Triangle Capital Corporation (TCAP) Downgraded by Keefe, Bruyette & Woods
Keefe, Bruyette & Woods cut shares of Triangle Capital Corporation (NYSE:TCAP) from an outperform rating to a market perform rating in a research note issued to investors on Thursday morning, Marketbeat reports. The brokerage currently has $18.00 price objective on the credit services provider’s stock, down from their prior price objective of $20.50.
Several other equities research analysts have also recently commented on the stock. ValuEngine upgraded shares of Triangle Capital Corporation from a hold rating to a buy rating in a research report on Tuesday, August 1st. BidaskClub cut shares of Triangle Capital Corporation from a hold rating to a sell rating in a research report on Sunday, July 16th. Zacks Investment Research cut shares of Triangle Capital Corporation from a hold rating to a sell rating in a report on Thursday, July 13th. Aegis assumed coverage on shares of Triangle Capital Corporation in a report on Monday, June 26th. They set a buy rating for the company. Finally, Hilliard Lyons upgraded shares of Triangle Capital Corporation from a neutral rating to a buy rating and set a $19.00 price objective for the company in a report on Monday, June 26th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $20.83.
Shares of Triangle Capital Corporation (NYSE:TCAP) opened at 14.63 on Thursday. The firm has a market capitalization of $697.57 million, a price-to-earnings ratio of 19.51 and a beta of 0.90. The company’s 50-day moving average is $17.56 and its 200 day moving average is $18.47. Triangle Capital Corporation has a 1-year low of $14.58 and a 1-year high of $20.35.
Triangle Capital Corporation (NYSE:TCAP) last issued its quarterly earnings results on Wednesday, August 2nd. The credit services provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.42 by $0.01. Triangle Capital Corporation had a return on equity of 10.51% and a net margin of 16.92%. The business had revenue of $31.20 million for the quarter, compared to analyst estimates of $33.25 million. During the same quarter in the prior year, the firm earned $0.49 EPS. The firm’s quarterly revenue was up 3.3% compared to the same quarter last year. On average, analysts expect that Triangle Capital Corporation will post $1.71 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 12.30%. The ex-dividend date is Friday, September 1st. Triangle Capital Corporation’s payout ratio is currently 346.16%.
In other Triangle Capital Corporation news, insider C. Robert Jr. Knox sold 3,000 shares of Triangle Capital Corporation stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $17.72, for a total value of $53,160.00. Following the transaction, the insider now owns 75,716 shares of the company’s stock, valued at $1,341,687.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 4.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. UBS Group AG raised its stake in shares of Triangle Capital Corporation by 47.7% in the first quarter. UBS Group AG now owns 831,395 shares of the credit services provider’s stock worth $15,872,000 after buying an additional 268,535 shares in the last quarter. BB&T Securities LLC raised its stake in shares of Triangle Capital Corporation by 39.6% in the first quarter. BB&T Securities LLC now owns 90,084 shares of the credit services provider’s stock worth $1,719,000 after buying an additional 25,573 shares in the last quarter. Wealthsource Partners LLC raised its stake in shares of Triangle Capital Corporation by 2.7% in the first quarter. Wealthsource Partners LLC now owns 16,415 shares of the credit services provider’s stock worth $313,000 after buying an additional 425 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in shares of Triangle Capital Corporation during the first quarter worth approximately $210,000. Finally, JPMorgan Chase & Co. increased its position in shares of Triangle Capital Corporation by 649.1% in the first quarter. JPMorgan Chase & Co. now owns 16,795 shares of the credit services provider’s stock worth $321,000 after buying an additional 14,553 shares during the last quarter. 31.86% of the stock is currently owned by institutional investors and hedge funds.
About Triangle Capital Corporation
Triangle Capital Corporation is an internally managed, non-diversified closed-end management investment company. The Company is a specialty finance company that provides customized financing to lower middle market companies located primarily in the United States. The Company’s investment objective is to seek attractive returns by generating current income from its debt investments and capital appreciation from its equity-related investments.
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