Pasadena Private Wealth LLC Takes Position in Sixth Street Specialty Lending, Inc. (NYSE:TSLX)

Key Points

• Pasadena Private Wealth LLC has acquired a new stake in Sixth Street Specialty Lending, purchasing 11,169 shares valued at approximately $250,000.
• Analysts have set the target price for TSLX shares between $21.50 and $23.00, with the consensus rating currently being a "Buy".
• Sixth Street Specialty Lending recently announced a dividend of $0.06 per share, resulting in a yield of 921.0%, although the company has a high dividend payout ratio of 97.35%.

Pasadena Private Wealth LLC purchased a new stake in shares of Sixth Street Specialty Lending, Inc. (NYSE:TSLX - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,169 shares of the financial services provider's stock, valued at approximately $250,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Progeny 3 Inc. increased its position in Sixth Street Specialty Lending by 6.1% during the 4th quarter. Progeny 3 Inc. now owns 2,390,680 shares of the financial services provider's stock valued at $50,921,000 after buying an additional 137,906 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Sixth Street Specialty Lending by 2.4% during the first quarter. Sound Income Strategies LLC now owns 2,361,139 shares of the financial services provider's stock valued at $52,842,000 after acquiring an additional 55,767 shares during the period. Burgundy Asset Management Ltd. increased its holdings in shares of Sixth Street Specialty Lending by 1.7% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,192,486 shares of the financial services provider's stock worth $46,700,000 after purchasing an additional 37,442 shares during the last quarter. Allen Investment Management LLC increased its holdings in shares of Sixth Street Specialty Lending by 24.4% in the first quarter. Allen Investment Management LLC now owns 1,434,920 shares of the financial services provider's stock worth $32,114,000 after purchasing an additional 281,339 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Sixth Street Specialty Lending by 2.9% in the fourth quarter. Wells Fargo & Company MN now owns 1,183,141 shares of the financial services provider's stock worth $25,201,000 after purchasing an additional 33,026 shares during the last quarter. 70.25% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TSLX has been the topic of several analyst reports. Raymond James Financial reduced their price objective on Sixth Street Specialty Lending from $24.00 to $23.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. B. Riley assumed coverage on Sixth Street Specialty Lending in a report on Tuesday, May 13th. They set a "buy" rating and a $23.00 target price for the company. JPMorgan Chase & Co. reduced their target price on Sixth Street Specialty Lending from $23.00 to $21.50 and set an "overweight" rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company increased their price target on Sixth Street Specialty Lending from $21.00 to $24.00 and gave the stock an "overweight" rating in a research report on Friday. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $23.06.

Sixth Street Specialty Lending Trading Up 0.5%

NYSE TSLX traded up $0.12 during mid-day trading on Monday, reaching $24.03. 112,762 shares of the stock were exchanged, compared to its average volume of 475,592. The company has a debt-to-equity ratio of 1.07, a quick ratio of 3.79 and a current ratio of 3.79. The stock has a market capitalization of $2.26 billion, a PE ratio of 11.95 and a beta of 0.84. Sixth Street Specialty Lending, Inc. has a 1-year low of $18.58 and a 1-year high of $25.17. The business's fifty day simple moving average is $23.72 and its 200 day simple moving average is $22.50.

Sixth Street Specialty Lending (NYSE:TSLX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The financial services provider reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.53 by $0.03. The company had revenue of $115.00 million for the quarter, compared to the consensus estimate of $110.42 million. Sixth Street Specialty Lending had a net margin of 39.56% and a return on equity of 13.47%. During the same quarter last year, the firm posted $0.58 earnings per share. On average, research analysts anticipate that Sixth Street Specialty Lending, Inc. will post 2.19 earnings per share for the current fiscal year.

Sixth Street Specialty Lending Increases Dividend

The company also recently declared a -- dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.46 per share. This is a positive change from Sixth Street Specialty Lending's previous -- dividend of $0.06. The ex-dividend date of this dividend is Monday, September 15th. This represents a yield of 770.0%. Sixth Street Specialty Lending's payout ratio is presently 91.54%.

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.