TICC Capital (TICC) Board of Directors Authorizes Share Buyback Program

TICC Capital (NASDAQ:TICC) declared that its board has initiated a stock buyback plan, which permits the company to repurchase $25.00 million in shares on Tuesday, February 6th, EventVestor reports. This repurchase authorization permits the investment management company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

TICC Capital (NASDAQ:TICC) traded up $0.05 during trading hours on Wednesday, reaching $5.48. 64,040 shares of the company’s stock were exchanged, compared to its average volume of 282,842. The firm has a market cap of $271.30, a P/E ratio of 4.64, a PEG ratio of 1.73 and a beta of 0.55. The company has a debt-to-equity ratio of 0.41, a current ratio of 19.74 and a quick ratio of 19.74. TICC Capital has a twelve month low of $5.15 and a twelve month high of $8.19.

Several research firms have recently issued reports on TICC. BidaskClub raised TICC Capital from a “strong sell” rating to a “sell” rating in a research note on Wednesday. Zacks Investment Research raised TICC Capital from a “sell” rating to a “hold” rating and set a $6.50 price objective for the company in a research note on Wednesday, January 10th. National Securities raised TICC Capital from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $6.00 to $5.00 in a research note on Monday, November 6th. ValuEngine downgraded TICC Capital from a “buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Finally, Ladenburg Thalmann Financial Services raised TICC Capital from a “neutral” rating to a “buy” rating in a research note on Monday, November 6th. Four equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.83.

In other news, insider Saul B. Rosenthal bought 27,632 shares of the firm’s stock in a transaction on Wednesday, December 13th. The stock was acquired at an average price of $6.06 per share, with a total value of $167,449.92. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Saul B. Rosenthal bought 8,086 shares of the firm’s stock in a transaction on Wednesday, December 20th. The shares were purchased at an average cost of $5.83 per share, with a total value of $47,141.38. The disclosure for this purchase can be found here. Insiders have acquired a total of 214,210 shares of company stock valued at $1,271,803 in the last three months. Insiders own 5.90% of the company’s stock.

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TICC Capital Company Profile

TICC Capital Corp. is a closed-end, non-diversified management investment company. The Company’s investment objective is to maximize its portfolio’s total return. The Company primarily focuses on seeking current income by investing primarily in corporate debt securities. The Company’s debt investments may include syndicated loans and bilateral loans.

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