B.Riley FBR analyst Timothy P. Hayes reiterated a Hold rating on Monroe Capital (NASDAQ: MRCC) today and set a price target of $13.50. The company’s shares opened today at $13.71.
Hayes observed:
“We reiterate our Neutral rating and $13.50 price target on shares of Monroe Capital (MRCC) following the announcement of a $60 million unsecured notes offering. We believe the proceeds will primarily be used to pay down the credit facility and to support the company’s robust forward pipeline. We view the notes offering positively as it gives the company some dry powder to grow, improves the capital stack by extending the average duration of the company’s liabilities and locking in fixed-rate debt, and helps bring leverage closer to targeted levels. The notes are priced at a 5.75% coupon, or a 298-bp spread to the 5-year Treasury, which, we believe, is very attractive relative to other recent note issuances by externally managed BDCs.”
According to TipRanks.com, Hayes is a 4-star analyst with an average return of 10.8% and a 90.6% success rate. Hayes covers the Financial sector, focusing on stocks such as Sutherland Asset Management Corporation, Starwood Property Trust, and Cherry Hill Mortgage.
Currently, the analyst consensus on Monroe Capital is a Moderate Buy with an average price target of $14.25.
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The company has a one-year high of $14.80 and a one-year low of $12.18. Currently, Monroe Capital has an average volume of 82.28K.
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Monroe Capital Corp. is an externally managed, closed-end, non-diversified management investment company, which engages in the provision of financial solutions. It offers customized financing solutions focused primarily on senior, unitranche and junior secured debt and, to a lesser extent, unsecured subordinated debt and equity, including equity co-investments in preferred and common stock and warrants. The company was founded on February 9, 2011 and is headquartered in Chicago, IL.
