UBS Group AG increased its stake in shares of TCP Capital Corp. (NASDAQ:TCPC) by 19.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,323,758 shares of the investment management company’s stock after buying an additional 213,748 shares during the period. UBS Group AG owned approximately 2.50% of TCP Capital Corp. worth $23,060,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Ares Management LLC boosted its stake in TCP Capital Corp. by 0.9% in the first quarter. Ares Management LLC now owns 453,342 shares of the investment management company’s stock worth $7,897,000 after buying an additional 4,000 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in TCP Capital Corp. during the first quarter worth about $420,000. Global X Management Co. LLC boosted its stake in TCP Capital Corp. by 49.8% in the first quarter. Global X Management Co. LLC now owns 7,578 shares of the investment management company’s stock worth $132,000 after buying an additional 2,520 shares during the last quarter. Wexford Capital LP acquired a new stake in TCP Capital Corp. during the first quarter worth about $1,037,000. Finally, Legal & General Group Plc boosted its stake in TCP Capital Corp. by 11.0% in the first quarter. Legal & General Group Plc now owns 125,375 shares of the investment management company’s stock worth $2,183,000 after buying an additional 12,425 shares during the last quarter. 50.43% of the stock is owned by hedge funds and other institutional investors.
Shares of TCP Capital Corp. (NASDAQ:TCPC) traded down 0.78% during trading on Tuesday, hitting $16.51. The stock had a trading volume of 256,338 shares. TCP Capital Corp. has a 52 week low of $14.65 and a 52 week high of $17.47. The company’s 50 day moving average price is $16.97 and its 200 day moving average price is $16.99.
TCP Capital Corp. (NASDAQ:TCPC) last posted its quarterly earnings data on Tuesday, May 9th. The investment management company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.38 by $0.09. TCP Capital Corp. had a return on equity of 12.48% and a net margin of 58.13%. The business had revenue of $39.34 million for the quarter, compared to the consensus estimate of $38.75 million. Analysts anticipate that TCP Capital Corp. will post $1.53 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 16th will be given a dividend of $0.36 per share. The ex-dividend date is Wednesday, June 14th. This represents a $1.44 annualized dividend and a dividend yield of 8.72%. TCP Capital Corp.’s dividend payout ratio is currently 88.34%.
A number of analysts have recently issued reports on the company. National Securities reaffirmed a “neutral” rating and issued a $17.00 price objective on shares of TCP Capital Corp. in a research report on Thursday, May 11th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $18.00 price objective on shares of TCP Capital Corp. in a research report on Friday, April 28th. Zacks Investment Research lowered TCP Capital Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, May 17th. Finally, Deutsche Bank AG upgraded TCP Capital Corp. from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research note on Thursday, May 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $17.38.
In related news, Director Kathleen A. Corbet bought 3,500 shares of the company’s stock in a transaction on Thursday, April 20th. The shares were purchased at an average price of $16.54 per share, for a total transaction of $57,890.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.56% of the company’s stock.
About TCP Capital Corp.
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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