Zacks Investment Research cut shares of Triplepoint Venture Growth BDC (NYSE:TPVG) from a buy rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “TriplePoint Venture Growth BDC Corp. is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by primarily lending with warrants to venture growth stage companies focused in technology, life sciences and other high growth industries backed by a select group of leading venture capital investors. TriplePoint Venture Growth BDC Corp. is based in United States. “
Several other equities research analysts also recently weighed in on the company. Wells Fargo & Co initiated coverage on Triplepoint Venture Growth BDC in a report on Thursday, September 20th. They set an outperform rating and a $14.25 price target on the stock. ValuEngine downgraded Triplepoint Venture Growth BDC from a hold rating to a sell rating in a report on Monday, October 8th. Compass Point set a $14.00 price target on Triplepoint Venture Growth BDC and gave the stock a buy rating in a report on Monday, August 13th. Finally, Keefe, Bruyette & Woods set a $14.00 price target on Triplepoint Venture Growth BDC and gave the stock a hold rating in a report on Wednesday, August 1st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Triplepoint Venture Growth BDC has a consensus rating of Hold and an average price target of $14.06.
TPVG stock opened at $12.52 on Tuesday. Triplepoint Venture Growth BDC has a 12-month low of $11.11 and a 12-month high of $14.10. The firm has a market capitalization of $224.27 million, a P/E ratio of 7.89, a PEG ratio of 2.56 and a beta of 1.20.
Triplepoint Venture Growth BDC (NYSE:TPVG) last issued its quarterly earnings results on Wednesday, October 31st. The investment management company reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.04. Triplepoint Venture Growth BDC had a return on equity of 11.43% and a net margin of 53.66%. The company had revenue of $17.68 million for the quarter, compared to the consensus estimate of $15.47 million. As a group, research analysts forecast that Triplepoint Venture Growth BDC will post 1.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 30th will be issued a dividend of $0.36 per share. The ex-dividend date is Thursday, November 29th. This represents a $1.44 annualized dividend and a yield of 11.50%. Triplepoint Venture Growth BDC’s dividend payout ratio (DPR) is 89.44%.
A number of hedge funds and other institutional investors have recently modified their holdings of TPVG. Trexquant Investment LP purchased a new position in shares of Triplepoint Venture Growth BDC in the 3rd quarter valued at about $384,000. Texas Yale Capital Corp. increased its holdings in shares of Triplepoint Venture Growth BDC by 84.4% in the 2nd quarter. Texas Yale Capital Corp. now owns 42,600 shares of the investment management company’s stock valued at $530,000 after acquiring an additional 19,500 shares during the last quarter. West Family Investments Inc. purchased a new position in shares of Triplepoint Venture Growth BDC in the 2nd quarter valued at about $581,000. JPMorgan Chase & Co. increased its holdings in shares of Triplepoint Venture Growth BDC by 66.4% in the 1st quarter. JPMorgan Chase & Co. now owns 47,100 shares of the investment management company’s stock valued at $563,000 after acquiring an additional 18,798 shares during the last quarter. Finally, Resource America Inc. purchased a new position in shares of Triplepoint Venture Growth BDC in the 3rd quarter valued at about $843,000. Institutional investors own 38.17% of the company’s stock.
About Triplepoint Venture Growth BDC
TriplePoint Venture Growth BDC Corp is a business development company specializing investments in growth stage. It also provides debt financing to venture growth space companies which includes growth capital loans, equipment financings, revolving loans, and direct equity investments. The fund seeks to invest in e-commerce, entertainment, technology and life sciences sector.
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