Brokerages expect that TCP Capital Corp. (NASDAQ:TCPC) will report earnings of $0.38 per share for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for TCP Capital’s earnings, with estimates ranging from $0.38 to $0.39. TCP Capital posted earnings of $0.45 per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 15.6%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, February 27th.
On average, analysts expect that TCP Capital will report full year earnings of $1.57 per share for the current year, with EPS estimates ranging from $1.56 to $1.58. For the next year, analysts anticipate that the company will post earnings of $1.58 per share, with EPS estimates ranging from $1.54 to $1.62. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow TCP Capital.
TCPC has been the subject of several research reports. Ladenburg Thalmann Financial Services initiated coverage on TCP Capital in a research report on Monday, November 20th. They issued a “buy” rating and a $17.00 target price for the company. National Securities reaffirmed a “buy” rating and issued a $19.00 target price on shares of TCP Capital in a research report on Thursday, November 9th. Keefe, Bruyette & Woods set a $18.00 target price on TCP Capital and gave the stock a “buy” rating in a research report on Friday, October 6th. National Bank Financial raised TCP Capital from a “sector perform” rating to an “outperform” rating in a research report on Monday, August 7th. Finally, BidaskClub raised TCP Capital from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $18.00.
Shares of TCP Capital (NASDAQ:TCPC) traded down $0.15 during mid-day trading on Monday, reaching $16.04. The company had a trading volume of 139,306 shares, compared to its average volume of 182,879. The company has a market capitalization of $951.84, a PE ratio of 9.36, a P/E/G ratio of 2.07 and a beta of 0.73. TCP Capital has a 52-week low of $15.55 and a 52-week high of $17.47. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.18 and a current ratio of 1.18.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.36 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.44 annualized dividend and a yield of 8.98%. TCP Capital’s dividend payout ratio (DPR) is currently 102.13%.
TCP Capital declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 7th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the investment management company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Hedge funds have recently modified their holdings of the stock. Muzinich & Co. Inc. lifted its holdings in shares of TCP Capital by 34.3% during the second quarter. Muzinich & Co. Inc. now owns 2,616,821 shares of the investment management company’s stock valued at $44,224,000 after acquiring an additional 668,411 shares during the period. Yorktown Management & Research Co Inc lifted its holdings in shares of TCP Capital by 40.6% during the second quarter. Yorktown Management & Research Co Inc now owns 450,000 shares of the investment management company’s stock valued at $7,605,000 after acquiring an additional 130,000 shares during the period. GSA Capital Partners LLP lifted its holdings in shares of TCP Capital by 881.5% during the second quarter. GSA Capital Partners LLP now owns 109,876 shares of the investment management company’s stock valued at $1,857,000 after acquiring an additional 98,681 shares during the period. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in shares of TCP Capital by 28.1% during the third 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 acquiring an additional 92,106 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of TCP Capital by 27.3% during the second quarter. Van ECK Associates Corp now owns 418,273 shares of the investment management company’s stock valued at $7,069,000 after acquiring an additional 89,728 shares during the period. 52.79% of the stock is owned by hedge funds and other 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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