TCP Capital (TCPC) Hits New 52-Week Low at $15.43
TCP Capital Corp (NASDAQ:TCPC) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $15.43 and last traded at $15.78, with a volume of 242400 shares. The stock had previously closed at $15.78.
Several research analysts recently commented on the company. Ladenburg Thalmann Financial Services assumed coverage on TCP Capital in a research note on Monday, November 20th. They set a “buy” rating and a $17.00 target price for the company. National Securities reissued a “buy” rating and set a $19.00 target price on shares of TCP Capital in a research note on Thursday, November 9th. BidaskClub raised TCP Capital from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Finally, Keefe, Bruyette & Woods set a $18.00 price target on TCP Capital and gave the stock a “buy” rating in a report on Friday, October 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $18.00.
The stock has a market capitalization of $928.04, a price-to-earnings ratio of 9.12, a PEG ratio of 2.02 and a beta of 0.71. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.18 and a quick ratio of 1.18.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 9.31%. The ex-dividend date is Thursday, December 14th. TCP Capital’s payout ratio is currently 102.13%.
TCP Capital announced that its board has authorized a stock buyback plan on Tuesday, November 7th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the investment management company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
Several institutional investors have recently bought and sold shares of TCPC. Muzinich & Co. Inc. lifted its holdings in shares of TCP Capital by 34.3% in the 2nd quarter. Muzinich & Co. Inc. now owns 2,616,821 shares of the investment management company’s stock valued at $44,224,000 after purchasing an additional 668,411 shares during the last quarter. Yorktown Management & Research Co Inc lifted its holdings in shares of TCP Capital by 40.6% in the 2nd quarter. Yorktown Management & Research Co Inc now owns 450,000 shares of the investment management company’s stock valued at $7,605,000 after purchasing an additional 130,000 shares during the last quarter. GSA Capital Partners LLP lifted its holdings in shares of TCP Capital by 881.5% in the 2nd quarter. GSA Capital Partners LLP now owns 109,876 shares of the investment management company’s stock valued at $1,857,000 after purchasing an additional 98,681 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in shares of TCP Capital by 28.1% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 420,261 shares of the investment management company’s stock valued at $6,930,000 after purchasing an additional 92,106 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of TCP Capital by 27.3% in the 2nd quarter. Van ECK Associates Corp now owns 418,273 shares of the investment management company’s stock valued at $7,069,000 after purchasing an additional 89,728 shares during the last quarter. 49.74% of the stock is owned by institutional investors and hedge funds.
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About TCP Capital
TCP Capital Corp. is an externally managed, 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. It invests in the debt of middle-market companies, as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds.
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