TCP Capital Corp. (NASDAQ:TCPC) announced its quarterly earnings results on Thursday. The investment management company reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05, MarketWatch Earnings reports. The company had revenue of $46.23 million for the quarter, compared to analyst estimates of $40.37 million. TCP Capital Corp. had a net margin of 58.13% and a return on equity of 12.48%.
TCP Capital Corp. (TCPC) traded down 0.95% during midday trading on Friday, reaching $16.60. 160,378 shares of the company’s stock were exchanged. TCP Capital Corp. has a 12 month low of $15.33 and a 12 month high of $17.47. The firm has a 50 day moving average of $16.73 and a 200-day moving average of $16.95.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 8.67%. The ex-dividend date of this dividend is Thursday, September 14th. TCP Capital Corp.’s payout ratio is 88.34%.
Several equities research analysts recently issued reports on the stock. National Securities reaffirmed a “neutral” rating and set a $17.00 price target on shares of TCP Capital Corp. in a report on Thursday, May 11th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $18.00 target price on shares of TCP Capital Corp. in a report on Friday, April 28th. Zacks Investment Research lowered shares of TCP Capital Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, May 17th. BidaskClub lowered shares of TCP Capital Corp. from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Finally, Deutsche Bank AG raised shares of TCP Capital Corp. from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Thursday, May 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $17.38.
In other TCP Capital Corp. news, Director Brian F. Wruble purchased 10,000 shares of TCP Capital Corp. stock in a transaction on Friday, June 23rd. The shares were acquired at an average cost of $16.63 per share, for a total transaction of $166,300.00. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $332,600. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.56% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TCPC. Global X Management Co. LLC boosted its position in shares of TCP Capital Corp. by 49.8% in the first quarter. Global X Management Co. LLC now owns 7,578 shares of the investment management company’s stock worth $132,000 after buying an additional 2,520 shares during the last quarter. Mackenzie Financial Corp acquired a new position in shares of TCP Capital Corp. during the first quarter worth approximately $420,000. Wedbush Securities Inc. boosted its position in shares of TCP Capital Corp. by 3.6% in the second quarter. Wedbush Securities Inc. now owns 29,631 shares of the investment management company’s stock worth $501,000 after buying an additional 1,035 shares during the last quarter. Shelton Capital Management acquired a new position in shares of TCP Capital Corp. during the first quarter worth approximately $523,000. Finally, Nationwide Fund Advisors boosted its position in shares of TCP Capital Corp. by 15.1% in the first quarter. Nationwide Fund Advisors now owns 40,359 shares of the investment management company’s stock worth $703,000 after buying an additional 5,300 shares during the last quarter. Institutional investors and hedge funds own 50.94% of the company’s stock.
TCP Capital Corp. 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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