Progeny 3 Inc. Increases Stake in Sixth Street Specialty Lending, Inc. (NYSE:TSLX)

Progeny 3 Inc. increased its position in Sixth Street Specialty Lending, Inc. (NYSE:TSLX) by 10.6% in the third quarter, Holdings Channel.com reports. The fund owned 2,252,774 shares of the financial services provider’s stock after acquiring an additional 215,996 shares during the quarter. Sixth Street Specialty Lending makes up about 3.9% of Progeny 3 Inc.’s holdings, making the stock its 10th biggest holding. Progeny 3 Inc.’s holdings in Sixth Street Specialty Lending were worth $46,249,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. nVerses Capital LLC bought a new position in Sixth Street Specialty Lending in the 2nd quarter valued at $70,000. Ridgewood Investments LLC purchased a new position in Sixth Street Specialty Lending during the second quarter worth about $77,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Sixth Street Specialty Lending in the 3rd quarter valued at about $86,000. Atlas Capital Advisors LLC purchased a new position in shares of Sixth Street Specialty Lending during the second quarter worth about $109,000. Finally, Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Sixth Street Specialty Lending during the third quarter worth about $196,000. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Sixth Street Specialty Lending Stock Performance

NYSE TSLX opened at $21.48 on Friday. The firm has a market cap of $2.00 billion, a price-to-earnings ratio of 10.43 and a beta of 1.06. The company has a 50-day simple moving average of $20.54 and a two-hundred day simple moving average of $20.99. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 1.17. Sixth Street Specialty Lending, Inc. has a 12-month low of $19.50 and a 12-month high of $22.35.

Sixth Street Specialty Lending (NYSE:TSLX) last issued its quarterly earnings data on Tuesday, November 5th. The financial services provider reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The firm had revenue of $119.22 million during the quarter, compared to the consensus estimate of $119.85 million. Sixth Street Specialty Lending had a net margin of 39.05% and a return on equity of 13.55%. During the same period in the prior year, the firm posted $0.60 earnings per share. On average, equities analysts forecast that Sixth Street Specialty Lending, Inc. will post 2.32 EPS for the current year.

Sixth Street Specialty Lending Cuts Dividend

The firm also recently declared a dividend, which will be paid on Friday, December 20th. Investors of record on Monday, December 2nd will be paid 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%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on TSLX shares. LADENBURG THALM/SH SH upgraded shares of Sixth Street Specialty Lending from a “neutral” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Wednesday, November 6th. Wells Fargo & Company cut their target price on shares of Sixth Street Specialty Lending from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Royal Bank of Canada restated an “outperform” rating and set a $23.00 price target on shares of Sixth Street Specialty Lending in a research report on Tuesday, November 12th. Finally, Keefe, Bruyette & Woods cut their price objective on Sixth Street Specialty Lending from $23.00 to $21.50 and set an “outperform” rating for the company in a report on Thursday, November 7th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $22.00.

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.