$43.16 Million in Sales Expected for TCP Capital Corp. (TCPC) This Quarter
Analysts expect that TCP Capital Corp. (NASDAQ:TCPC) will announce $43.16 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for TCP Capital Corp.’s earnings, with estimates ranging from $42.28 million to $43.59 million. TCP Capital Corp. reported sales of $38.47 million in the same quarter last year, which indicates a positive year-over-year growth rate of 12.2%. The business is expected to report its next quarterly earnings results on Tuesday, November 14th.
On average, analysts expect that TCP Capital Corp. will report full-year sales of $43.16 million for the current financial year, with estimates ranging from $170.80 million to $176.00 million. For the next financial year, analysts expect that the company will post sales of $186.04 million per share, with estimates ranging from $180.41 million to $193.95 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow TCP Capital Corp..
TCP Capital Corp. (NASDAQ:TCPC) last announced its quarterly earnings results on Thursday, August 3rd. The investment management company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. TCP Capital Corp. had a net margin of 54.74% and a return on equity of 12.93%. The company had revenue of $46.23 million for the quarter, compared to analysts’ expectations of $40.37 million.
TCPC has been the topic of several recent analyst reports. National Securities upgraded TCP Capital Corp. from a “neutral” rating to a “buy” rating and increased their target price for the stock from $17.00 to $19.00 in a research report on Monday, August 7th. Deutsche Bank AG upgraded TCP Capital Corp. from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a research note on Thursday, May 11th. BidaskClub lowered TCP Capital Corp. from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Keefe, Bruyette & Woods restated a “buy” rating and set a $18.00 price target on shares of TCP Capital Corp. in a research note on Tuesday, July 25th. Finally, Zacks Investment Research upgraded TCP Capital Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $18.17.
In other news, Director Brian F. Wruble purchased 10,000 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was bought at an average cost of $16.63 per share, for a total transaction of $166,300.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $332,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.
A number of large investors have recently made changes to their positions in TCPC. Geneva Advisors LLC raised its stake in shares of TCP Capital Corp. by 25.8% in the first quarter. Geneva Advisors LLC now owns 79,711 shares of the investment management company’s stock valued at $1,389,000 after buying an additional 16,372 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its stake in TCP Capital Corp. by 88.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 301,842 shares of the investment management company’s stock worth $5,258,000 after buying an additional 141,796 shares during the period. Neuberger Berman Group LLC raised its stake in TCP Capital Corp. by 3.2% in the first quarter. Neuberger Berman Group LLC now owns 315,950 shares of the investment management company’s stock worth $5,504,000 after buying an additional 9,920 shares during the period. Confluence Investment Management LLC raised its stake in TCP Capital Corp. by 3.8% in the second quarter. Confluence Investment Management LLC now owns 763,366 shares of the investment management company’s stock worth $12,900,000 after buying an additional 28,203 shares during the period. Finally, Global X Management Co. LLC raised its stake in TCP Capital Corp. by 49.8% in the first quarter. Global X Management Co. LLC now owns 7,578 shares of the investment management company’s stock worth $132,000 after buying an additional 2,520 shares during the period. Institutional investors own 53.47% of the company’s stock.
Shares of TCP Capital Corp. (NASDAQ TCPC) remained flat at $16.58 during midday trading on Friday. The company’s stock had a trading volume of 101,442 shares. The stock has a 50-day moving average of $16.68 and a 200 day moving average of $16.93. TCP Capital Corp. has a one year low of $15.33 and a one year high of $17.47.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.44 annualized dividend and a yield of 8.69%. TCP Capital Corp.’s dividend payout ratio is presently 92.90%.
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About TCP Capital Corp.
TCP Capital Corp. is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. It invests in the debt of middle-market companies, as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds.
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