In a report released today, Timothy P. Hayes from B.Riley FBR reiterated a Hold rating on Monroe Capital (NASDAQ: MRCC), with a price target of $13.50. The company’s shares opened today at $13.82.
Hayes wrote:
“We reiterate our Neutral rating and $13.50 price target on shares of Monroe Capital Corp. (MRCC) following 2Q18 results. While adjusted NII per share of $0.39 came in ahead of our $0.37 estimate, the beat was largely attributable to an incentive fee limitation. If the full incentive fee had been paid, adjusted NII per share would have been $0.35, missing our estimate and in line with the quarterly dividend. It is very difficult to predict whether the incentive fee limitation will benefit results going forward as it is largely a function of net unrealized gains recognized in the quarter. As such, we do not forecast any benefit from the limitation going forward. NAV declined for the sixth consecutive quarter, driven by a familiar credit (TPP) that now is written down to zero and should not impact results going forward.”
According to TipRanks.com, Hayes is a 4-star analyst with an average return of 9.8% and a 89.7% 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 90.06K.
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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.
