TCP Capital (TCPC) Given Average Recommendation of “Buy” by Analysts
TCP Capital (NASDAQ:TCPC) has been given an average recommendation of “Buy” by the ten brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and seven have assigned a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $17.67.
A number of research firms recently commented on TCPC. Wells Fargo lowered their price target on TCP Capital from $17.25 to $17.00 and set an “outperform” rating on the stock in a report on Wednesday, February 28th. National Securities reissued a “buy” rating and issued a $19.00 price target on shares of TCP Capital in a report on Wednesday, February 28th. ValuEngine raised TCP Capital from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. BidaskClub cut TCP Capital from a “sell” rating to a “strong sell” rating in a report on Friday, February 23rd. Finally, JMP Securities decreased their price objective on TCP Capital from $17.50 to $17.00 and set a “market outperform” rating on the stock in a report on Thursday, March 1st.
NASDAQ TCPC opened at $14.41 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 5.56 and a current ratio of 5.56. TCP Capital has a 12 month low of $13.72 and a 12 month high of $17.25. The company has a market capitalization of $847.99, a P/E ratio of 7.24, a price-to-earnings-growth ratio of 1.83 and a beta of 0.67.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 16th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, March 15th. This represents a $1.44 annualized dividend and a dividend yield of 9.99%. TCP Capital’s dividend payout ratio (DPR) is 72.36%.
TCP Capital announced that its Board of Directors has initiated a stock buyback program on Tuesday, February 27th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the investment management company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Kathleen A. Corbet bought 2,500 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were purchased at an average price of $15.22 per share, with a total value of $38,050.00. Following the transaction, the director now owns 25,000 shares in the company, valued at approximately $380,500. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Howard Levkowitz bought 7,900 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were bought at an average cost of $15.28 per share, for a total transaction of $120,712.00. Following the transaction, the chief executive officer now owns 99,657 shares in the company, valued at approximately $1,522,758.96. The disclosure for this purchase can be found here. Insiders have bought a total of 26,400 shares of company stock worth $393,692 over the last ninety days. Insiders own 0.56% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canal Capital Management LLC bought a new position in shares of TCP Capital during the 4th quarter valued at approximately $245,000. Virtu Financial LLC bought a new position in shares of TCP Capital during the 4th quarter valued at approximately $261,000. State of Tennessee Treasury Department bought a new position in shares of TCP Capital during the 4th quarter valued at approximately $981,000. Monument Capital Management bought a new position in shares of TCP Capital during the 4th quarter valued at approximately $1,231,000. Finally, Raymond James Financial Services Advisors Inc. increased its position in shares of TCP Capital by 7.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 85,070 shares of the investment management company’s stock valued at $1,300,000 after purchasing an additional 5,751 shares during the last quarter. 52.91% of the stock is currently owned by hedge funds and other institutional investors.
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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