Triangle Capital Corporation (TCAP) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Triangle Capital Corporation (NYSE:TCAP) from a hold rating to a sell rating in a research note issued to investors on Thursday, July 13th.

According to Zacks, “TRIANGLE CAPITAL CORPORATION is a specialty finance company organized to provide customized financing solutions to lower middle market companies located throughout the United States. Triangle’s investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle’s investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. “

TCAP has been the subject of a number of other reports. National Securities reiterated a buy rating and set a $22.00 price target on shares of Triangle Capital Corporation in a research report on Monday, May 8th. Jefferies Group LLC reissued a buy rating and issued a $23.00 price objective on shares of Triangle Capital Corporation in a research note on Friday, May 5th. Hilliard Lyons raised shares of Triangle Capital Corporation from a neutral rating to a buy rating and set a $19.00 price objective for the company in a research note on Monday, June 26th. ValuEngine downgraded shares of Triangle Capital Corporation from a buy rating to a hold rating in a research note on Friday, June 30th. Finally, Aegis began coverage on shares of Triangle Capital Corporation in a research note on Monday, June 26th. They issued a buy rating for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. Triangle Capital Corporation currently has an average rating of Hold and an average price target of $18.75.

Triangle Capital Corporation (TCAP) traded up 0.80% during mid-day trading on Thursday, reaching $13.84. 582,592 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $16.99 and its 200 day moving average price is $18.27. Triangle Capital Corporation has a one year low of $13.45 and a one year high of $20.35. The firm has a market cap of $660.79 million, a price-to-earnings ratio of 28.77 and a beta of 0.90.

Triangle Capital Corporation (NYSE:TCAP) last issued its earnings results on Wednesday, August 2nd. The credit services provider reported $0.41 EPS for the quarter, missing the Zacks’ consensus estimate of $0.42 by $0.01. Triangle Capital Corporation had a net margin of 16.92% and a return on equity of 10.51%. The business had revenue of $31.20 million during the quarter, compared to analyst estimates of $33.25 million. During the same quarter last year, the company earned $0.49 earnings per share. Triangle Capital Corporation’s quarterly revenue was up 3.3% on a year-over-year basis. On average, equities analysts forecast that Triangle Capital Corporation will post $1.67 EPS for the current year.

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The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.80 annualized dividend and a dividend yield of 13.01%. Triangle Capital Corporation’s payout ratio is currently 346.16%.

In related news, insider C. Robert Jr. Knox sold 3,000 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $17.72, for a total value of $53,160.00. Following the sale, the insider now directly owns 75,716 shares in the company, valued at approximately $1,341,687.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.10% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of TCAP. Muzinich & Co. Inc. increased its position in Triangle Capital Corporation by 95.5% in the first quarter. Muzinich & Co. Inc. now owns 1,788,633 shares of the credit services provider’s stock worth $34,145,000 after buying an additional 873,912 shares in the last quarter. Wells Fargo & Company MN increased its position in Triangle Capital Corporation by 3.8% in the second quarter. Wells Fargo & Company MN now owns 1,431,092 shares of the credit services provider’s stock worth $25,216,000 after buying an additional 52,878 shares in the last quarter. UBS Group AG increased its position in Triangle Capital Corporation by 47.7% in the first quarter. UBS Group AG now owns 831,395 shares of the credit services provider’s stock worth $15,872,000 after buying an additional 268,535 shares in the last quarter. Confluence Investment Management LLC increased its position in Triangle Capital Corporation by 7.8% in the first quarter. Confluence Investment Management LLC now owns 513,924 shares of the credit services provider’s stock worth $9,811,000 after buying an additional 37,140 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in Triangle Capital Corporation by 13.6% in the second quarter. Van ECK Associates Corp now owns 413,691 shares of the credit services provider’s stock worth $7,289,000 after buying an additional 49,381 shares in the last quarter. 31.86% of the stock is owned by institutional investors.

About Triangle Capital Corporation

Triangle Capital Corporation is an internally managed, non-diversified closed-end management investment company. The Company is a specialty finance company that provides customized financing to lower middle market companies located primarily in the United States. The Company’s investment objective is to seek attractive returns by generating current income from its debt investments and capital appreciation from its equity-related investments.

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