Sage Rhino Capital LLC Cuts Stock Position in Goldman Sachs BDC, Inc. $GSBD

Key Points

• Sage Rhino Capital LLC sharply reduced its Goldman Sachs BDC stake by 89.4% in Q1, selling 366,400 shares and leaving it with 43,485 shares worth about $386,000.
• Several analysts have turned more cautious on GSBD, with recent downgrades and a lowered price target from Truist; the stock now carries an average “Reduce” rating and a consensus target of $9.17.
• Goldman Sachs BDC reported Q1 EPS of $0.22, missing expectations, and also announced a $0.32 quarterly dividend that implies a very high 14.2% yield.

Sage Rhino Capital LLC decreased its stake in shares of Goldman Sachs BDC, Inc. (NYSE:GSBD - Free Report) by 89.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,485 shares of the financial services provider's stock after selling 366,400 shares during the quarter. Sage Rhino Capital LLC's holdings in Goldman Sachs BDC were worth $386,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. IHT Wealth Management LLC raised its position in shares of Goldman Sachs BDC by 5.7% in the 2nd quarter. IHT Wealth Management LLC now owns 21,647 shares of the financial services provider's stock worth $244,000 after purchasing an additional 1,173 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Goldman Sachs BDC by 1.4% during the 3rd quarter. Ameriprise Financial Inc. now owns 100,190 shares of the financial services provider's stock valued at $1,019,000 after purchasing an additional 1,397 shares in the last quarter. Founders Financial Alliance LLC raised its holdings in Goldman Sachs BDC by 3.2% in the fourth quarter. Founders Financial Alliance LLC now owns 46,643 shares of the financial services provider's stock worth $433,000 after buying an additional 1,444 shares during the last quarter. MML Investors Services LLC raised its holdings in Goldman Sachs BDC by 3.0% in the second quarter. MML Investors Services LLC now owns 55,554 shares of the financial services provider's stock worth $625,000 after buying an additional 1,599 shares during the last quarter. Finally, Snowden Capital Advisors LLC lifted its stake in shares of Goldman Sachs BDC by 4.7% in the second quarter. Snowden Capital Advisors LLC now owns 38,610 shares of the financial services provider's stock worth $453,000 after buying an additional 1,742 shares in the last quarter. 28.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on GSBD. Wall Street Zen downgraded shares of Goldman Sachs BDC from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Zacks Research cut Goldman Sachs BDC from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 19th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Goldman Sachs BDC in a research note on Tuesday, June 2nd. Finally, Truist Financial reduced their target price on Goldman Sachs BDC from $10.00 to $9.00 and set a "hold" rating for the company in a report on Tuesday, May 19th. Four analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $9.17.

Goldman Sachs BDC Stock Performance

NYSE:GSBD traded down $0.17 during trading hours on Tuesday, reaching $9.01. The company had a trading volume of 503,842 shares, compared to its average volume of 1,358,991. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 13.92 and a beta of 0.56. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.39. The firm's 50 day moving average price is $9.25 and its 200-day moving average price is $9.28. Goldman Sachs BDC, Inc. has a 52 week low of $8.65 and a 52 week high of $12.03.

Goldman Sachs BDC (NYSE:GSBD - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The financial services provider reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.07). Goldman Sachs BDC had a net margin of 21.32% and a return on equity of 10.94%. The firm had revenue of $10.35 million for the quarter, compared to the consensus estimate of $83.78 million. On average, analysts forecast that Goldman Sachs BDC, Inc. will post 1.15 EPS for the current year.

Goldman Sachs BDC Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 28th. Shareholders of record on Tuesday, June 30th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.28 dividend on an annualized basis and a yield of 14.2%. Goldman Sachs BDC's dividend payout ratio is currently 196.92%.

About Goldman Sachs BDC

Goldman Sachs BDC, Inc NYSE: GSBD is an externally managed, closed-end, non-diversified management investment company organized as a business development company (BDC) under the U.S. Investment Company Act of 1940. The company's primary objective is to generate current income and capital appreciation through debt and equity investments in U.S. middle-market companies. It principally invests in senior secured loans, mezzanine debt, preferred equity and, to a lesser extent, common equity, focusing on sponsor-backed transactions and special-situation financings.

The fund is advised by affiliates of Goldman Sachs Asset Management's Private Credit Group, leveraging the firm's global research capabilities and risk management infrastructure.

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