State of New Jersey Common Pension Fund D Decreases Stake in TCP Capital Corp. (TCPC)
State of New Jersey Common Pension Fund D reduced its stake in TCP Capital Corp. (NASDAQ:TCPC) by 7.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 325,000 shares of the investment management company’s stock after selling 25,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in TCP Capital Corp. were worth $5,493,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Muzinich & Co. Inc. raised its position in shares of TCP Capital Corp. by 26.1% in the first quarter. Muzinich & Co. Inc. now owns 1,948,410 shares of the investment management company’s stock valued at $33,941,000 after buying an additional 403,805 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in shares of TCP Capital Corp. by 7.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 3,229,000 shares of the investment management company’s stock valued at $54,570,000 after buying an additional 214,275 shares during the period. UBS Group AG raised its position in shares of TCP Capital Corp. by 19.3% in the first quarter. UBS Group AG now owns 1,323,758 shares of the investment management company’s stock valued at $23,060,000 after buying an additional 213,748 shares during the period. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of TCP Capital Corp. by 88.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 301,842 shares of the investment management company’s stock valued at $5,258,000 after buying an additional 141,796 shares during the period. Finally, Wexford Capital LP purchased a new position in shares of TCP Capital Corp. during the first quarter valued at $1,037,000. 50.95% of the stock is currently owned by institutional investors and hedge funds.
Shares of TCP Capital Corp. (NASDAQ TCPC) opened at 16.57 on Monday. The company has a 50-day moving average price of $16.73 and a 200 day moving average price of $16.93. TCP Capital Corp. has a one year low of $15.33 and a one year high of $17.47.
TCP Capital Corp. (NASDAQ:TCPC) last issued its quarterly earnings data on Thursday, August 3rd. The investment management company reported $0.43 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.05. The firm had revenue of $46.23 million for the quarter, compared to analysts’ expectations of $40.37 million. TCP Capital Corp. had a net margin of 54.74% and a return on equity of 12.93%. On average, equities research analysts expect that TCP Capital Corp. will post $1.58 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.44 annualized dividend and a yield of 8.69%. TCP Capital Corp.’s dividend payout ratio is 92.90%.
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TCPC has been the topic of several research reports. Zacks Investment Research lowered TCP Capital Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Keefe, Bruyette & Woods set a $18.00 price target on TCP Capital Corp. and gave the company a “buy” rating in a report on Wednesday, May 31st. Deutsche Bank AG upgraded TCP Capital Corp. from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Thursday, May 11th. National Securities reiterated a “neutral” rating and issued a $17.00 price target on shares of TCP Capital Corp. in a report on Wednesday, April 26th. Finally, BidaskClub downgraded TCP Capital Corp. from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $17.71.
In other news, Director Brian F. Wruble acquired 10,000 shares of the firm’s stock in a transaction on Friday, June 23rd. The shares were purchased at an average cost of $16.63 per share, with a total value of $166,300.00. Following the completion of the purchase, the director now owns 20,000 shares of the company’s stock, valued at $332,600. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.56% of the stock is currently owned by corporate insiders.
About TCP Capital Corp.
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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