Hercules Capital (HTGC) Downgraded to “Hold” at Zacks Investment Research

Hercules Capital (NYSE:HTGC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Shares of Hercules Capital have outperformed the industry, in the past three months. The company’s earnings surpassed the Zacks Consensus Estimate in only one of the trailing four quarters. The company is likely to witness growing demand for customized financing, based on market optimism for public equities and an improving economic environment. Also, its steady capital deployment activities should continue to boost investors' confidence in the stock. However, an increase in expenses, primarily due to the company’s efforts toward improving originations, is expected to hurt bottom-line growth in the near term. Also, concentration risk continues to be a major concern for the company.”

A number of other analysts also recently issued reports on HTGC. BidaskClub raised shares of Hercules Capital from a “sell” rating to a “hold” rating in a report on Monday, September 18th. FBR & Co initiated coverage on shares of Hercules Capital in a report on Monday, October 2nd. They set a “buy” rating and a $14.00 price objective for the company. ValuEngine raised shares of Hercules Capital from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $15.00 price objective on shares of Hercules Capital in a report on Tuesday, October 24th. Finally, Wedbush initiated coverage on shares of Hercules Capital in a report on Tuesday, October 24th. They set a “neutral” rating and a $13.25 price objective for the company. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $14.30.

Hercules Capital (NYSE:HTGC) traded up $0.06 during midday trading on Tuesday, hitting $13.06. 374,770 shares of the stock were exchanged, compared to its average volume of 353,367. Hercules Capital has a 52 week low of $11.64 and a 52 week high of $15.68. The company has a debt-to-equity ratio of 0.87, a current ratio of 8.34 and a quick ratio of 8.34. The company has a market cap of $1,100.00, a P/E ratio of 14.35, a P/E/G ratio of 2.03 and a beta of 0.87.

Hercules Capital (NYSE:HTGC) last posted its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $0.29 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.29. Hercules Capital had a net margin of 39.73% and a return on equity of 12.93%. The company had revenue of $45.90 million during the quarter, compared to the consensus estimate of $46.22 million. During the same period in the previous year, the firm posted $0.32 EPS. The firm’s revenue was up 1.8% compared to the same quarter last year. sell-side analysts predict that Hercules Capital will post 1.16 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of HTGC. Bank of New York Mellon Corp raised its position in Hercules Capital by 17.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 65,885 shares of the financial services provider’s stock worth $873,000 after purchasing an additional 9,949 shares during the period. Legal & General Group Plc raised its position in Hercules Capital by 18.5% in the 2nd quarter. Legal & General Group Plc now owns 216,526 shares of the financial services provider’s stock worth $2,866,000 after purchasing an additional 33,760 shares during the period. CIBC World Markets Inc. raised its position in Hercules Capital by 11.5% in the 2nd quarter. CIBC World Markets Inc. now owns 37,598 shares of the financial services provider’s stock worth $498,000 after purchasing an additional 3,864 shares during the period. Capital Fund Management S.A. purchased a new position in Hercules Capital in the 2nd quarter worth $391,000. Finally, PNC Financial Services Group Inc. raised its position in Hercules Capital by 2.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 77,692 shares of the financial services provider’s stock worth $1,028,000 after purchasing an additional 1,518 shares during the period. Institutional investors own 38.85% of the company’s stock.

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Hercules Capital Company Profile

Hercules Capital, Inc is a specialty finance company. The Company is an internally managed, non-diversified, closed-end investment company. The Company focuses on providing senior secured venture growth loans to venture capital-backed companies in a range of technology, life sciences, and sustainable and renewable technology industries.

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