National Securities cut shares of TCP Capital Corp. (NASDAQ:TCPC) from a buy rating to a neutral rating in a research report released on Monday morning. They currently have $17.00 target price on the investment management company’s stock.
“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.,” National Securities’ analyst commented.
Other research analysts have also recently issued research reports about the stock. FBR & Co restated a buy rating on shares of TCP Capital Corp. in a research report on Thursday, August 18th. Citigroup Inc. increased their price objective on shares of TCP Capital Corp. from $14.00 to $15.00 and gave the company a neutral rating in a report on Wednesday, August 17th. DA Davidson reiterated a buy rating and issued a $18.00 price objective on shares of TCP Capital Corp. in a report on Thursday, September 22nd. Zacks Investment Research upgraded shares of TCP Capital Corp. from a hold rating to a buy rating and set a $18.00 price objective for the company in a report on Tuesday, November 15th. Finally, JMP Securities increased their price objective on shares of TCP Capital Corp. from $16.50 to $17.00 and gave the company a market outperform rating in a report on Wednesday, August 10th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $16.50.
TCP Capital Corp. (NASDAQ:TCPC) opened at 16.78 on Monday. TCP Capital Corp. has a 12 month low of $12.00 and a 12 month high of $16.97. The company’s 50 day moving average price is $16.28 and its 200 day moving average price is $15.78.
TCP Capital Corp. (NASDAQ:TCPC) last posted its earnings results on Tuesday, November 8th. The investment management company reported $0.39 EPS for the quarter, topping the 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 research analysts forecast that TCP Capital Corp. will post $1.53 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 16th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 8.52%. The ex-dividend date of this dividend is Wednesday, December 14th. TCP Capital Corp.’s dividend payout ratio is presently 130.91%.
Hedge funds have recently added to or reduced their stakes in the stock. Monarch Partners Asset Management LLC purchased a new stake in shares of TCP Capital Corp. during the second quarter valued at approximately $179,000. WFG Advisors LP increased its stake in shares of TCP Capital Corp. by 1.3% in the second quarter. WFG Advisors LP now owns 13,849 shares of the investment management company’s stock valued at $212,000 after buying an additional 176 shares during the period. Sigma Planning Corp purchased a new stake in shares of TCP Capital Corp. during the second quarter valued at approximately $229,000. Clinton Group Inc. purchased a new stake in shares of TCP Capital Corp. during the second quarter valued at approximately $233,000. Finally, National Asset Management Inc. purchased a new stake in shares of TCP Capital Corp. during the second quarter valued at approximately $294,000. 53.25% of the stock is owned by institutional investors and hedge funds.
About TCP Capital Corp.