Maxim Group reissued their buy rating on shares of Garrison Capital (NASDAQ:GARS) in a report issued on Friday. The brokerage currently has a $11.00 price objective on the investment management company’s stock.
“GARS reported 4Q17 EPS of $0.23 (including $0.03 of non-recurring expenses) versus its dividend of $0.28, so NAV was stable (down 0.4%, to $11.69). We are maintaining our 2018 dividend estimate of $1.12, covered by earnings. As GARS has now resolved most of its legacy problem loans, we are now valuing it closer to peers that have not encountered difficulties. Our price target of $11 equates to 0.94x NAV, a modest discount to the 1.0x NAV level at which we believe well-performing BDCs should trade in the current environment.”,” Maxim Group’s analyst commented.
Several other brokerages have also issued reports on GARS. ValuEngine raised Garrison Capital from a buy rating to a strong-buy rating in a research note on Friday, December 1st. Zacks Investment Research raised Garrison Capital from a strong sell rating to a hold rating in a research note on Friday, December 29th. Finally, National Securities reaffirmed a neutral rating and set a $10.00 price target on shares of Garrison Capital in a research note on Monday, November 13th. Five investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Garrison Capital currently has a consensus rating of Buy and a consensus target price of $10.13.
Garrison Capital (NASDAQ:GARS) last issued its quarterly earnings results on Tuesday, March 6th. The investment management company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. Garrison Capital had a return on equity of 9.12% and a net margin of 17.00%. The business had revenue of $9.69 million for the quarter, compared to analyst estimates of $8.98 million. analysts forecast that Garrison Capital will post 1.02 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Friday, March 23rd will be issued a $0.28 dividend. The ex-dividend date is Thursday, March 22nd. This represents a $1.12 dividend on an annualized basis and a yield of 13.59%. Garrison Capital’s dividend payout ratio is presently 287.19%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. bought a new stake in Garrison Capital in the second quarter valued at about $129,000. OxFORD Asset Management LLP increased its holdings in Garrison Capital by 56.1% in the third quarter. OxFORD Asset Management LLP now owns 17,586 shares of the investment management company’s stock valued at $148,000 after purchasing an additional 6,321 shares during the last quarter. Millennium Management LLC increased its holdings in Garrison Capital by 99.5% in the fourth quarter. Millennium Management LLC now owns 24,735 shares of the investment management company’s stock valued at $201,000 after purchasing an additional 12,335 shares during the last quarter. Two Sigma Advisers LP increased its holdings in Garrison Capital by 18.0% in the fourth quarter. Two Sigma Advisers LP now owns 81,828 shares of the investment management company’s stock valued at $664,000 after purchasing an additional 12,500 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in Garrison Capital by 11.4% in the fourth quarter. BlackRock Inc. now owns 108,414 shares of the investment management company’s stock valued at $879,000 after purchasing an additional 11,119 shares during the last quarter. Institutional investors and hedge funds own 25.18% of the company’s stock.
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About Garrison Capital
Garrison Capital Inc is a managed, closed-end, non-diversified management investment company. The Company’s investment objective is to generate current income and capital appreciation by making investments primarily in debt securities and loans of the United States-based middle-market companies, which it defines as those having annual earnings before interest, taxes and depreciation, or EBITDA, of certain amount.
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