TCP Capital Corp (NASDAQ:TCPC) has been assigned an average recommendation of “Hold” from the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $17.60.
A number of brokerages recently commented on TCPC. BidaskClub downgraded shares of TCP Capital from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research downgraded shares of TCP Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, May 15th. ValuEngine downgraded shares of TCP Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. JMP Securities decreased their price target on shares of TCP Capital from $17.50 to $17.00 and set a “market outperform” rating for the company in a research note on Thursday, March 1st. Finally, Wells Fargo & Co decreased their price target on shares of TCP Capital from $17.25 to $17.00 and set an “outperform” rating for the company in a research note on Wednesday, February 28th.
TCPC stock traded down $0.21 during trading on Monday, reaching $14.48. The company’s stock had a trading volume of 11,008 shares, compared to its average volume of 243,610. TCP Capital has a 1 year low of $13.72 and a 1 year high of $17.03. The company has a debt-to-equity ratio of 0.88, a quick ratio of 8.22 and a current ratio of 8.22. The firm has a market capitalization of $871.80 million, a PE ratio of 7.25, a PEG ratio of 1.90 and a beta of 0.67.
TCP Capital declared that its board has initiated a stock buyback program on Tuesday, February 27th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the investment management company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 9.94%. The ex-dividend date of this dividend is Thursday, June 14th. TCP Capital’s payout ratio is 72.36%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCPC. PNC Financial Services Group Inc. purchased a new stake in shares of TCP Capital during the first quarter valued at $114,000. Punch & Associates Investment Management Inc. acquired a new position in shares of TCP Capital in the first quarter worth about $151,000. Great West Life Assurance Co. Can acquired a new position in shares of TCP Capital in the first quarter worth about $222,000. Virtu Financial LLC acquired a new position in shares of TCP Capital in the fourth quarter worth about $261,000. Finally, Oppenheimer & Co. Inc. raised its position in shares of TCP Capital by 39.2% in the first quarter. Oppenheimer & Co. Inc. now owns 28,200 shares of the investment management company’s stock worth $401,000 after acquiring an additional 7,937 shares during the period. 50.78% of the stock is currently owned by institutional investors and hedge funds.
About TCP Capital
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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