Brokerages expect that TCP Capital Corp (NASDAQ:TCPC) will post $0.38 earnings per share (EPS) for the current fiscal quarter, Zacks reports. Three analysts have made estimates for TCP Capital’s earnings, with the lowest EPS estimate coming in at $0.38 and the highest estimate coming in at $0.39. TCP Capital reported earnings of $0.45 per share during the same quarter last year, which suggests a negative year-over-year growth rate of 15.6%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that TCP Capital will report full year earnings of $1.57 per share for the current fiscal year, with EPS estimates ranging from $1.56 to $1.58. For the next fiscal year, analysts forecast that the business will post earnings of $1.58 per share, with EPS estimates ranging from $1.54 to $1.62. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research firms that that provide coverage for TCP Capital.
Several analysts have recently issued reports on the stock. Ladenburg Thalmann Financial Services initiated coverage on shares of TCP Capital in a research report on Monday, November 20th. They issued a “buy” rating and a $17.00 price target on the stock. National Securities reaffirmed a “buy” rating and set a $19.00 price objective on shares of TCP Capital in a research note on Thursday, November 9th. Finally, Keefe, Bruyette & Woods set a $18.00 price objective on shares of TCP Capital and gave the company a “buy” rating in a research note on Friday, October 6th. One equities 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 company. The company has an average rating of “Buy” and a consensus price target of $18.00.
A number of hedge funds have recently added to or reduced their stakes in TCPC. Legal & General Group Plc grew its stake in TCP Capital by 23.6% in the 2nd quarter. Legal & General Group Plc now owns 155,001 shares of the investment management company’s stock worth $2,619,000 after buying an additional 29,626 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in TCP Capital in the 2nd quarter worth approximately $717,000. Neuberger Berman Group LLC grew its stake in TCP Capital by 4.9% in the 2nd quarter. Neuberger Berman Group LLC now owns 331,400 shares of the investment management company’s stock worth $5,601,000 after buying an additional 15,450 shares in the last quarter. Oppenheimer & Co. Inc. grew its stake in TCP Capital by 7.0% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 20,020 shares of the investment management company’s stock worth $338,000 after buying an additional 1,306 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in TCP Capital in the 2nd quarter worth approximately $182,000. 49.52% of the stock is owned by institutional investors and hedge funds.
TCP Capital (NASDAQ TCPC) traded down $0.12 during midday trading on Monday, hitting $15.17. 242,967 shares of the stock traded hands, compared to its average volume of 237,822. TCP Capital has a one year low of $15.10 and a one year high of $17.47. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $891.88, a price-to-earnings ratio of 11.07, a P/E/G ratio of 1.94 and a beta of 0.71.
TCP Capital declared that its board has approved a share buyback program on Tuesday, November 7th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the investment management company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 15th were paid a dividend of $0.36 per share. The ex-dividend date was Thursday, December 14th. This represents a $1.44 annualized dividend and a yield of 9.49%. TCP Capital’s dividend payout ratio is currently 105.11%.
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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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