Triangle Capital Corporation (TCAP) Declares Quarterly Dividend of $0.30
Triangle Capital Corporation (NYSE:TCAP) announced a quarterly dividend on Thursday, November 2nd, Wall Street Journal reports. Stockholders of record on Wednesday, December 6th will be paid a dividend of 0.30 per share by the credit services provider on Wednesday, December 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 9.75%. The ex-dividend date is Tuesday, December 5th.
Triangle Capital Corporation has decreased its dividend by an average of 4.4% annually over the last three years. Triangle Capital Corporation has a payout ratio of 107.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Triangle Capital Corporation to earn $1.72 per share next year, which means the company may not be able to cover its $1.80 annual dividend with an expected future payout ratio of 104.7%.
Triangle Capital Corporation (NYSE:TCAP) last posted its quarterly earnings results on Wednesday, November 1st. The credit services provider reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.05). Triangle Capital Corporation had a return on equity of 10.51% and a net margin of 16.92%. The company had revenue of $29.88 million during the quarter, compared to analyst estimates of $32.84 million. During the same period last year, the company posted $0.41 earnings per share. The company’s revenue was up 9.0% compared to the same quarter last year.
A number of equities analysts have recently weighed in on TCAP shares. Robert W. Baird raised shares of Triangle Capital Corporation from a “neutral” rating to an “outperform” rating and set a $16.00 price target on the stock in a research note on Monday, August 28th. ValuEngine raised shares of Triangle Capital Corporation from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Zacks Investment Research raised shares of Triangle Capital Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, October 11th. National Securities dropped their price target on shares of Triangle Capital Corporation from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 24th. Finally, JMP Securities downgraded shares of Triangle Capital Corporation from an “outperform” rating to a “market perform” rating in a research note on Wednesday, August 9th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $17.86.
About Triangle Capital Corporation
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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