TCP Capital Corp. (TCPC) Holdings Boosted by Ameriprise Financial Inc.
Ameriprise Financial Inc. raised its holdings in TCP Capital Corp. (NASDAQ:TCPC) by 53.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,577 shares of the investment management company’s stock after purchasing an additional 7,853 shares during the period. Ameriprise Financial Inc.’s holdings in TCP Capital Corp. were worth $382,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in TCPC. Bank of Montreal Can acquired a new position in shares of TCP Capital Corp. in the 2nd quarter valued at approximately $761,000. Vaughan Nelson Investment Management L.P. raised its position in shares of TCP Capital Corp. by 7.1% in the 2nd 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 purchasing an additional 214,275 shares in the last quarter. Advisors Capital Management LLC raised its position in shares of TCP Capital Corp. by 13.0% during the 2nd quarter. Advisors Capital Management LLC now owns 311,883 shares of the investment management company’s stock valued at $5,271,000 after acquiring an additional 35,993 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of TCP Capital Corp. by 8.7% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 328,155 shares of the investment management company’s stock valued at $5,545,000 after acquiring an additional 26,313 shares in the last quarter. Finally, NGAM Advisors L.P. raised its position in shares of TCP Capital Corp. by 5.1% during the 2nd quarter. NGAM Advisors L.P. now owns 284,629 shares of the investment management company’s stock valued at $4,810,000 after acquiring an additional 13,742 shares in the last quarter. 53.06% of the stock is currently owned by institutional investors.
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Shares of TCP Capital Corp. (TCPC) opened at $15.90 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market capitalization of $930.09, a P/E ratio of 9.14, a P/E/G ratio of 2.03 and a beta of 0.73. TCP Capital Corp. has a 52-week low of $15.55 and a 52-week high of $17.47.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 9.06%. The ex-dividend date of this dividend is Thursday, December 14th. TCP Capital Corp.’s dividend payout ratio is currently 102.13%.
TCP Capital Corp. declared that its Board of Directors has approved a share buyback program on Tuesday, November 7th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the investment management company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Several equities research analysts recently issued reports on the company. National Bank Financial raised TCP Capital Corp. from a “sector perform” rating to an “outperform” rating in a research report on Monday, August 7th. National Securities reissued a “buy” rating and set a $19.00 price target on shares of TCP Capital Corp. in a research report on Thursday, November 9th. BidaskClub lowered TCP Capital Corp. from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $18.00 price target on shares of TCP Capital Corp. in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $18.25.
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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