Brokerages predict that TCP Capital Corp (NASDAQ:TCPC) will report $45.10 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for TCP Capital’s earnings, with the highest sales estimate coming in at $45.71 million and the lowest estimate coming in at $43.90 million. TCP Capital posted sales of $39.34 million during the same quarter last year, which suggests a positive year over year growth rate of 14.6%. The firm is expected to issue its next quarterly earnings report on Tuesday, May 8th.
According to Zacks, analysts expect that TCP Capital will report full year sales of $45.10 million for the current fiscal year, with estimates ranging from $181.00 million to $190.85 million. For the next year, analysts anticipate that the company will report sales of $197.45 million per share, with estimates ranging from $188.00 million to $213.63 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for TCP Capital.
TCP Capital (NASDAQ:TCPC) last posted its quarterly earnings data on Tuesday, February 27th. The investment management company reported $0.50 EPS for the quarter, beating the Zacks’ 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 company had revenue of $47.11 million for the quarter, compared to analyst estimates of $44.77 million.
A number of equities research analysts have recently commented on TCPC shares. Ladenburg Thalmann Financial Services started coverage on shares of TCP Capital in a research note on Monday, November 20th. They issued a “buy” rating and a $17.00 price objective on the stock. BidaskClub lowered shares of TCP Capital from a “sell” rating to a “strong sell” rating in a research note on Friday, February 23rd. National Securities reaffirmed a “buy” rating and issued a $19.00 price objective on shares of TCP Capital in a research note on Wednesday, February 28th. Wells Fargo & Co reduced their price objective on shares of TCP Capital from $17.25 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Finally, ValuEngine raised shares of TCP Capital from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $17.67.
In related news, CEO Howard Levkowitz bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were acquired at an average cost of $14.47 per share, with a total value of $72,350.00. Following the completion of the purchase, the chief executive officer now directly owns 111,657 shares in the company, valued at $1,615,676.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kathleen A. Corbet bought 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The shares were bought at an average cost of $15.22 per share, for a total transaction of $38,050.00. Following the completion of the purchase, the director now owns 25,000 shares of the company’s stock, valued at $380,500. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 26,400 shares of company stock worth $393,692. 0.56% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Kennedy Capital Management Inc. raised its holdings in TCP Capital by 462.6% during the fourth quarter. Kennedy Capital Management Inc. now owns 316,024 shares of the investment management company’s stock worth $4,829,000 after buying an additional 259,855 shares during the last quarter. Burgundy Asset Management Ltd. raised its holdings in TCP Capital by 7.0% during the fourth quarter. Burgundy Asset Management Ltd. now owns 3,227,242 shares of the investment management company’s stock worth $49,312,000 after buying an additional 209,841 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in TCP Capital by 55.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 544,905 shares of the investment management company’s stock worth $8,326,000 after buying an additional 194,892 shares during the last quarter. Atlantic Trust Group LLC acquired a new position in TCP Capital during the third quarter worth $1,786,000. Finally, Taylor Frigon Capital Management LLC acquired a new position in TCP Capital during the fourth quarter worth $1,403,000. 52.87% of the stock is currently owned by institutional investors and hedge funds.
TCP Capital (NASDAQ:TCPC) traded down $0.41 during trading hours on Monday, hitting $13.82. 337,176 shares of the stock were exchanged, compared to its average volume of 254,260. 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 $13.75 and a 12 month high of $17.47. The company has a market cap of $841.52, a price-to-earnings ratio of 11.52, a P/E/G ratio of 1.82 and a beta of 0.71.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Friday, March 16th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 10.42%. The ex-dividend date is Thursday, March 15th. TCP Capital’s dividend payout ratio is presently 120.00%.
TCP Capital declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 27th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the investment management company to purchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
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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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