TCP Capital Corp. (TCPC) Holdings Trimmed by Allen Investment Management LLC
Allen Investment Management LLC trimmed its holdings in TCP Capital Corp. (NASDAQ:TCPC) by 8.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 52,585 shares of the investment management company’s stock after selling 4,842 shares during the quarter. Allen Investment Management LLC owned approximately 0.09% of TCP Capital Corp. worth $867,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Sigma Planning Corp bought a new position in TCP Capital Corp. in the 3rd quarter worth approximately $242,000. Global X MANAGEMENT CO LLC boosted its stake in TCP Capital Corp. by 51.4% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 11,472 shares of the investment management company’s stock worth $189,000 after purchasing an additional 3,894 shares during the period. Nine Chapters Capital Management LLC bought a new position in TCP Capital Corp. in the 3rd quarter worth approximately $277,000. Sumitomo Mitsui Asset Management Company LTD boosted its stake in TCP Capital Corp. by 28.1% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 420,261 shares of the investment management company’s stock worth $6,930,000 after purchasing an additional 92,106 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in TCP Capital Corp. by 2.4% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 3,305,850 shares of the investment management company’s stock worth $54,513,000 after purchasing an additional 76,850 shares during the period. Institutional investors and hedge funds own 53.06% of the company’s stock.
TCP Capital Corp. (NASDAQ:TCPC) traded down $0.18 during midday trading on Thursday, hitting $15.72. The stock had a trading volume of 146,600 shares, compared to its average volume of 183,659. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.76. The company has a market cap of $934.80, a P/E ratio of 9.19, a P/E/G ratio of 2.04 and a beta of 0.73. TCP Capital Corp. has a 52-week low of $15.55 and a 52-week high of $17.47.
TCP Capital Corp. declared that its board has approved a share repurchase plan on Tuesday, November 7th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the investment management company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 9.16%. TCP Capital Corp.’s dividend payout ratio is currently 102.13%.
Several research firms have weighed in on TCPC. Keefe, Bruyette & Woods set a $18.00 price target on TCP Capital Corp. and gave the stock a “buy” rating in a research note on Friday, October 6th. BidaskClub upgraded TCP Capital Corp. from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. National Bank Financial upgraded TCP Capital Corp. from a “sector perform” rating to an “outperform” rating in a research note on Monday, August 7th. Finally, National Securities upgraded TCP Capital Corp. from a “neutral” rating to a “buy” rating and upped their price target for the stock from $17.00 to $19.00 in a research note on Monday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $18.25.
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TCP Capital Corp. 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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