Triplepoint Venture Growth BDC (TPVG) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Triplepoint Venture Growth BDC (NYSE:TPVG) from a hold rating to a buy rating in a research note released on Saturday morning. They currently have $14.00 target price on the investment management company’s stock.

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. “

TPVG has been the subject of a number of other reports. Compass Point set a $15.00 target price on shares of Triplepoint Venture Growth BDC and gave the company a buy rating in a research note on Thursday, August 2nd. Keefe, Bruyette & Woods set a $14.00 price objective on shares of Triplepoint Venture Growth BDC and gave the company a hold rating in a research report on Wednesday, August 1st. Wells Fargo & Co began coverage on shares of Triplepoint Venture Growth BDC in a research report on Thursday, September 20th. They set an outperform rating and a $14.25 price objective for the company. Finally, ValuEngine raised shares of Triplepoint Venture Growth BDC from a sell rating to a hold rating in a research report on Tuesday, October 16th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Triplepoint Venture Growth BDC has a consensus rating of Buy and an average price target of $14.06.

Shares of TPVG traded down $0.13 during mid-day trading on Friday, reaching $12.59. The company had a trading volume of 215,221 shares, compared to its average volume of 177,666. Triplepoint Venture Growth BDC has a 52 week low of $11.11 and a 52 week high of $14.15. The stock has a market cap of $223.74 million, a P/E ratio of 7.87, a P/E/G ratio of 2.54 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 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $17.68 million for the quarter, compared to analysts’ expectations of $15.47 million. As a group, sell-side analysts forecast that Triplepoint Venture Growth BDC will post 1.65 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 11.44%. The ex-dividend date is Thursday, November 29th. Triplepoint Venture Growth BDC’s dividend payout ratio is currently 89.44%.

A number of institutional investors have recently modified their holdings of TPVG. Bank of Montreal Can boosted its holdings in shares of Triplepoint Venture Growth BDC by 5.5% during the 3rd quarter. Bank of Montreal Can now owns 229,800 shares of the investment management company’s stock valued at $3,123,000 after purchasing an additional 12,000 shares during the last quarter. Essex Investment Management Co. LLC increased its position in shares of Triplepoint Venture Growth BDC by 22.4% during the second quarter. Essex Investment Management Co. LLC now owns 91,578 shares of the investment management company’s stock worth $1,138,000 after acquiring an additional 16,750 shares during the period. WESPAC Advisors LLC purchased a new position in shares of Triplepoint Venture Growth BDC during the third quarter worth approximately $1,119,000. JPMorgan Chase & Co. increased its position in shares of Triplepoint Venture Growth BDC by 66.4% during the first quarter. JPMorgan Chase & Co. now owns 47,100 shares of the investment management company’s stock worth $563,000 after acquiring an additional 18,798 shares during the period. Finally, West Family Investments Inc. purchased a new position in shares of Triplepoint Venture Growth BDC during the second quarter worth approximately $581,000. 38.17% of the stock is owned by institutional investors.

Triplepoint Venture Growth BDC Company Profile

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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