Trading Report: Today: TCP Capital Corp. (TCPC) Lowered by National Securities

Today: TCP Capital Corp. (TCPC) Lowered by National Securities

TCP Capital Corp. (NASDAQ:TCPC) was downgraded by equities research analysts at National Securities from a “buy” rating to a “neutral” rating in a note issued to investors on Monday. They currently have a $17.00 price objective on the investment management company’s stock. National Securities’ target price points to a potential upside of 0.59% from the company’s current price.

The analysts wrote, “Downgrade: We are downgrading TCPC (TCP Capital Corp.) to NEUTRAL from BUY and maintaining our $17 price target. This downgrade is solely a result of valuation and our investment thesis remains in-tact. We are maintaining our 2016 NII/share estimate of $1.55 and our 2017 NII/share estimate of $1.63. Our $17 price target implies an estimated 2017 P/NII (Price/NII) of 10.4x, dividend yield of 8.5%, and P/NAV (Price/NAV) of 1.11x compared to the BDC sector averages of 9.9x, 9.4%, and 0.90x, respectively.”

A number of other brokerages have also recently issued reports on TCPC. Zacks Investment Research cut shares of TCP Capital Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, November 23rd. JMP Securities reissued a “buy” rating on shares of TCP Capital Corp. in a research report on Friday, November 11th. FBR & Co reissued a “buy” rating and issued a $17.50 target price on shares of TCP Capital Corp. in a research report on Wednesday, November 9th. DA Davidson reaffirmed a “buy” rating and set a $18.00 price objective on shares of TCP Capital Corp. in a research report on Thursday, September 22nd. Finally, Deutsche Bank AG upped their price objective on shares of TCP Capital Corp. from $14.75 to $15.50 and gave the stock a “hold” rating in a research report on Wednesday, August 10th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. TCP Capital Corp. currently has an average rating of “Buy” and an average target price of $16.50.

TCP Capital Corp. (NASDAQ:TCPC) opened at 16.90 on Monday. The stock’s 50 day moving average is $16.27 and its 200-day moving average is $15.75. TCP Capital Corp. has a 12-month low of $12.00 and a 12-month high of $16.97.

TCP Capital Corp. (NASDAQ:TCPC) last announced its earnings results on Tuesday, November 8th. The investment management company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.01. TCP Capital Corp. had a net margin of 40.54% and a return on equity of 13.16%. On average, analysts predict that TCP Capital Corp. will post $1.53 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Stockholders of record on Friday, December 16th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 8.52%. TCP Capital Corp.’s dividend payout ratio (DPR) is currently 130.91%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. D.A. Davidson & CO. boosted its position in TCP Capital Corp. by 11.0% in the third quarter. D.A. Davidson & CO. now owns 129,683 shares of the investment management company’s stock worth $2,124,000 after buying an additional 12,801 shares during the period. Nuveen Fund Advisors LLC increased its position in TCP Capital Corp. by 9.1% in the third quarter. Nuveen Fund Advisors LLC now owns 122,035 shares of the investment management company’s stock valued at $1,999,000 after buying an additional 10,196 shares in the last quarter. Clinton Group Inc. increased its position in TCP Capital Corp. by 20.9% in the third quarter. Clinton Group Inc. now owns 18,401 shares of the investment management company’s stock valued at $301,000 after buying an additional 3,184 shares in the last quarter. Ares Management LLC increased its position in TCP Capital Corp. by 120.8% in the third quarter. Ares Management LLC now owns 473,573 shares of the investment management company’s stock valued at $7,757,000 after buying an additional 259,067 shares in the last quarter. Finally, UBS Group AG increased its position in TCP Capital Corp. by 8.5% in the third quarter. UBS Group AG now owns 964,294 shares of the investment management company’s stock valued at $15,795,000 after buying an additional 75,455 shares in the last quarter. 53.25% of the stock is owned by hedge funds and other institutional investors.

About TCP Capital Corp.

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