TCP Capital Corp. (NASDAQ:TCPC) was downgraded by analysts at National Securities from a “buy” rating to a “neutral” rating in a research report issued on Monday. They presently have a $17.00 price objective on the investment management company’s stock. National Securities’ target price suggests a potential upside of 0.59% from the company’s previous close.

The analysts wrote, “Downgrade: We are downgrading TCPC (TCP Capital Corp.) to NEUTRAL from BUY and maintaining our $17 price target. This downgrade is solely a result of valuation and our investment thesis remains in-tact. We are maintaining our 2016 NII/share estimate of $1.55 and our 2017 NII/share estimate of $1.63. Our $17 price target implies an estimated 2017 P/NII (Price/NII) of 10.4x, dividend yield of 8.5%, and P/NAV (Price/NAV) of 1.11x compared to the BDC sector averages of 9.9x, 9.4%, and 0.90x, respectively.”

Several other research firms have also weighed in on TCPC. DA Davidson reiterated a “buy” rating and set a $18.00 price objective on shares of TCP Capital Corp. in a research note on Thursday, September 22nd. Zacks Investment Research upgraded shares of TCP Capital Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, August 11th. FBR & Co reiterated a “buy” rating on shares of TCP Capital Corp. in a research note on Thursday, August 18th. Deutsche Bank AG increased their price objective on shares of TCP Capital Corp. from $14.75 to $15.50 and gave the stock a “hold” rating in a research note on Wednesday, August 10th. Finally, Citigroup Inc. increased their price objective on shares of TCP Capital Corp. from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 17th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. TCP Capital Corp. has an average rating of “Buy” and a consensus target price of $16.50.

Analyst Recommendations for TCP Capital Corp. (NASDAQ:TCPC)

TCP Capital Corp. (NASDAQ:TCPC) opened at 16.90 on Monday. The company has a 50-day moving average price of $16.28 and a 200 day moving average price of $15.78. TCP Capital Corp. has a 12 month low of $12.00 and a 12 month high of $16.97.

TCP Capital Corp. (NASDAQ:TCPC) last issued its quarterly earnings results on Tuesday, November 8th. The investment management company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. TCP Capital Corp. had a net margin of 40.54% and a return on equity of 13.16%. Equities research analysts forecast that TCP Capital Corp. will post $1.53 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 16th will be paid a $0.36 dividend. The ex-dividend date is Wednesday, December 14th. This represents a $1.44 annualized dividend and a dividend yield of 8.52%. TCP Capital Corp.’s payout ratio is currently 130.91%.

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Several large investors have recently made changes to their positions in TCPC. Sigma Planning Corp purchased a new stake in shares of TCP Capital Corp. during the second quarter valued at approximately $229,000. Confluence Investment Management LLC raised its stake in shares of TCP Capital Corp. by 0.9% in the second quarter. Confluence Investment Management LLC now owns 682,954 shares of the investment management company’s stock valued at $10,436,000 after buying an additional 5,958 shares during the last quarter. Monarch Partners Asset Management LLC purchased a new stake in shares of TCP Capital Corp. during the second quarter valued at approximately $179,000. Wedbush Securities Inc. raised its stake in shares of TCP Capital Corp. by 11.8% in the second quarter. Wedbush Securities Inc. now owns 24,009 shares of the investment management company’s stock valued at $367,000 after buying an additional 2,535 shares during the last quarter. Finally, Taylor Frigon Capital Management LLC raised its stake in shares of TCP Capital Corp. by 1.5% in the second quarter. Taylor Frigon Capital Management LLC now owns 85,302 shares of the investment management company’s stock valued at $1,303,000 after buying an additional 1,259 shares during the last quarter. Institutional investors own 53.25% of the company’s stock.

About TCP Capital Corp.

TCP Capital Corp. is a 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. The Company invests in debt securities of middle-market companies.

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