TCP Capital Corp. (NASDAQ:TCPC) was upgraded by research analysts at National Securities from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $19.00 price target on the investment management company’s stock, up from their prior price target of $17.00. National Securities’ target price indicates a potential upside of 14.46% from the company’s current price.

The analysts wrote, “• We are upgrading TCPC to BUY from NEUTRAL and raising our price target to $19 from $17. To remind our readers, we had previously downgraded shares to NEUTRAL in November 2016 for valuation only. TCP has continued to outperform most peers in the sector with a more favorable fee structure, consistently strong economic returns, minimal credit issues, and steady portfolio growth. With comparable peers trading much richer and TCP continuing to have excellent operational performance, we think the gap between peers and TCP will narrow and think that TCPC shares have additional upside.

• NAV improved Q/Q to $15.04 from $14.92, largely as a result of the accretive equity issuance done at a 13% premium to 1Q17 NAV/share. The portfolio at fair value increased by 8% Q/Q to $1.45 billion with origination volume during the quarter a very robust $263.4 million. We think TCP saw good deal flow and opportunities as the company has always been a very disciplined credit investor.

• We are revising our 2017 NII/share estimate to $1.58 from $1.56 and are revising our 2018 NII/share estimate to $1.60 from $1.61.”

Other equities research analysts also recently issued research reports about the company. Zacks Investment Research downgraded TCP Capital Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, May 17th. Keefe, Bruyette & Woods restated a “buy” rating and set a $18.00 price target on shares of TCP Capital Corp. in a research report on Friday, April 28th. BidaskClub downgraded TCP Capital Corp. from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, Deutsche Bank AG upgraded TCP Capital Corp. from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. TCP Capital Corp. has a consensus rating of “Buy” and a consensus price target of $17.63.

Shares of TCP Capital Corp. (NASDAQ TCPC) opened at 16.84 on Monday. The company’s 50-day moving average price is $16.73 and its 200-day moving average price is $16.95. TCP Capital Corp. has a 12 month low of $15.33 and a 12 month high of $17.47.

TCP Capital Corp. (NASDAQ:TCPC) last released its quarterly earnings results on Thursday, August 3rd. The investment management company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.05. TCP Capital Corp. had a return on equity of 12.93% and a net margin of 54.74%. The business had revenue of $46.23 million for the quarter, compared to the consensus estimate of $40.37 million. Analysts forecast that TCP Capital Corp. will post $1.55 earnings per share for the current year.

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In related news, Director Brian F. Wruble acquired 10,000 shares of the firm’s stock in a transaction dated Friday, June 23rd. The shares were purchased at an average price of $16.63 per share, for a total transaction of $166,300.00. Following the completion of the acquisition, the director now owns 20,000 shares in the company, valued at $332,600. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.56% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its position in TCP Capital Corp. by 1.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 63,921 shares of the investment management company’s stock valued at $1,114,000 after buying an additional 1,035 shares in the last quarter. Wedbush Securities Inc. increased its position in TCP Capital Corp. by 3.6% in the second quarter. Wedbush Securities Inc. now owns 29,631 shares of the investment management company’s stock valued at $501,000 after buying an additional 1,035 shares in the last quarter. 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 valued at $132,000 after buying an additional 2,520 shares in the last quarter. 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 valued at $7,897,000 after buying an additional 4,000 shares in the last quarter. 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 valued at $703,000 after buying an additional 5,300 shares in the last quarter. Hedge funds and other institutional investors own 50.95% 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.

Analyst Recommendations for TCP Capital Corp. (NASDAQ:TCPC)

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