Zacks Investment Research upgraded shares of TCP Capital Corp. (NASDAQ:TCPC) from a sell rating to a hold rating in a report published on Tuesday, July 4th.
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. “
TCPC has been the subject of several other reports. Deutsche Bank AG raised shares of TCP Capital Corp. from a hold rating to a buy rating and set a $18.00 target price for the company in a research report on Thursday, May 11th. Keefe, Bruyette & Woods set a $18.00 price target on shares of TCP Capital Corp. and gave the company a buy rating in a research report on Wednesday, May 31st. Finally, National Securities reissued a neutral rating and set a $17.00 price target on shares of TCP Capital Corp. in a research report on Wednesday, April 26th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $17.38.
TCP Capital Corp. (NASDAQ:TCPC) traded down 0.36% during midday trading on Tuesday, reaching $16.61. 149,836 shares of the company’s stock traded hands. TCP Capital Corp. has a 52-week low of $15.33 and a 52-week high of $17.47. The company’s 50-day moving average price is $16.75 and its 200-day moving average price is $16.95.
TCP Capital Corp. (NASDAQ:TCPC) last posted its earnings results on Tuesday, May 9th. The investment management company reported $0.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.09. TCP Capital Corp. had a net margin of 58.13% and a return on equity of 12.48%. The firm had revenue of $39.34 million during the quarter, compared to analysts’ expectations of $38.75 million. On average, equities analysts expect that TCP Capital Corp. will post $1.53 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Friday, June 16th were paid a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 8.67%. TCP Capital Corp.’s dividend payout ratio is presently 88.34%.
In related news, Director Brian F. Wruble purchased 10,000 shares of TCP Capital Corp. stock in a transaction dated Friday, June 23rd. The stock was purchased at an average cost of $16.63 per share, for a total transaction of $166,300.00. Following the completion of the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $332,600. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.56% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Global X Management Co. LLC increased its position in 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 worth $132,000 after buying an additional 2,520 shares during the last quarter. A.R.T. Advisors LLC acquired a new position in TCP Capital Corp. during the fourth quarter worth about $207,000. Mackenzie Financial Corp acquired a new position in TCP Capital Corp. during the first quarter worth about $420,000. Shelton Capital Management acquired a new position in TCP Capital Corp. during the first quarter worth about $523,000. Finally, Nationwide Fund Advisors increased its position in TCP Capital Corp. by 15.1% in the first quarter. Nationwide Fund Advisors now owns 40,359 shares of the investment management company’s stock worth $703,000 after buying an additional 5,300 shares during the last quarter. 50.94% of the stock is currently owned by institutional investors.
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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