1.05.

Sixth Street Specialty Lending (NYSE:TSLXGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The financial services provider reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.03. Sixth Street Specialty Lending had a return on equity of 12.98% and a net margin of 44.20%. The firm had revenue of $63.89 million during the quarter, compared to the consensus estimate of $69.95 million. On average, equities analysts forecast that Sixth Street Specialty Lending, Inc. will post 1.95 EPS for the current fiscal year.

Sixth Street Specialty Lending Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.42 per share. This is an increase from Sixth Street Specialty Lending’s previous quarterly dividend of $0.41. This represents a $1.68 annualized dividend and a dividend yield of 9.30%. The ex-dividend date of this dividend is Wednesday, September 14th. Sixth Street Specialty Lending’s payout ratio is currently 103.07%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TSLX. Millennium Management LLC boosted its stake in shares of Sixth Street Specialty Lending by 303.5% during the 2nd quarter. Millennium Management LLC now owns 768,217 shares of the financial services provider’s stock worth $14,212,000 after acquiring an additional 577,842 shares during the period. Greenwich Investment Management Inc. bought a new position in shares of Sixth Street Specialty Lending during the 4th quarter worth approximately $12,192,000. Progeny 3 Inc. lifted its holdings in Sixth Street Specialty Lending by 30.2% during the 1st quarter. Progeny 3 Inc. now owns 1,106,395 shares of the financial services provider’s stock worth $25,768,000 after purchasing an additional 256,418 shares during the last quarter. Belpointe Asset Management LLC lifted its holdings in Sixth Street Specialty Lending by 165.9% during the 1st quarter. Belpointe Asset Management LLC now owns 353,216 shares of the financial services provider’s stock worth $8,227,000 after purchasing an additional 220,391 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Sixth Street Specialty Lending by 20.8% during the 1st quarter. Van ECK Associates Corp now owns 1,234,247 shares of the financial services provider’s stock worth $28,746,000 after purchasing an additional 212,401 shares during the last quarter. 43.63% of the stock is currently owned by institutional investors.

About Sixth Street Specialty Lending

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Sixth Street Specialty Lending, Inc (NYSE: TSLX) is a business development company. The fund provides senior secured loans (first-lien, second-lien, and unitranche), unsecured loans, mezzanine debt, and investments in corporate bonds and equity securities and structured products, 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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