TCP Capital (NASDAQ:TCPC) was downgraded by equities research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Thursday.
Several other research analysts also recently commented on TCPC. JMP Securities dropped their price objective on shares of TCP Capital from $17.50 to $17.00 and set a “market outperform” rating for the company in a report on Thursday, March 1st. BidaskClub upgraded shares of TCP Capital from a “strong sell” rating to a “sell” rating in a research report on Monday, February 5th. Wells Fargo decreased their target price on shares of TCP Capital from $17.25 to $17.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 28th. National Securities restated a “buy” rating and set a $19.00 target price on shares of TCP Capital in a research report on Wednesday, February 28th. Finally, Ladenburg Thalmann Financial Services began coverage on shares of TCP Capital in a research report on Monday, November 20th. They set a “buy” rating and a $17.00 target price on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $17.67.
TCP Capital (TCPC) opened at $13.88 on Thursday. TCP Capital has a 1-year low of $13.75 and a 1-year high of $17.47. The company has a market cap of $837.40, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.81 and a beta of 0.71. The company has a current ratio of 5.56, a quick ratio of 5.56 and a debt-to-equity ratio of 0.83.
TCP Capital (NASDAQ:TCPC) last released its quarterly earnings data on Tuesday, February 27th. The investment management company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.38 by $0.12. TCP Capital had a net margin of 42.13% and a return on equity of 12.63%. The business had revenue of $47.11 million during the quarter, compared to the consensus estimate of $44.77 million. equities research analysts forecast that TCP Capital will post 1.57 earnings per share for the current fiscal year.
TCP Capital announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 27th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the investment management company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other TCP Capital news, Director Kathleen A. Corbet bought 2,500 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were purchased at an average cost of $15.22 per share, for a total transaction of $38,050.00. Following the transaction, the director now owns 25,000 shares of the company’s stock, valued at $380,500. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Howard Levkowitz acquired 7,900 shares of TCP Capital stock in a transaction that occurred on Tuesday, January 30th. The stock was purchased at an average cost of $15.28 per share, for a total transaction of $120,712.00. Following the completion of the transaction, the chief executive officer now directly owns 99,657 shares in the company, valued at $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 90 days. Corporate insiders own 0.56% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc raised its position in TCP Capital by 10.1% in the 3rd quarter. Legal & General Group Plc now owns 170,727 shares of the investment management company’s stock worth $2,814,000 after purchasing an additional 15,726 shares during the period. Macquarie Group Ltd. purchased a new stake in TCP Capital in the 3rd quarter worth about $1,067,000. Neuberger Berman Group LLC raised its position in TCP Capital by 2.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 339,712 shares of the investment management company’s stock worth $5,602,000 after purchasing an additional 8,312 shares during the period. Advisors Asset Management Inc. raised its position in TCP Capital by 4.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 462,539 shares of the investment management company’s stock worth $7,627,000 after purchasing an additional 21,270 shares during the period. Finally, Relative Value Partners Group LLC raised its position in TCP Capital by 27.9% in the 3rd quarter. Relative Value Partners Group LLC now owns 53,664 shares of the investment management company’s stock worth $885,000 after purchasing an additional 11,718 shares during the period. 52.87% of the stock is currently owned by institutional investors.
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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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