TCP Capital Corp (NASDAQ:TCPC) has earned an average rating of “Hold” from the nine ratings firms that are covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, one has issued a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $17.60.
TCPC has been the subject of several analyst reports. ValuEngine cut shares of TCP Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. BidaskClub lowered shares of TCP Capital from a “sell” rating to a “strong sell” rating in a report on Friday, February 23rd. Zacks Investment Research lowered shares of TCP Capital from a “buy” rating to a “hold” rating in a report on Tuesday, May 15th. National Securities restated a “buy” rating and issued a $19.00 price objective on shares of TCP Capital in a report on Wednesday, February 28th. Finally, JMP Securities reduced their price objective on shares of TCP Capital from $17.50 to $17.00 and set a “market outperform” rating on the stock in a report on Thursday, March 1st.
TCP Capital traded down $0.21, hitting $14.48, during trading hours on Monday, according to Marketbeat Ratings. 11,008 shares of the company’s stock traded hands, compared to its average volume of 243,610. TCP Capital has a 52-week low of $13.72 and a 52-week high of $17.03. The stock has a market cap of $871.80 million, a PE ratio of 7.25, a P/E/G ratio of 1.90 and a beta of 0.67. The company has a current ratio of 8.22, a quick ratio of 8.22 and a debt-to-equity ratio of 0.88.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 15th will be issued a $0.36 dividend. The ex-dividend date is Thursday, June 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 9.94%. TCP Capital’s payout ratio is 72.36%.
TCP Capital declared that its board has approved a share buyback plan on Tuesday, February 27th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the investment management company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. purchased a new position in shares of TCP Capital in the 1st quarter valued at $114,000. Punch & Associates Investment Management Inc. purchased a new position in shares of TCP Capital in the 1st quarter valued at $151,000. Great West Life Assurance Co. Can purchased a new position in shares of TCP Capital in the 1st quarter valued at $222,000. Virtu Financial LLC purchased a new position in shares of TCP Capital in the 4th quarter valued at $261,000. Finally, Oppenheimer & Co. Inc. grew its position in shares of TCP Capital by 39.2% in the 1st quarter. Oppenheimer & Co. Inc. now owns 28,200 shares of the investment management company’s stock valued at $401,000 after buying an additional 7,937 shares during the last quarter. 50.78% of the stock is currently owned by hedge funds and other institutional investors.
TCP Capital 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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