Maxim Group analyst Michael Diana reiterated a Buy rating on Garrison (NASDAQ: GARS) today and set a price target of $12. The company’s shares closed yesterday at $8.36.
Diana wrote:
“On GARS’ two most recent earnings conference calls, management indicated its intention to: 1) seek shareholder approval for an increase in regulatory leverage to 200% of equity, from 100%, and 2) refinance and upsize its collateralized loan obligation (CLO). GARS’ shareholders approved the leverage increase and on September 21, GARS priced the refinancing of its CLO, upsized by $131 million. The transaction is expected to close on October 18.”
According to TipRanks.com, Diana is a 5-star analyst with an average return of 7.0% and a 61.7% success rate. Diana covers the Financial sector, focusing on stocks such as First Savings Financial Group, Manhattan Bridge Capital Inc, and Arlington Asset Investment.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Garrison with a $11 average price target.
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Based on Garrison’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $2.84 million. In comparison, last year the company had a net profit of $2.08 million.
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Garrison Capital, Inc. operates as a externally managed, non-diversified closed-end investment fund. The firm’s investment objective is to generate current income and capital appreciation by making investments primarily in debt securities and loans of U.S. based middle-market companies.
