TCP Capital (NASDAQ:TCPC) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Thursday, March 15th.
Other equities research analysts also recently issued research reports about the company. BidaskClub downgraded TCP Capital from a “sell” rating to a “strong sell” rating in a research report on Friday, February 23rd. National Securities restated a “buy” rating and set a $19.00 price target on shares of TCP Capital in a research report on Wednesday, February 28th. JMP Securities lowered their price target on TCP Capital from $17.50 to $17.00 and set a “market outperform” rating on the stock in a research report on Thursday, March 1st. 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 research report on Wednesday, February 28th. Finally, Ladenburg Thalmann assumed coverage on TCP Capital in a research report on Monday, November 20th. They set a “buy” rating and a $17.00 price target on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. TCP Capital has a consensus rating of “Buy” and an average price target of $17.67.
NASDAQ:TCPC traded down $0.06 during trading hours on Thursday, hitting $14.20. 150,033 shares of the company’s stock traded hands, compared to its average volume of 283,947. The firm has a market capitalization of $835.63, a price-to-earnings ratio of 7.14, a P/E/G ratio of 1.80 and a beta of 0.67. TCP Capital has a 52 week low of $13.72 and a 52 week high of $17.42. 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 (NASDAQ:TCPC) last posted its quarterly earnings data on Tuesday, February 27th. The investment management company reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.12. The company had revenue of $47.11 million during the quarter, compared to analyst estimates of $44.77 million. TCP Capital had a return on equity of 12.63% and a net margin of 42.13%. equities analysts forecast that TCP Capital will post 1.57 earnings per share for the current fiscal year.
TCP Capital declared that its board has approved a stock buyback program on Tuesday, February 27th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the investment management company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In related news, Director Kathleen A. Corbet acquired 2,500 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were purchased at an average price of $15.22 per share, for a total transaction of $38,050.00. Following the completion of the acquisition, the director now owns 25,000 shares in the company, valued at $380,500. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark Holdsworth acquired 5,000 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was bought at an average price of $14.61 per share, for a total transaction of $73,050.00. Following the acquisition, the insider now owns 74,465 shares of the company’s stock, valued at approximately $1,087,933.65. The disclosure for this purchase can be found here. In the last quarter, insiders bought 26,400 shares of company stock worth $393,692. Company insiders own 0.56% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in TCPC. Global X MANAGEMENT CO LLC grew its stake in shares of 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 worth $189,000 after purchasing an additional 3,894 shares during the last quarter. Trexquant Investment LP bought a new stake in shares of TCP Capital in the third quarter worth about $190,000. Hartland & Co. LLC bought a new stake in shares of TCP Capital in the third quarter worth about $218,000. Sigma Planning Corp bought a new stake in shares of TCP Capital in the third quarter worth about $242,000. Finally, Canal Capital Management LLC bought a new stake in shares of TCP Capital in the fourth quarter worth about $245,000. Hedge funds and other institutional investors own 52.91% of the company’s stock.
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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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