Wexford Capital LP bought a new stake in TCP Capital Corp. (NASDAQ:TCPC) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 59,545 shares of the investment management company’s stock, valued at approximately $1,037,000. Wexford Capital LP owned about 0.11% of TCP Capital Corp. at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the stock. Geneva Advisors LLC boosted its stake in TCP Capital Corp. by 25.8% in the first quarter. Geneva Advisors LLC now owns 79,711 shares of the investment management company’s stock valued at $1,389,000 after buying an additional 16,372 shares during the period. Guggenheim Capital LLC raised its position in TCP Capital Corp. by 22.8% in the fourth quarter. Guggenheim Capital LLC now owns 342,096 shares of the investment management company’s stock valued at $5,781,000 after buying an additional 63,462 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD raised its position in TCP Capital Corp. by 88.6% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 301,842 shares of the investment management company’s stock valued at $5,258,000 after buying an additional 141,796 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of TCP Capital Corp. by 28.7% in the fourth quarter. Van ECK Associates Corp now owns 273,510 shares of the investment management company’s stock worth $4,622,000 after buying an additional 60,981 shares during the period. Finally, Muzinich & Co. Inc. raised its stake in shares of TCP Capital Corp. by 26.1% in the first quarter. Muzinich & Co. Inc. now owns 1,948,410 shares of the investment management company’s stock worth $33,941,000 after buying an additional 403,805 shares during the period. Hedge funds and other institutional investors own 50.43% of the company’s stock.
Shares of TCP Capital Corp. (NASDAQ:TCPC) traded down 0.571% during midday trading on Tuesday, hitting $16.545. 139,704 shares of the stock traded hands. TCP Capital Corp. has a 12-month low of $14.65 and a 12-month high of $17.47. The company’s 50 day moving average price is $16.97 and its 200-day moving average price is $17.00.
TCP Capital Corp. (NASDAQ:TCPC) last announced its earnings results on Tuesday, May 9th. The investment management company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.38 by $0.09. The business had revenue of $39.34 million for the quarter, compared to the consensus estimate of $38.75 million. TCP Capital Corp. had a return on equity of 12.48% and a net margin of 58.13%. On average, equities analysts expect that TCP Capital Corp. will post $1.53 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.44 annualized dividend and a dividend yield of 8.65%. TCP Capital Corp.’s payout ratio is currently 88.34%.
TCPC has been the topic of a number of research reports. National Securities reaffirmed a “neutral” rating and set a $17.00 target price on shares of TCP Capital Corp. in a research note on Wednesday, March 1st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $18.00 target price on shares of TCP Capital Corp. in a report on Friday, April 28th. Zacks Investment Research cut shares of TCP Capital Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, May 3rd. Finally, Deutsche Bank AG raised shares of TCP Capital Corp. from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a report on Thursday, May 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $17.38.
In other TCP Capital Corp. news, Director Kathleen A. Corbet acquired 3,500 shares of the stock in a transaction on Thursday, April 20th. The stock was purchased at an average price of $16.54 per share, for a total transaction of $57,890.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 0.56% of the stock is owned by company insiders.
TCP Capital Corp. 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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