TCP Capital (TCPC) Upgraded to Sell by BidaskClub
TCP Capital (NASDAQ:TCPC) was upgraded by research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued to investors on Monday.
A number of other analysts also recently commented on the stock. Ladenburg Thalmann Financial Services began coverage on shares of TCP Capital in a report on Monday, November 20th. They issued a “buy” rating and a $17.00 target price on the stock. National Securities reiterated a “buy” rating and issued a $19.00 target price on shares of TCP Capital in a report on Thursday, November 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $18.00.
Shares of TCP Capital (TCPC) opened at $14.69 on Monday. The firm has a market cap of $884.24, a P/E ratio of 10.42, a PEG ratio of 1.90 and a beta of 0.68. TCP Capital has a one year low of $14.09 and a one year high of $17.47. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.76.
TCP Capital announced that its board has approved a share repurchase program on Tuesday, November 7th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the investment management company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other TCP Capital news, CEO Howard Levkowitz bought 7,900 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were acquired at an average cost of $15.28 per share, for a total transaction of $120,712.00. Following the acquisition, the chief executive officer now directly owns 99,657 shares of the company’s stock, valued at $1,522,758.96. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark Holdsworth bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was acquired at an average price of $14.61 per share, for a total transaction of $73,050.00. Following the completion of the acquisition, the insider now directly owns 74,465 shares in the company, valued at $1,087,933.65. The disclosure for this purchase can be found here. Insiders purchased a total of 21,400 shares of company stock worth $321,342 over the last quarter. Insiders own 0.56% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Services Advisors Inc. raised its holdings in shares of TCP Capital by 39.6% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 89,205 shares of the investment management company’s stock worth $1,508,000 after purchasing an additional 25,284 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of TCP Capital by 10.1% in the 3rd quarter. Legal & General Group Plc now owns 170,727 shares of the investment management company’s stock worth $2,814,000 after purchasing an additional 15,726 shares in the last quarter. Advisors Capital Management LLC raised its holdings in shares of TCP Capital by 4.4% during the third quarter. Advisors Capital Management LLC now owns 325,454 shares of the investment management company’s stock valued at $5,367,000 after acquiring an additional 13,571 shares during the period. Macquarie Group Ltd. acquired a new stake in shares of TCP Capital during the third quarter valued at approximately $1,067,000. Finally, Nine Chapters Capital Management LLC acquired a new stake in shares of TCP Capital during the third quarter valued at approximately $277,000. Institutional investors and hedge funds own 49.49% of the company’s stock.
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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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