Sixth Street Specialty Lending (NYSE:TSLX) Price Target Cut to $23.00

Sixth Street Specialty Lending (NYSE:TSLX) had its price objective cut by Keefe, Bruyette & Woods from $23.50 to $23.00 in a research note released on Monday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Several other analysts also recently issued reports on the company. JMP Securities reiterated a market outperform rating and issued a $22.50 price target on shares of Sixth Street Specialty Lending in a report on Tuesday, March 26th. Wells Fargo & Company increased their price target on shares of Sixth Street Specialty Lending from $21.00 to $22.50 and gave the stock an overweight rating in a research report on Monday, January 29th. Truist Financial raised their target price on shares of Sixth Street Specialty Lending from $22.00 to $23.00 and gave the stock a buy rating in a report on Tuesday, February 20th. Finally, Royal Bank of Canada raised their price target on shares of Sixth Street Specialty Lending from $22.00 to $23.00 and gave the company an outperform rating in a research note on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $22.67.

Sixth Street Specialty Lending Price Performance

TSLX stock opened at $21.22 on Monday. Sixth Street Specialty Lending has a 1 year low of $17.31 and a 1 year high of $22.35. The firm has a market cap of $1.97 billion, a P/E ratio of 8.55 and a beta of 1.03. The stock’s 50 day moving average price is $21.07 and its 200 day moving average price is $21.15. The company has a debt-to-equity ratio of 1.14, a quick ratio of 2.03 and a current ratio of 2.03.

Sixth Street Specialty Lending (NYSE:TSLX) last released its quarterly earnings data on Friday, February 16th. The financial services provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. The business had revenue of $119.50 million during the quarter, compared to the consensus estimate of $115.18 million. Sixth Street Specialty Lending had a return on equity of 13.74% and a net margin of 47.16%. During the same period in the prior year, the firm posted $0.65 EPS. On average, sell-side analysts expect that Sixth Street Specialty Lending will post 2.35 earnings per share for the current fiscal year.

Sixth Street Specialty Lending Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Friday, May 31st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Friday, May 31st. Sixth Street Specialty Lending’s dividend payout ratio (DPR) is currently 74.19%.

Institutional Investors Weigh In On Sixth Street Specialty Lending

Hedge funds have recently bought and sold shares of the business. Strs Ohio grew its holdings in shares of Sixth Street Specialty Lending by 2.6% during the 4th quarter. Strs Ohio now owns 3,134,865 shares of the financial services provider’s stock valued at $67,713,000 after acquiring an additional 79,180 shares in the last quarter. Sound Income Strategies LLC lifted its position in Sixth Street Specialty Lending by 4.0% during the 1st quarter. Sound Income Strategies LLC now owns 2,070,259 shares of the financial services provider’s stock worth $44,366,000 after acquiring an additional 80,581 shares during the last quarter. Burgundy Asset Management Ltd. increased its holdings in shares of Sixth Street Specialty Lending by 3.2% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,057,960 shares of the financial services provider’s stock worth $44,452,000 after purchasing an additional 63,281 shares during the period. Van ECK Associates Corp increased its holdings in shares of Sixth Street Specialty Lending by 12.9% during the 1st quarter. Van ECK Associates Corp now owns 1,811,376 shares of the financial services provider’s stock worth $38,818,000 after purchasing an additional 206,432 shares during the period. Finally, Callodine Capital Management LP increased its stake in Sixth Street Specialty Lending by 5.6% in the third quarter. Callodine Capital Management LP now owns 1,410,030 shares of the financial services provider’s stock valued at $28,821,000 after acquiring an additional 75,000 shares during the period. 70.25% of the stock is owned by hedge funds and other institutional investors.

Sixth Street Specialty Lending Company Profile

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.