FY2017 Earnings Forecast for TCP Capital Corp. (TCPC) Issued By Oppenheimer Holdings
TCP Capital Corp. (NASDAQ:TCPC) – Research analysts at Oppenheimer Holdings lowered their FY2017 earnings estimates for TCP Capital Corp. in a report released on Tuesday. Oppenheimer Holdings analyst C. Kotowski now forecasts that the investment management company will earn $1.56 per share for the year, down from their prior estimate of $1.57.
Several other research firms have also recently issued reports on TCPC. BidaskClub cut shares of TCP Capital Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Keefe, Bruyette & Woods set a $18.00 price target on shares of TCP Capital Corp. and gave the company a “buy” rating in a research report on Friday, October 6th. National Bank Financial upgraded shares of TCP Capital Corp. from a “sector perform” rating to an “outperform” rating in a research report on Monday, August 7th. Finally, National Securities upgraded shares of TCP Capital Corp. from a “neutral” rating to a “buy” rating and lifted their price target for the company from $17.00 to $19.00 in a research report on Monday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $18.25.
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Shares of TCP Capital Corp. (NASDAQ:TCPC) opened at $15.90 on Friday. TCP Capital Corp. has a 12-month low of $15.55 and a 12-month high of $17.47. The stock has a market cap of $934.21, a PE ratio of 9.34, a P/E/G ratio of 2.06 and a beta of 0.73. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.64 and a current ratio of 1.18.
TCP Capital Corp. declared that its board has approved a stock buyback plan on Tuesday, November 7th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the investment management company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 9.06%. The ex-dividend date of this dividend is Thursday, December 14th. TCP Capital Corp.’s dividend payout ratio is presently 105.11%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hartland & Co. LLC purchased a new position in shares of TCP Capital Corp. in the third quarter valued at approximately $218,000. Trexquant Investment LP purchased a new position in shares of TCP Capital Corp. in the third quarter valued at approximately $190,000. Legal & General Group Plc boosted its stake in shares of TCP Capital Corp. by 10.1% in the third quarter. Legal & General Group Plc now owns 170,727 shares of the investment management company’s stock valued at $2,814,000 after purchasing an additional 15,726 shares during the period. Relative Value Partners Group LLC boosted its stake in shares of TCP Capital Corp. by 27.9% in the third quarter. Relative Value Partners Group LLC now owns 53,664 shares of the investment management company’s stock valued at $885,000 after purchasing an additional 11,718 shares during the period. Finally, D.A. Davidson & CO. boosted its stake in shares of TCP Capital Corp. by 18.5% in the third quarter. D.A. Davidson & CO. now owns 181,161 shares of the investment management company’s stock valued at $2,987,000 after purchasing an additional 28,295 shares during the period. 53.04% of the stock is owned by institutional investors and hedge funds.
TCP Capital Corp. Company Profile
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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