Today, The Zacks Investment Research Downgraded TCP Capital Corp. (TCPC) to Hold

Today, The Zacks Investment Research Downgraded TCP Capital Corp. (TCPC) to Hold

Zacks Investment Research cut shares of TCP Capital Corp. (NASDAQ:TCPC) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “TCP Capital Corp. is an externally managed specialty finance company focused on middle-market lending. The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCP Capital Corp. is based in Santa Monica, CA. “

Several other analysts have also commented on TCPC. FBR & Co reiterated a buy rating and issued a $17.50 price target on shares of TCP Capital Corp. in a research report on Wednesday, November 9th. National Securities reiterated a buy rating and issued a $17.00 price target on shares of TCP Capital Corp. in a research report on Wednesday, November 9th. Citigroup Inc. increased their price target on shares of TCP Capital Corp. from $14.00 to $15.00 and gave the company a neutral rating in a research report on Wednesday, August 17th. DA Davidson reiterated a buy rating and issued a $18.00 price target on shares of TCP Capital Corp. in a research report on Thursday, September 22nd. Finally, JMP Securities increased their price target on shares of TCP Capital Corp. from $16.50 to $17.00 and gave the company a market outperform 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. The stock has a consensus rating of Buy and an average price target of $16.50.

Shares of TCP Capital Corp. (NASDAQ:TCPC) opened at 16.78 on Wednesday. The firm has a 50-day moving average price of $16.28 and a 200-day moving average price of $15.78. 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 issued 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, equities analysts anticipate that TCP Capital Corp. will post $1.53 earnings per share for the current fiscal year.

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

A number of institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. increased its position in TCP Capital Corp. by 7.1% in the second quarter. Advisors Asset Management Inc. now owns 514,041 shares of the investment management company’s stock worth $7,855,000 after buying an additional 34,107 shares in the last quarter. Confluence Investment Management LLC increased its position in TCP Capital Corp. by 0.9% in the second quarter. Confluence Investment Management LLC now owns 682,954 shares of the investment management company’s stock worth $10,436,000 after buying an additional 5,958 shares in the last quarter. Taylor Frigon Capital Management LLC increased its position in TCP Capital Corp. by 1.5% in the second quarter. Taylor Frigon Capital Management LLC now owns 85,302 shares of the investment management company’s stock worth $1,303,000 after buying an additional 1,259 shares in the last quarter. Wedbush Securities Inc. increased its position in TCP Capital Corp. by 11.8% in the second quarter. Wedbush Securities Inc. now owns 24,009 shares of the investment management company’s stock worth $367,000 after buying an additional 2,535 shares in the last quarter. Finally, Monarch Partners Asset Management LLC bought a new position in TCP Capital Corp. during the second quarter worth $179,000. 53.25% of the stock is currently owned by institutional investors.

About TCP Capital Corp.

TCP Capital Corp. is a 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. The Company invests in debt securities of middle-market companies.

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