TCP Capital Corp. (TCPC) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of TCP Capital Corp. (NASDAQ:TCPC) have been assigned an average rating of “Buy” from the ten analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and six have issued a buy recommendation on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $17.67.
A number of brokerages have commented on TCPC. 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. National Securities upgraded shares of TCP Capital Corp. from a “neutral” rating to a “buy” rating and raised their target price for the stock from $17.00 to $19.00 in a report on Monday, August 7th. BidaskClub cut shares of TCP Capital Corp. from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $18.00 target price on shares of TCP Capital Corp. in a report on Tuesday, July 25th. Finally, Zacks Investment Research upgraded shares of TCP Capital Corp. from a “sell” rating to a “hold” rating in a report on Thursday, July 13th.
In other news, Director Brian F. Wruble acquired 10,000 shares of the stock in a transaction on Friday, June 23rd. The stock was acquired at an average price of $16.63 per share, with a total value of $166,300.00. Following the completion of the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $332,600. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Global X Management Co. LLC raised its position in shares of 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 valued at $132,000 after buying an additional 2,520 shares in the last quarter. Sheaff Brock Investment Advisors LLC purchased a new position in shares of TCP Capital Corp. during the second quarter valued at approximately $182,000. HighTower Advisors LLC purchased a new position in shares of TCP Capital Corp. during the second quarter valued at approximately $189,000. RFG Advisory Group LLC purchased a new position in shares of TCP Capital Corp. during the second quarter valued at approximately $206,000. Finally, Oppenheimer & Co. Inc. raised its position in shares of TCP Capital Corp. by 7.0% in the second quarter. Oppenheimer & Co. Inc. now owns 20,020 shares of the investment management company’s stock valued at $338,000 after buying an additional 1,306 shares in the last quarter. 51.08% of the stock is owned by institutional investors and hedge funds.
Shares of TCP Capital Corp. (TCPC) opened at 16.77 on Tuesday. The company’s 50-day moving average is $16.73 and its 200 day moving average is $16.93. TCP Capital Corp. has a 52-week low of $15.33 and a 52-week high of $17.47.
TCP Capital Corp. (NASDAQ:TCPC) last issued its quarterly earnings results on Thursday, August 3rd. The investment management company reported $0.43 EPS for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $40.37 million. Equities research analysts expect that TCP Capital Corp. will post $1.58 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 8.59%. The ex-dividend date of this dividend is Thursday, September 14th. TCP Capital Corp.’s dividend payout ratio is currently 92.90%.
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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