Zacks: Analysts Expect TCP Capital Corp. (TCPC) Will Post Quarterly Sales of $44.77 Million
Wall Street brokerages expect TCP Capital Corp. (NASDAQ:TCPC) to post $44.77 million in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for TCP Capital’s earnings, with the highest sales estimate coming in at $45.36 million and the lowest estimate coming in at $43.78 million. TCP Capital reported sales of $39.53 million in the same quarter last year, which indicates a positive year-over-year growth rate of 13.3%. The business is expected to report its next quarterly earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that TCP Capital will report full-year sales of $44.77 million for the current year, with estimates ranging from $173.00 million to $174.22 million. For the next fiscal year, analysts anticipate that the business will report sales of $189.22 million per share, with estimates ranging from $185.30 million to $195.35 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow TCP Capital.
Several analysts recently weighed in on TCPC shares. National Securities upgraded TCP Capital from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $17.00 to $19.00 in a research report on Monday, August 7th. Keefe, Bruyette & Woods set a $18.00 price objective on TCP Capital and gave the stock a “buy” rating in a research report on Friday, October 6th. BidaskClub upgraded TCP Capital from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. National Bank Financial upgraded TCP Capital from a “sector perform” rating to an “outperform” rating in a research report on Monday, August 7th. Finally, Ladenburg Thalmann Financial Services started coverage on TCP Capital in a research report on Monday, November 20th. They set a “buy” rating and a $17.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $18.00.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.44 annualized dividend and a yield of 9.11%. TCP Capital’s dividend payout ratio is presently 102.13%.
TCP Capital declared that its board has approved a stock repurchase plan on Tuesday, November 7th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the investment management company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
A number of institutional investors have recently bought and sold shares of TCPC. Sheaff Brock Investment Advisors LLC bought a new position in TCP Capital in the second quarter valued at about $182,000. HighTower Advisors LLC bought a new position in TCP Capital in the second quarter valued at about $189,000. Global X MANAGEMENT CO LLC raised its position in TCP Capital by 51.4% in the third quarter. Global X MANAGEMENT CO LLC now owns 11,472 shares of the investment management company’s stock valued at $189,000 after purchasing an additional 3,894 shares during the last quarter. Trexquant Investment LP bought a new position in TCP Capital in the third quarter valued at about $190,000. Finally, RFG Advisory Group LLC bought a new position in TCP Capital in the second quarter valued at about $206,000. Hedge funds and other institutional investors own 49.76% of the company’s stock.
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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