Brokerages expect TCP Capital (NASDAQ:TCPC) to announce $45.10 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for TCP Capital’s earnings, with estimates ranging from $43.90 million to $45.71 million. TCP Capital posted sales of $39.34 million during the same quarter last year, which would indicate a positive year over year growth rate of 14.6%. The firm is expected to report its next quarterly earnings report before the market opens on Wednesday, May 9th.
According to Zacks, analysts expect that TCP Capital will report full year sales of $186.11 million for the current financial year, with estimates ranging from $181.00 million to $190.85 million. For the next financial year, analysts expect that the firm will post sales of $197.45 million per share, with estimates ranging from $188.00 million to $213.63 million. Zacks’ sales calculations are an average based on a survey of analysts that follow TCP Capital.
TCP Capital (NASDAQ:TCPC) last issued its quarterly earnings data on Tuesday, February 27th. The investment management company reported $0.50 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.12. The company had revenue of $47.11 million for the quarter, compared to analysts’ expectations of $44.77 million. TCP Capital had a return on equity of 12.63% and a net margin of 42.13%.
A number of research analysts have recently commented on TCPC shares. National Securities reaffirmed a “buy” rating and set a $19.00 target price on shares of TCP Capital in a research note on Wednesday, February 28th. ValuEngine raised TCP Capital from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. JMP Securities cut their target price on TCP Capital from $17.50 to $17.00 and set a “market outperform” rating on the stock in a research note on Thursday, March 1st. Wells Fargo cut their target price on TCP Capital from $17.25 to $17.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th. Finally, BidaskClub raised TCP Capital from a “strong sell” rating to a “sell” rating in a research note on Saturday, March 24th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. TCP Capital has an average rating of “Buy” and a consensus price target of $17.67.
Shares of TCPC traded up $0.04 during mid-day trading on Friday, reaching $14.40. 162,642 shares of the company’s stock traded hands, compared to its average volume of 258,262. The stock has a market cap of $852.70, a price-to-earnings ratio of 7.24, a P/E/G ratio of 1.84 and a beta of 0.67. TCP Capital has a 12 month low of $13.72 and a 12 month high of $17.25. The company has a debt-to-equity ratio of 0.83, a quick ratio of 5.56 and a current ratio of 5.56.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 16th were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, March 15th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 10.00%. TCP Capital’s dividend payout ratio is 72.36%.
TCP Capital announced that its Board of Directors has initiated a share repurchase plan on Tuesday, February 27th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the investment management company to buy shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In other news, COO Rajneesh Vig purchased 5,000 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was purchased at an average price of $15.06 per share, for a total transaction of $75,300.00. Following the completion of the acquisition, the chief operating officer now owns 32,750 shares of the company’s stock, valued at $493,215. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Howard Levkowitz purchased 7,900 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was purchased at an average price of $15.28 per share, with a total value of $120,712.00. Following the acquisition, the chief executive officer now directly owns 99,657 shares of the company’s stock, valued at approximately $1,522,758.96. The disclosure for this purchase can be found here. Insiders purchased 26,400 shares of company stock valued at $393,692 in the last quarter. 0.56% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of TCP Capital by 7.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 85,070 shares of the investment management company’s stock valued at $1,300,000 after purchasing an additional 5,751 shares during the period. Stifel Financial Corp boosted its holdings in shares of TCP Capital by 5.1% in the third quarter. Stifel Financial Corp now owns 133,836 shares of the investment management company’s stock valued at $2,205,000 after purchasing an additional 6,527 shares during the period. D.A. Davidson & CO. boosted its holdings in shares of TCP Capital by 4.4% in the fourth quarter. D.A. Davidson & CO. now owns 189,184 shares of the investment management company’s stock valued at $2,891,000 after purchasing an additional 8,023 shares during the period. Neuberger Berman Group LLC boosted its holdings in shares of TCP Capital by 2.5% in the third quarter. Neuberger Berman Group LLC now owns 339,712 shares of the investment management company’s stock valued at $5,602,000 after purchasing an additional 8,312 shares during the period. Finally, P.A.W. Capital Corp boosted its holdings in shares of TCP Capital by 16.9% in the fourth quarter. P.A.W. Capital Corp now owns 90,000 shares of the investment management company’s stock valued at $1,375,000 after purchasing an additional 13,000 shares during the period. Hedge funds and other institutional investors own 52.91% of the company’s stock.
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TCP Capital Company Profile
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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