Sixth Street Specialty Lending (NYSE:TSLX) Stock Price Down 0.6% – Here’s Why

Sixth Street Specialty Lending, Inc. (NYSE:TSLX)’s stock price was down 0.6% during mid-day trading on Wednesday . The stock traded as low as $21.23 and last traded at $21.29. Approximately 40,550 shares traded hands during trading, a decline of 88% from the average daily volume of 347,119 shares. The stock had previously closed at $21.41.

Analyst Ratings Changes

A number of brokerages have commented on TSLX. Wells Fargo & Company cut their price target on shares of Sixth Street Specialty Lending from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 29th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $23.00 price target on shares of Sixth Street Specialty Lending in a research report on Tuesday, November 12th. LADENBURG THALM/SH SH raised shares of Sixth Street Specialty Lending from a “neutral” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Wednesday, November 6th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Sixth Street Specialty Lending from $23.00 to $21.50 and set an “outperform” rating on the stock in a research report on Thursday, November 7th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Sixth Street Specialty Lending presently has an average rating of “Buy” and an average target price of $22.00.

Sixth Street Specialty Lending Stock Performance

The company’s 50 day moving average price is $20.62 and its 200-day moving average price is $20.99. The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.50 and a current ratio of 2.50. The company has a market cap of $2.01 billion, a PE ratio of 10.46 and a beta of 1.06.

Sixth Street Specialty Lending (NYSE:TSLX) last issued its quarterly earnings results on Tuesday, November 5th. The financial services provider reported $0.57 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.57. Sixth Street Specialty Lending had a net margin of 39.05% and a return on equity of 13.55%. The company had revenue of $119.22 million during the quarter, compared to analyst estimates of $119.85 million. During the same quarter last year, the business posted $0.60 EPS. Equities research analysts anticipate that Sixth Street Specialty Lending, Inc. will post 2.32 earnings per share for the current fiscal year.

Sixth Street Specialty Lending Cuts Dividend

The company also recently declared a dividend, which will be paid on Friday, December 20th. Shareholders of record on Monday, December 2nd will be issued a $0.05 dividend. This represents a yield of 7.59%. The ex-dividend date of this dividend is Friday, November 29th. Sixth Street Specialty Lending’s payout ratio is 89.32%.

Hedge Funds Weigh In On Sixth Street Specialty Lending

A number of hedge funds have recently modified their holdings of TSLX. Van ECK Associates Corp increased its position in shares of Sixth Street Specialty Lending by 18.6% in the second quarter. Van ECK Associates Corp now owns 2,147,972 shares of the financial services provider’s stock valued at $45,859,000 after acquiring an additional 336,596 shares during the period. Millennium Management LLC increased its position in shares of Sixth Street Specialty Lending by 482.6% during the second quarter. Millennium Management LLC now owns 287,311 shares of the financial services provider’s stock valued at $6,134,000 after buying an additional 237,995 shares during the period. Progeny 3 Inc. increased its position in shares of Sixth Street Specialty Lending by 10.6% during the third quarter. Progeny 3 Inc. now owns 2,252,774 shares of the financial services provider’s stock valued at $46,249,000 after buying an additional 215,996 shares during the period. TrueMark Investments LLC purchased a new position in shares of Sixth Street Specialty Lending during the second quarter valued at about $4,378,000. Finally, Baillie Gifford & Co. boosted its stake in Sixth Street Specialty Lending by 81.9% during the second quarter. Baillie Gifford & Co. now owns 410,054 shares of the financial services provider’s stock worth $8,755,000 after acquiring an additional 184,634 shares in the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

About Sixth Street Specialty Lending

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.