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Fly News Breaks for August 7, 2017
TCAP
Aug 7, 2017 | 09:08 EDT
Janney Capital analyst Mitchel Penn noted that Triangle Capital's credit losses have continued to pressure earnings and he estimates its "problem loans" could have additional losses of $36M. With that in mind, Penn said he would not be surprised to see Triangle's dividend "re-sized" to $1.20 to $1.45 per share, but he also believes bad news is already being priced in to the stock. Penn keeps a Buy rating on Triangle Capital shares but lowered his fair value estimate to $17 from $20 to reflect expected credit losses and a lower ROE of 11%.
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