Zacks Investment Research downgraded shares of TCP Capital Corp (NASDAQ:TCPC) from a hold rating to a sell rating in a research note issued to investors on Wednesday, May 3rd.
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. “
Several other brokerages also recently weighed in on TCPC. National Securities reaffirmed a neutral rating and set a $17.00 target price on shares of TCP Capital Corp in a research note on Wednesday, April 26th. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $18.00 target price on shares of TCP Capital Corp in a research note on Friday, April 28th. Finally, FBR & Co boosted their price target on TCP Capital Corp to $18.00 in a research report on Friday, January 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $17.38.
Shares of TCP Capital Corp (NASDAQ:TCPC) traded down 0.6965% during trading on Wednesday, reaching $16.7525. 80,623 shares of the company traded hands. The company’s 50-day moving average price is $17.10 and its 200-day moving average price is $16.89. The company has a market capitalization of $888.57 million, a P/E ratio of 11.1832 and a beta of 0.68. TCP Capital Corp has a 52 week low of $14.22 and a 52 week high of $17.47.
TCP Capital Corp (NASDAQ:TCPC) last announced its earnings results on Tuesday, May 9th. The investment management company reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.09. The business had revenue of $39.34 million during the quarter, compared to the consensus estimate of $38.75 million. TCP Capital Corp had a return on equity of 13.16% and a net margin of 40.54%. Equities research analysts forecast that TCP Capital Corp will post $1.53 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 16th will be given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 8.54%. The ex-dividend date of this dividend is Wednesday, June 14th. TCP Capital Corp’s dividend payout ratio is currently 130.91%.
In related news, Director Kathleen A. Corbet purchased 3,500 shares of TCP Capital Corp stock in a transaction on Thursday, April 20th. The shares were bought at an average price of $16.54 per share, with a total value of $57,890.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.53% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caxton Associates LP acquired a new position in TCP Capital Corp during the first quarter worth approximately $706,000. Shelton Capital Management acquired a new position in TCP Capital Corp during the first quarter worth approximately $523,000. Allen Investment Management LLC increased its position in TCP Capital Corp by 65.8% in the first quarter. Allen Investment Management LLC now owns 52,782 shares of the investment management company’s stock worth $919,000 after buying an additional 20,956 shares during the last quarter. UBS Group AG increased its position in TCP Capital Corp by 19.3% in the first quarter. UBS Group AG now owns 1,323,758 shares of the investment management company’s stock worth $23,060,000 after buying an additional 213,748 shares during the last quarter. Finally, Ares Management LLC increased its position in TCP Capital Corp by 0.9% in the first quarter. Ares Management LLC now owns 453,342 shares of the investment management company’s stock worth $7,897,000 after buying an additional 4,000 shares during the last quarter. Institutional investors and hedge funds own 54.87% of the company’s stock.
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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