TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) to Issue $0.40 Quarterly Dividend

TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) announced a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors of record on Friday, June 14th will be given a dividend of 0.40 per share by the investment management company on Friday, June 28th. This represents a $1.60 annualized dividend and a yield of 17.19%. The ex-dividend date of this dividend is Friday, June 14th.

TriplePoint Venture Growth BDC has increased its dividend by an average of 3.6% per year over the last three years and has raised its dividend every year for the last 2 years. TriplePoint Venture Growth BDC has a payout ratio of 106.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect TriplePoint Venture Growth BDC to earn $1.66 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 96.4%.

TriplePoint Venture Growth BDC Stock Performance

TPVG stock traded down $0.14 during midday trading on Thursday, reaching $9.31. 407,049 shares of the company were exchanged, compared to its average volume of 287,194. The stock’s 50-day simple moving average is $9.63 and its 200 day simple moving average is $10.27. The company has a market cap of $350.24 million, a price-to-earnings ratio of -8.50 and a beta of 1.75. TriplePoint Venture Growth BDC has a 1-year low of $8.88 and a 1-year high of $12.70.

TriplePoint Venture Growth BDC (NYSE:TPVG) last announced its quarterly earnings results on Wednesday, March 6th. The investment management company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The company had revenue of $32.97 million during the quarter, compared to analysts’ expectations of $33.38 million. TriplePoint Venture Growth BDC had a negative net margin of 28.96% and a positive return on equity of 19.50%. On average, research analysts anticipate that TriplePoint Venture Growth BDC will post 1.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on TPVG. Keefe, Bruyette & Woods cut their price target on TriplePoint Venture Growth BDC from $9.50 to $9.00 and set an “underperform” rating on the stock in a research report on Thursday, March 7th. Wells Fargo & Company decreased their price target on shares of TriplePoint Venture Growth BDC from $11.00 to $9.50 and set an “equal weight” rating for the company in a research note on Thursday, March 7th. Compass Point upgraded shares of TriplePoint Venture Growth BDC from a “sell” rating to a “neutral” rating and set a $8.75 price objective on the stock in a research note on Friday, March 22nd. StockNews.com downgraded shares of TriplePoint Venture Growth BDC from a “hold” rating to a “sell” rating in a research note on Thursday, March 7th. Finally, JMP Securities restated a “market perform” rating on shares of TriplePoint Venture Growth BDC in a research report on Thursday, March 7th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.38.

TriplePoint Venture Growth BDC Company Profile

TriplePoint Venture Growth BDC Corp. is a business development company specializing investments in venture capital-backed companies at the growth stage investments. It also provides debt financing to venture growth space companies which includes growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments.