Several analysts have recently updated their ratings and price targets for TCP Capital Corp. (NASDAQ: TCPC):

  • 8/7/2017 – TCP Capital Corp. was upgraded by analysts at National Bank Financial from a “sector perform” rating to an “outperform” rating.
  • 8/7/2017 – TCP Capital Corp. was upgraded by analysts at National Securities from a “neutral” rating to a “buy” rating. They now have a $19.00 price target on the stock, up previously from $17.00. They wrote, “• We are upgrading TCPC to BUY from NEUTRAL and raising our price target to $19 from $17. To remind our readers, we had previously downgraded shares to NEUTRAL in November 2016 for valuation only. TCP has continued to outperform most peers in the sector with a more favorable fee structure, consistently strong economic returns, minimal credit issues, and steady portfolio growth. With comparable peers trading much richer and TCP continuing to have excellent operational performance, we think the gap between peers and TCP will narrow and think that TCPC shares have additional upside.

    • NAV improved Q/Q to $15.04 from $14.92, largely as a result of the accretive equity issuance done at a 13% premium to 1Q17 NAV/share. The portfolio at fair value increased by 8% Q/Q to $1.45 billion with origination volume during the quarter a very robust $263.4 million. We think TCP saw good deal flow and opportunities as the company has always been a very disciplined credit investor.

    • We are revising our 2017 NII/share estimate to $1.58 from $1.56 and are revising our 2018 NII/share estimate to $1.60 from $1.61.”
  • 7/27/2017 – TCP Capital Corp. was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating.
  • 7/25/2017 – TCP Capital Corp. had its “buy” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $18.00 price target on the stock.
  • 7/16/2017 – TCP Capital Corp. was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 7/13/2017 – TCP Capital Corp. was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “TCP Capital Corp. is an externally managed specialty finance company focused on middle-market lending. The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCP Capital Corp. is based in Santa Monica, CA. “
  • 7/4/2017 – TCP Capital Corp. was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. According to Zacks, “TCP Capital Corp. is an externally managed specialty finance company focused on middle-market lending. The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCP Capital Corp. is based in Santa Monica, CA. “
  • 6/27/2017 – TCP Capital Corp. was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “TCP Capital Corp. is an externally managed specialty finance company focused on middle-market lending. The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCP Capital Corp. is based in Santa Monica, CA. “

Shares of TCP Capital Corp. (TCPC) opened at 16.78 on Thursday. TCP Capital Corp. has a 52-week low of $15.33 and a 52-week high of $17.47. The firm’s 50 day moving average price is $16.73 and its 200 day moving average price is $16.94.

TCP Capital Corp. (NASDAQ:TCPC) last posted its earnings results on Thursday, August 3rd. The investment management company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $46.23 million during the quarter, compared to the consensus estimate of $40.37 million. On average, equities analysts forecast that TCP Capital Corp. will post $1.58 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 8.58%. The ex-dividend date of this dividend is Thursday, September 14th. TCP Capital Corp.’s dividend payout ratio (DPR) is presently 92.90%.

In other TCP Capital Corp. news, Director Brian F. Wruble acquired 10,000 shares of the business’s stock in a transaction dated Friday, June 23rd. The stock was purchased at an average price of $16.63 per share, with a total value of $166,300.00. Following the transaction, the director now directly owns 20,000 shares in the company, valued at approximately $332,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.56% of the company’s stock.

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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