TCP Capital Corp. (TCPC) Given Consensus Rating of “Buy” by Brokerages
TCP Capital Corp. (NASDAQ:TCPC) has earned a consensus rating of “Buy” from the nine brokerages that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $18.20.
Several research firms recently issued reports on TCPC. Zacks Investment Research cut shares of TCP Capital Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, May 17th. Keefe, Bruyette & Woods set a $18.00 price target on shares of TCP Capital Corp. and gave the stock a “buy” rating in a report on Wednesday, May 31st. BidaskClub cut shares of TCP Capital Corp. from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. National Bank Financial raised shares of TCP Capital Corp. from a “sector perform” rating to an “outperform” rating in a report on Monday, August 7th. Finally, National Securities raised shares of TCP Capital Corp. from a “neutral” rating to a “buy” rating and increased their price target for the stock from $17.00 to $19.00 in a report on Monday, August 7th.
In other TCP Capital Corp. news, Director Brian F. Wruble acquired 10,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The stock was acquired at an average cost of $16.63 per share, with a total value of $166,300.00. Following the purchase, the director now directly owns 20,000 shares in the company, valued at approximately $332,600. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.56% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of TCPC. Global X Management Co. LLC increased its stake in shares of TCP Capital Corp. by 49.8% during the 1st quarter. Global X Management Co. LLC now owns 7,578 shares of the investment management company’s stock worth $132,000 after purchasing an additional 2,520 shares in the last quarter. Sheaff Brock Investment Advisors LLC purchased a new position in shares of TCP Capital Corp. during the 2nd quarter worth approximately $182,000. HighTower Advisors LLC purchased a new position in shares of TCP Capital Corp. during the 2nd quarter worth approximately $189,000. RFG Advisory Group LLC purchased a new position in shares of TCP Capital Corp. during the 2nd quarter worth approximately $206,000. Finally, Oppenheimer & Co. Inc. increased its stake in shares of TCP Capital Corp. by 7.0% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 20,020 shares of the investment management company’s stock worth $338,000 after purchasing an additional 1,306 shares in the last quarter. 53.47% of the stock is owned by institutional investors and hedge funds.
TCP Capital Corp. (NASDAQ:TCPC) opened at 16.27 on Friday. TCP Capital Corp. has a 1-year low of $15.33 and a 1-year high of $17.47. The firm’s 50 day moving average price is $16.61 and its 200-day moving average price is $16.90.
TCP Capital Corp. (NASDAQ:TCPC) last announced its earnings results on Thursday, August 3rd. The investment management company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $46.23 million during the quarter, compared to the consensus estimate of $40.37 million. TCP Capital Corp. had a net margin of 54.74% and a return on equity of 12.93%. Equities analysts expect that TCP Capital Corp. will post $1.58 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 8.85%. TCP Capital Corp.’s dividend payout ratio (DPR) is 92.90%.
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About TCP Capital Corp.
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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