TriplePoint Venture Growth BDC (NYSE:TPVG) Given New $7.50 Price Target at Wells Fargo & Company

TriplePoint Venture Growth BDC (NYSE:TPVG) had its price objective raised by Wells Fargo & Company from $6.50 to $7.50 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the investment management company’s stock.

TPVG has been the topic of a number of other reports. StockNews.com upgraded shares of TriplePoint Venture Growth BDC from a “sell” rating to a “hold” rating in a research note on Friday, November 15th. Keefe, Bruyette & Woods upgraded shares of TriplePoint Venture Growth BDC from an “underperform” rating to a “market perform” rating and dropped their price target for the stock from $8.00 to $7.50 in a research note on Thursday, November 7th. Piper Sandler dropped their price target on shares of TriplePoint Venture Growth BDC from $8.00 to $7.50 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Finally, LADENBURG THALM/SH SH lowered shares of TriplePoint Venture Growth BDC from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $8.50 to $8.00 in a research note on Friday, August 9th. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, TriplePoint Venture Growth BDC currently has a consensus rating of “Hold” and an average price target of $7.85.

TriplePoint Venture Growth BDC Stock Performance

Shares of NYSE:TPVG opened at $7.99 on Tuesday. The company has a 50-day simple moving average of $7.04 and a 200-day simple moving average of $7.97. TriplePoint Venture Growth BDC has a one year low of $6.44 and a one year high of $11.58. The stock has a market capitalization of $320.00 million, a price-to-earnings ratio of 37.95 and a beta of 1.80.

TriplePoint Venture Growth BDC (NYSE:TPVG) last announced its earnings results on Wednesday, November 6th. The investment management company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. TriplePoint Venture Growth BDC had a net margin of 9.01% and a return on equity of 16.86%. The business had revenue of $26.52 million during the quarter, compared to analysts’ expectations of $25.65 million. During the same period in the prior year, the company earned $0.54 earnings per share. As a group, research analysts forecast that TriplePoint Venture Growth BDC will post 1.4 EPS for the current fiscal year.

TriplePoint Venture Growth BDC Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 15.02%. TriplePoint Venture Growth BDC’s payout ratio is currently 571.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC grew its position in TriplePoint Venture Growth BDC by 4.5% during the second quarter. Commonwealth Equity Services LLC now owns 31,132 shares of the investment management company’s stock worth $250,000 after buying an additional 1,346 shares during the period. Kovack Advisors Inc. lifted its holdings in shares of TriplePoint Venture Growth BDC by 7.8% in the third quarter. Kovack Advisors Inc. now owns 37,100 shares of the investment management company’s stock valued at $262,000 after purchasing an additional 2,700 shares in the last quarter. U.S. Capital Wealth Advisors LLC lifted its holdings in shares of TriplePoint Venture Growth BDC by 19.4% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 19,064 shares of the investment management company’s stock valued at $153,000 after purchasing an additional 3,100 shares in the last quarter. Diversify Advisory Services LLC lifted its holdings in shares of TriplePoint Venture Growth BDC by 31.2% in the third quarter. Diversify Advisory Services LLC now owns 14,191 shares of the investment management company’s stock valued at $94,000 after purchasing an additional 3,378 shares in the last quarter. Finally, Norden Group LLC lifted its holdings in shares of TriplePoint Venture Growth BDC by 21.4% in the second quarter. Norden Group LLC now owns 21,678 shares of the investment management company’s stock valued at $174,000 after purchasing an additional 3,818 shares in the last quarter. 12.77% of the stock is currently owned by institutional investors and hedge funds.

TriplePoint Venture Growth BDC Company Profile

TriplePoint Venture Growth BDC Corp. is a business development company specializing investments in venture capital-backed companies at the growth stage investments. It also provides debt financing to venture growth space companies which includes growth capital loans, secured and customized loans, equipment financings, revolving loans and direct equity investments.