Wells Fargo & Company Cuts Sixth Street Specialty Lending (NYSE:TSLX) Price Target to $21.00

Sixth Street Specialty Lending (NYSE:TSLX - Free Report) had its target price trimmed by Wells Fargo & Company from $22.00 to $21.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider's stock.

Separately, Royal Bank of Canada restated an "outperform" rating and set a $23.00 price target on shares of Sixth Street Specialty Lending in a report on Thursday, August 15th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $22.42.

Sixth Street Specialty Lending Stock Down 0.6 %

NYSE TSLX traded down $0.13 during trading hours on Tuesday, reaching $20.44. 292,871 shares of the company's stock traded hands, compared to its average volume of 344,860. The firm has a market cap of $1.90 billion, a PE ratio of 8.25 and a beta of 1.06. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.90 and a quick ratio of 1.90. Sixth Street Specialty Lending has a 52-week low of $19.14 and a 52-week high of $22.35. The firm has a 50-day simple moving average of $20.78 and a 200 day simple moving average of $21.10.

Sixth Street Specialty Lending (NYSE:TSLX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.01. Sixth Street Specialty Lending had a return on equity of 13.76% and a net margin of 44.55%. The firm had revenue of $121.82 million for the quarter, compared to analysts' expectations of $120.33 million. During the same period in the previous year, the firm posted $0.58 EPS. Sell-side analysts anticipate that Sixth Street Specialty Lending will post 2.31 EPS for the current fiscal year.

Sixth Street Specialty Lending Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 9.00%. This is an increase from Sixth Street Specialty Lending's previous quarterly dividend of $0.06. The ex-dividend date was Monday, September 16th. Sixth Street Specialty Lending's dividend payout ratio (DPR) is presently 74.19%.

Insider Buying and Selling at Sixth Street Specialty Lending

In related news, Director Judy S. Slotkin acquired 7,015 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $19.90 per share, for a total transaction of $139,598.50. Following the completion of the transaction, the director now directly owns 18,726 shares in the company, valued at approximately $372,647.40. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.30% of the company's stock.

Institutional Trading of Sixth Street Specialty Lending

A number of hedge funds have recently bought and sold shares of the company. Van ECK Associates Corp grew its position in Sixth Street Specialty Lending by 6.6% during the third quarter. Van ECK Associates Corp now owns 2,289,435 shares of the financial services provider's stock valued at $47,117,000 after buying an additional 141,463 shares during the period. Financial Advocates Investment Management boosted its stake in shares of Sixth Street Specialty Lending by 6.6% during the 3rd quarter. Financial Advocates Investment Management now owns 151,985 shares of the financial services provider's stock worth $3,120,000 after acquiring an additional 9,350 shares during the last quarter. Grimes & Company Inc. grew its position in shares of Sixth Street Specialty Lending by 16.4% during the 3rd quarter. Grimes & Company Inc. now owns 18,400 shares of the financial services provider's stock valued at $378,000 after acquiring an additional 2,591 shares during the period. Romano Brothers AND Company increased its stake in shares of Sixth Street Specialty Lending by 50.8% in the 3rd quarter. Romano Brothers AND Company now owns 26,700 shares of the financial services provider's stock worth $548,000 after purchasing an additional 9,000 shares in the last quarter. Finally, Private Advisor Group LLC raised its holdings in Sixth Street Specialty Lending by 26.8% in the 3rd quarter. Private Advisor Group LLC now owns 25,503 shares of the financial services provider's stock worth $524,000 after purchasing an additional 5,398 shares during the period. Hedge funds and other institutional investors own 70.25% of the company's stock.

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.