Glenmede Trust Co. NA trimmed its stake in TCP Capital Corp (NASDAQ:TCPC) by 46.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,289 shares of the investment management company’s stock after selling 7,900 shares during the period. Glenmede Trust Co. NA’s holdings in TCP Capital were worth $141,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of TCPC. Trexquant Investment LP bought a new position in shares of TCP Capital in the 3rd quarter valued at approximately $190,000. Canal Capital Management LLC bought a new position in shares of TCP Capital in the 4th quarter valued at approximately $245,000. Virtu Financial LLC bought a new position in shares of TCP Capital in the 4th quarter valued at approximately $261,000. State of Tennessee Treasury Department bought a new position in shares of TCP Capital in the 4th quarter valued at approximately $981,000. Finally, Macquarie Group Ltd. bought a new position in shares of TCP Capital in the 3rd quarter valued at approximately $1,067,000. 52.91% of the stock is currently owned by institutional investors and hedge funds.
TCPC has been the topic of a number of recent analyst reports. BidaskClub downgraded TCP Capital from a “sell” rating to a “strong sell” rating in a research note on Friday, February 23rd. ValuEngine raised TCP Capital from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Wells Fargo cut their price objective on TCP Capital from $17.25 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. National Securities reissued a “buy” rating and issued a $19.00 price objective on shares of TCP Capital in a research note on Wednesday, February 28th. Finally, JMP Securities cut their price objective on TCP Capital from $17.50 to $17.00 and set a “market outperform” rating on the stock in a research note on Thursday, March 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $17.67.
TCP Capital (NASDAQ:TCPC) last released its earnings results on Tuesday, February 27th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.12. The firm had revenue of $47.11 million for the quarter, compared to analyst estimates of $44.77 million. TCP Capital had a return on equity of 12.63% and a net margin of 42.13%. research analysts expect that TCP Capital Corp will post 1.57 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Friday, March 16th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 10.13%. The ex-dividend date was Thursday, March 15th. TCP Capital’s dividend payout ratio (DPR) is currently 72.36%.
TCP Capital announced that its board has initiated a share buyback plan on Tuesday, February 27th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the investment management company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other TCP Capital news, CEO Howard Levkowitz bought 5,000 shares of the stock in a transaction on Friday, February 9th. The shares were purchased at an average price of $14.47 per share, with a total value of $72,350.00. Following the acquisition, the chief executive officer now directly owns 111,657 shares of the company’s stock, valued at approximately $1,615,676.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kathleen A. Corbet bought 2,500 shares of the stock in a transaction on Tuesday, January 30th. The stock was acquired at an average cost of $15.22 per share, for a total transaction of $38,050.00. Following the acquisition, the director now directly owns 25,000 shares in the company, valued at $380,500. The disclosure for this purchase can be found here. Insiders acquired a total of 26,400 shares of company stock worth $393,692 in the last ninety days. Insiders own 0.56% of the company’s stock.
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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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