TCP Capital (TCPC) Reaches New 1-Year Low at $15.24

TCP Capital Corp (NASDAQ:TCPC)’s share price hit a new 52-week low on Thursday . The company traded as low as $15.24 and last traded at $15.29, with a volume of 214400 shares. The stock had previously closed at $15.36.

A number of equities analysts recently weighed in on TCPC shares. Keefe, Bruyette & Woods set a $18.00 price target on shares of TCP Capital and gave the stock a “buy” rating in a report on Friday, October 6th. National Securities reissued a “buy” rating and issued a $19.00 price target on shares of TCP Capital in a report on Thursday, November 9th. Finally, Ladenburg Thalmann Financial Services started coverage on shares of TCP Capital in a report on Monday, November 20th. They issued a “buy” rating and a $17.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. TCP Capital has an average rating of “Buy” and an average price target of $18.00.

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 stock has a market capitalization of $893.64, a price-to-earnings ratio of 11.09, a price-to-earnings-growth ratio of 1.93 and a beta of 0.71.

The business also recently declared a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 9.47%. The ex-dividend date was Thursday, December 14th. TCP Capital’s dividend payout ratio (DPR) is currently 105.11%.

TCP Capital declared that its Board of Directors has authorized a share buyback program on Tuesday, November 7th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the investment management company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Large investors have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of TCP Capital by 39.6% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 89,205 shares of the investment management company’s stock worth $1,508,000 after buying an additional 25,284 shares during the last quarter. Advisors Capital Management LLC lifted its holdings in TCP Capital by 4.4% during the third quarter. Advisors Capital Management LLC now owns 325,454 shares of the investment management company’s stock valued at $5,367,000 after purchasing an additional 13,571 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in TCP Capital during the second quarter valued at about $717,000. Macquarie Group Ltd. purchased a new stake in TCP Capital during the third quarter valued at about $1,067,000. Finally, Ameriprise Financial Inc. lifted its holdings in TCP Capital by 53.3% during the second quarter. Ameriprise Financial Inc. now owns 22,577 shares of the investment management company’s stock valued at $382,000 after purchasing an additional 7,853 shares during the last quarter. 49.52% of the stock is currently owned by institutional investors.

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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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