Oppenheimer Weighs in on TCP Capital Corp’s Q1 2018 Earnings (TCPC)
TCP Capital Corp (NASDAQ:TCPC) – Oppenheimer increased their Q1 2018 EPS estimates for shares of TCP Capital in a report issued on Wednesday. Oppenheimer analyst C. Kotowski now anticipates that the investment management company will earn $0.40 per share for the quarter, up from their previous forecast of $0.37. Oppenheimer also issued estimates for TCP Capital’s Q2 2018 earnings at $0.40 EPS, Q3 2018 earnings at $0.41 EPS, Q4 2018 earnings at $0.41 EPS, FY2018 earnings at $1.62 EPS and FY2019 earnings at $1.64 EPS.
Several other research firms have also recently issued reports on TCPC. BidaskClub cut shares of TCP Capital from a “sell” rating to a “strong sell” rating in a research note on Friday, February 23rd. National Securities reiterated a “buy” rating and issued a $19.00 target price on shares of TCP Capital in a research note on Wednesday. JMP Securities decreased their target price on shares of TCP Capital from $17.50 to $17.00 and set a “market outperform” rating for the company in a research note on Thursday. Wells Fargo & Co decreased their target price on shares of TCP Capital from $17.25 to $17.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Ladenburg Thalmann Financial Services initiated coverage on shares of TCP Capital in a research note on Monday, November 20th. They issued a “buy” rating and a $17.00 target price for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $17.67.
TCP Capital (NASDAQ:TCPC) last posted its earnings results on Tuesday, February 27th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.12. TCP Capital had a net margin of 42.13% and a return on equity of 12.70%. The firm had revenue of $47.11 million during the quarter, compared to analysts’ expectations of $44.77 million.
A number of large investors have recently bought and sold shares of TCPC. Ameriprise Financial Inc. raised its position in TCP Capital by 53.3% during the second quarter. Ameriprise Financial Inc. now owns 22,577 shares of the investment management company’s stock worth $382,000 after acquiring an additional 7,853 shares during the period. California Public Employees Retirement System raised its position in shares of TCP Capital by 17.3% in the second quarter. California Public Employees Retirement System now owns 97,800 shares of the investment management company’s stock valued at $1,653,000 after buying an additional 14,400 shares during the last quarter. Nine Chapters Capital Management LLC acquired a new stake in shares of TCP Capital in the third quarter valued at about $277,000. Global X MANAGEMENT CO LLC raised its position in shares of TCP Capital by 51.4% in the third quarter. Global X MANAGEMENT CO LLC now owns 11,472 shares of the investment management company’s stock valued at $189,000 after buying an additional 3,894 shares during the last quarter. Finally, Sigma Planning Corp acquired a new stake in shares of TCP Capital in the third quarter valued at about $242,000. Institutional investors own 53.46% of the company’s stock.
In related news, Director Kathleen A. Corbet acquired 2,500 shares of TCP Capital stock in a transaction on Tuesday, January 30th. The stock was bought at an average cost of $15.22 per share, for a total transaction of $38,050.00. Following the completion of the transaction, the director now owns 25,000 shares of the company’s stock, valued at approximately $380,500. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark Holdsworth acquired 5,000 shares of TCP Capital stock in a transaction on Tuesday, February 6th. The shares were bought at an average price of $14.61 per share, with a total value of $73,050.00. Following the completion of the transaction, the insider now directly owns 74,465 shares of the company’s stock, valued at approximately $1,087,933.65. The disclosure for this purchase can be found here. Insiders have acquired 26,400 shares of company stock valued at $393,692 over the last 90 days. 0.56% of the stock is currently owned by company insiders.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Shareholders of record on Friday, March 16th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 10.06%. The ex-dividend date of this dividend is Thursday, March 15th. TCP Capital’s dividend payout ratio is presently 123.08%.
TCP Capital announced that its Board of Directors has approved a share 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
About TCP Capital
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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