Triangle Capital Co. (TCAP) Given “Buy” Rating at National Securities

Triangle Capital Co. (NYSE:TCAP)‘s stock had its “buy” rating reissued by equities research analysts at National Securities in a research note issued to investors on Monday, May 8th. They currently have a $22.00 price objective on the credit services provider’s stock. National Securities’ price objective would indicate a potential upside of 20.68% from the company’s previous close.

The analysts wrote, “• TCAP’s NII/share was $0.42 versus our estimate of $0.43 and consensus estimates of $0.44. The $132.2 million equity issuance in 1Q17 weighed on per share numbers for the quarter as we had anticipated but we expect NII/share to be a penny short of the dividend in 2Q17 before exceeding it beginning in 3Q17.

• Triangle finished the quarter with total D/E of 0.70x and regulatory leverage (excluding SBA debentures) of 0.35x. With access to another $100.0 million of SBA debentures and a 2Q17 upsized credit facility, we think TCAP has ample dry powder to drive meaningful portfolio growth in 2017 and 2018.

• NAV/share improved Q/Q to $15.29 from $15.13, largely as a result of the equity issuance above NAV/share during the quarter. NAV/share would have improved more were it not for the $13.3 million of net realized losses for the quarter largely driven by Capital Contractors which was marked as having an unrealized loss of $12.2 million as of 12/31/16.

• We are revising our 2017 NII/share estimate to $1.81 from $1.85 and are maintaining our 2018 NII/share estimate to $1.96.

A number of other research analysts have also recently issued reports on TCAP. Zacks Investment Research cut shares of Triangle Capital from a “hold” rating to a “sell” rating in a report on Saturday, February 25th. Jefferies Group LLC restated a “buy” rating and set a $23.00 price objective on shares of Triangle Capital in a report on Friday, May 5th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $21.60.

Analyst Recommendations for Triangle Capital (NYSE:TCAP)

Shares of Triangle Capital (NYSE:TCAP) traded down 0.11% on Monday, hitting $18.21. The company had a trading volume of 237,335 shares. The company has a 50-day moving average of $18.56 and a 200 day moving average of $18.79. The stock has a market cap of $868.27 million, a PE ratio of 24.28 and a beta of 0.86. Triangle Capital has a 12 month low of $16.40 and a 12 month high of $20.60.

Triangle Capital (NYSE:TCAP) last issued its quarterly earnings results on Wednesday, February 22nd. The credit services provider reported $0.42 EPS for the quarter, topping the consensus estimate of $0.40 by $0.02. Triangle Capital had a net margin of 31.88% and a return on equity of 11.44%. The company had revenue of $31.20 million during the quarter, compared to analysts’ expectations of $29.49 million. During the same quarter in the previous year, the company earned $0.58 EPS. Triangle Capital’s revenue was up 13.9% on a year-over-year basis. Analysts anticipate that Triangle Capital will post $1.76 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 21st. Stockholders of record on Wednesday, June 7th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 9.87%. The ex-dividend date is Monday, June 5th. Triangle Capital’s dividend payout ratio is presently 169.81%.

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In other news, Director W Mccomb Dunwoody sold 49,286 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $18.86, for a total value of $929,533.96. Following the sale, the director now owns 106,278 shares of the company’s stock, valued at $2,004,403.08. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 3.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of TCAP. JPMorgan Chase & Co. raised its stake in Triangle Capital by 3,346.1% in the third quarter. JPMorgan Chase & Co. now owns 77,261 shares of the credit services provider’s stock valued at $1,522,000 after buying an additional 75,019 shares during the period. Nuveen Fund Advisors LLC raised its position in shares of Triangle Capital by 142.8% in the third quarter. Nuveen Fund Advisors LLC now owns 27,126 shares of the credit services provider’s stock valued at $534,000 after buying an additional 15,953 shares during the last quarter. Advisory Research Inc. raised its position in shares of Triangle Capital by 143.5% in the fourth quarter. Advisory Research Inc. now owns 235,379 shares of the credit services provider’s stock valued at $4,317,000 after buying an additional 138,711 shares during the last quarter. Trust Co. of Vermont bought a new position in shares of Triangle Capital during the first quarter valued at $106,000. Finally, Two Sigma Advisers LP raised its position in shares of Triangle Capital by 360.0% in the third quarter. Two Sigma Advisers LP now owns 212,780 shares of the credit services provider’s stock valued at $4,192,000 after buying an additional 166,525 shares during the last quarter. 29.39% of the stock is currently owned by hedge funds and other institutional investors.

Triangle Capital Company Profile

Triangle Capital Corporation is an internally managed, non-diversified closed-end management investment company. The Company is a specialty finance company that provides customized financing to lower middle market companies located primarily in the United States. The Company’s investment objective is to seek attractive returns by generating current income from its debt investments and capital appreciation from its equity-related investments.

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