Triangle Capital Corporation (TCAP) Reaches New 1-Year Low at $13.13
Triangle Capital Corporation (NYSE:TCAP)’s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $13.13 and last traded at $13.13, with a volume of 280,046 shares traded. The stock had previously closed at $13.23.
TCAP has been the topic of a number of research analyst reports. Robert W. Baird upgraded Triangle Capital Corporation from a “neutral” rating to an “outperform” rating and set a $16.00 price target on the stock in a report on Monday, August 28th. ValuEngine upgraded Triangle Capital Corporation from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Aegis initiated coverage on Triangle Capital Corporation in a report on Monday, June 26th. They set a “buy” rating on the stock. Zacks Investment Research cut Triangle Capital Corporation from a “hold” rating to a “sell” rating in a report on Thursday, July 13th. Finally, JMP Securities cut Triangle Capital Corporation from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Triangle Capital Corporation presently has an average rating of “Hold” and an average price target of $18.36.
The firm has a 50-day moving average price of $14.79 and a 200 day moving average price of $17.45. The stock has a market cap of $620.69 million, a P/E ratio of 27.03 and a beta of 0.92.
Triangle Capital Corporation (NYSE:TCAP) last released its quarterly earnings results on Wednesday, August 2nd. The credit services provider reported $0.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.42 by $0.01. Triangle Capital Corporation had a net margin of 16.92% and a return on equity of 10.51%. The firm had revenue of $31.20 million for the quarter, compared to the consensus estimate of $33.25 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, equities research analysts predict that Triangle Capital Corporation will post $1.67 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Investors of record on Wednesday, September 6th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, September 1st. This represents a $1.80 annualized dividend and a dividend yield of 13.85%. Triangle Capital Corporation’s dividend payout ratio is presently 346.16%.
In related 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 stock was sold at an average price of $17.72, for a total transaction of $53,160.00. Following the sale, the insider now directly owns 75,716 shares in the company, valued at $1,341,687.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. WFG Advisors LP bought a new stake in shares of Triangle Capital Corporation during the second quarter valued at approximately $101,000. Sigma Planning Corp bought a new stake in shares of Triangle Capital Corporation during the second quarter valued at approximately $181,000. Wilbanks Smith & Thomas Asset Management LLC bought a new stake in shares of Triangle Capital Corporation during the first quarter valued at approximately $210,000. HL Financial Services LLC boosted its position in shares of Triangle Capital Corporation by 2.7% during the first quarter. HL Financial Services LLC now owns 11,350 shares of the credit services provider’s stock valued at $217,000 after purchasing an additional 300 shares in the last quarter. Finally, Trust Co. of Vermont boosted its position in shares of Triangle Capital Corporation by 139.9% during the second quarter. Trust Co. of Vermont now owns 13,342 shares of the credit services provider’s stock valued at $235,000 after purchasing an additional 7,781 shares in the last quarter. Institutional investors own 31.38% of the company’s stock.
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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