Investment Analysts’ Recent Ratings Updates for Triangle Capital Corporation (TCAP)

Several analysts have recently updated their ratings and price targets for Triangle Capital Corporation (NYSE: TCAP):

  • 8/9/2017 – Triangle Capital Corporation was downgraded by analysts at JMP Securities from an “outperform” rating to a “market perform” rating.
  • 8/9/2017 – Triangle Capital Corporation had its “buy” rating reaffirmed by analysts at Jefferies Group LLC. They now have a $18.00 price target on the stock, down previously from $23.00.
  • 8/7/2017 – Triangle Capital Corporation was downgraded by analysts at Hilliard Lyons from a “buy” rating to a “neutral” rating.
  • 8/7/2017 – Triangle Capital Corporation was downgraded by analysts at National Securities from a “buy” rating to a “neutral” rating. They now have a $18.00 price target on the stock, down previously from $22.00. They wrote, “• TCAP reported NII/share of $0.41 versus our estimate of $0.44 and the dividend of $0.45. Total non-accruals at cost (including PIK) increased to $94.1 million or 7.5% of the portfolio from $68.2 million or 5.7% of the portfolio Q/Q. The worrisome trend continues to get worse and the pattern of PIK non-accruals turning into full cash non-accruals has been maintained as well. We do not expect this to resolve itself any time soon and as a result we think the non-accruals will continue to weigh on all-in effective yields on the portfolio, causing TCAP to continue to under-earn the dividend and eventually force them to cut it to $0.39/share in 1Q18.

    • NAV/share decreased by 3% Q/Q to $14.85 from $15.29, generating an annualized economic return of 0.1%. We expect this will not be the end of NAV declines for the year and model NAV/share to finish 2017 at $14.18 before we expect it to recover in 2018. Realized losses finished 2Q17 at $80.9 million from $54.7 million in 1Q17 and $42.6 million a year ago and we expect this to increase to $105.3 million in 1Q18.

    • We are revising our 2017 NII/share estimate to $1.68 from $1.81 and our 2018 NII/share estimate to $1.77 from $1.96.”
  • 8/4/2017 – Triangle Capital Corporation was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating.
  • 8/3/2017 – Triangle Capital Corporation was downgraded by analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating. They now have a $18.00 price target on the stock, down previously from $20.50.
  • 8/3/2017 – Triangle Capital Corporation was downgraded by analysts at JMP Securities from an “outperform” rating to a “market perform” rating.
  • 8/1/2017 – Triangle Capital Corporation was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 7/16/2017 – Triangle Capital Corporation was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 7/13/2017 – Triangle Capital Corporation was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 6/30/2017 – Triangle Capital Corporation was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating.
  • 6/26/2017 – Triangle Capital Corporation was upgraded by analysts at Hilliard Lyons from a “neutral” rating to a “buy” rating. They now have a $19.00 price target on the stock.
  • 6/26/2017 – Triangle Capital Corporation is now covered by analysts at Aegis. They set a “buy” rating on the stock.

Shares of Triangle Capital Corporation (TCAP) traded down 3.2333% during mid-day trading on Wednesday, hitting $13.7699. 722,404 shares of the stock traded hands. The company’s 50-day moving average price is $17.56 and its 200 day moving average price is $18.47. Triangle Capital Corporation has a 1-year low of $13.75 and a 1-year high of $20.35. The company has a market capitalization of $656.56 million, a PE ratio of 18.3599 and a beta of 0.90.

Triangle Capital Corporation (NYSE:TCAP) last announced its quarterly earnings results on Wednesday, August 2nd. The credit services provider reported $0.41 earnings per share (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 company had revenue of $31.20 million during the quarter, compared to analyst estimates of $33.25 million. During the same period in the previous year, the firm posted $0.49 earnings per share. The company’s revenue was up 3.3% compared to the same quarter last year. Equities research analysts forecast that Triangle Capital Corporation will post $1.71 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 20th. Shareholders of record on Wednesday, September 6th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 12.65%. The ex-dividend date is Friday, September 1st. Triangle Capital Corporation’s payout ratio is presently 346.16%.

In other Triangle Capital Corporation news, insider C. Robert Jr. Knox sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $17.72, for a total value of $53,160.00. Following the completion of the transaction, the insider now directly owns 75,716 shares of the company’s stock, valued at $1,341,687.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 4.10% of the company’s stock.

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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