Zacks: Analysts Expect TCP Capital (TCPC) Will Post Earnings of $0.40 Per Share

Equities analysts expect TCP Capital (NASDAQ:TCPC) to announce earnings of $0.40 per share for the current quarter, Zacks reports. Three analysts have made estimates for TCP Capital’s earnings, with the highest EPS estimate coming in at $0.42 and the lowest estimate coming in at $0.39. TCP Capital reported earnings per share of $0.43 in the same quarter last year, which would suggest a negative year-over-year growth rate of 7%. The business is expected to issue its next quarterly earnings report on Thursday, August 2nd.

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 $1.54 to $1.63. For the next year, analysts anticipate that the firm will post earnings of $1.62 per share, with EPS estimates ranging from $1.56 to $1.67. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow TCP Capital.

TCP Capital (NASDAQ:TCPC) last posted its quarterly earnings results on Wednesday, May 9th. The investment management company reported $0.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.02). TCP Capital had a return on equity of 11.94% and a net margin of 45.28%. The business had revenue of $44.22 million during the quarter, compared to analysts’ expectations of $45.10 million.

Several research analysts have recently weighed in on TCPC shares. BidaskClub upgraded TCP Capital from a “strong sell” rating to a “sell” rating in a research note on Monday, February 5th. National Securities restated a “buy” rating and issued a $19.00 price target on shares of TCP Capital in a research note on Wednesday, February 28th. Wells Fargo & Co decreased their price target on TCP Capital from $17.25 to $17.00 and set an “outperform” rating for the company in a research note on Wednesday, February 28th. JMP Securities cut their price objective on TCP Capital from $17.50 to $17.00 and set a “market outperform” rating for the company in a report on Thursday, March 1st. Finally, ValuEngine raised TCP Capital from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $17.33.

Institutional investors and hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. bought a new stake in shares of TCP Capital in the first quarter worth $114,000. Punch & Associates Investment Management Inc. bought a new stake in shares of TCP Capital in the first quarter worth $151,000. Great West Life Assurance Co. Can bought a new stake in shares of TCP Capital in the first quarter worth $222,000. Canal Capital Management LLC bought a new stake in shares of TCP Capital in the fourth quarter worth $245,000. Finally, Virtu Financial LLC bought a new stake in shares of TCP Capital in the fourth quarter worth $261,000. 50.76% of the stock is owned by institutional investors.

Shares of TCP Capital traded up $0.17, hitting $14.85, during mid-day trading on Friday, MarketBeat.com reports. The company’s stock had a trading volume of 246,509 shares, compared to its average volume of 244,764. TCP Capital has a 52-week low of $13.72 and a 52-week high of $17.23. The company has a debt-to-equity ratio of 0.88, a current ratio of 8.22 and a quick ratio of 8.22. The stock has a market capitalization of $861.80 million, a P/E ratio of 7.46, a P/E/G ratio of 1.86 and a beta of 0.67.

TCP Capital announced that its Board of Directors has approved a stock buyback program on Tuesday, February 27th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the investment management company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 15th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 9.70%. The ex-dividend date is Thursday, June 14th. TCP Capital’s payout ratio is currently 72.36%.

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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