TCP Capital Corp. (TCPC) Upgraded at BidaskClub
BidaskClub upgraded shares of TCP Capital Corp. (NASDAQ:TCPC) from a strong sell rating to a sell rating in a report released on Saturday morning.
Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods set a $18.00 target price on TCP Capital Corp. and gave the stock a buy rating in a report on Wednesday, May 31st. Deutsche Bank AG raised TCP Capital Corp. from a hold rating to a buy rating and set a $18.00 target price on the stock in a report on Thursday, May 11th. National Securities raised TCP Capital Corp. from a neutral rating to a buy rating and lifted their target price for the stock from $17.00 to $19.00 in a report on Monday, August 7th. Zacks Investment Research raised TCP Capital Corp. from a sell rating to a hold rating in a report on Thursday, July 13th. Finally, National Bank Financial raised TCP Capital Corp. from a sector perform rating to an outperform rating in a report on Monday, August 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company. TCP Capital Corp. currently has a consensus rating of Buy and a consensus price target of $18.17.
TCP Capital Corp. (NASDAQ:TCPC) opened at 16.73 on Friday. 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 $16.68 and its 200 day moving average price is $16.93.
TCP Capital Corp. (NASDAQ:TCPC) last posted its quarterly earnings results on Thursday, August 3rd. The investment management company reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.05. The business had revenue of $46.23 million for the quarter, compared to analysts’ expectations of $40.37 million. TCP Capital Corp. had a return on equity of 12.93% and a net margin of 54.74%. Analysts expect that TCP Capital Corp. will post $1.58 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.36 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.44 annualized dividend and a dividend yield of 8.61%. TCP Capital Corp.’s dividend payout ratio (DPR) is 92.90%.
In other news, Director Brian F. Wruble bought 10,000 shares of TCP Capital Corp. stock in a transaction dated Friday, June 23rd. The shares were purchased at an average cost of $16.63 per share, with a total value of $166,300.00. Following the completion of the acquisition, the director now owns 20,000 shares of the company’s stock, valued at approximately $332,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.56% of the company’s stock.
Large investors have recently modified their holdings of the company. Global X Management Co. LLC boosted its stake 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 during the period. Sheaff Brock Investment Advisors LLC bought a new position in TCP Capital Corp. during the second quarter valued at approximately $182,000. HighTower Advisors LLC bought a new position in TCP Capital Corp. during the second quarter valued at approximately $189,000. RFG Advisory Group LLC bought a new position in TCP Capital Corp. during the second quarter valued at approximately $206,000. Finally, Oppenheimer & Co. Inc. raised its position in 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. 53.47% of the stock is currently owned by hedge funds and other institutional investors.
About TCP Capital Corp.
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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