Brokerages Set TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) Price Target at $8.25

Shares of TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) have been given a consensus recommendation of “Reduce” by the six ratings firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $8.25.

TPVG has been the topic of several recent analyst reports. 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 company from $8.50 to $8.00 in a research note on Friday, August 9th. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $8.50 target price (down from $9.50) on shares of TriplePoint Venture Growth BDC in a report on Wednesday, May 29th. Keefe, Bruyette & Woods lowered their price target on TriplePoint Venture Growth BDC from $9.00 to $8.00 and set an “underperform” rating on the stock in a report on Friday, August 9th. Finally, Piper Sandler reduced their price objective on TriplePoint Venture Growth BDC from $9.50 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th.

TriplePoint Venture Growth BDC Stock Up 0.2 %

NYSE TPVG opened at $7.58 on Wednesday. TriplePoint Venture Growth BDC has a 52 week low of $6.89 and a 52 week high of $11.58. The firm has a 50 day moving average of $7.94 and a two-hundred day moving average of $8.80. The stock has a market capitalization of $302.62 million, a PE ratio of -6.82 and a beta of 1.79.

TriplePoint Venture Growth BDC (NYSE:TPVG) last issued its earnings results on Wednesday, August 7th. The investment management company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.10). TriplePoint Venture Growth BDC had a positive return on equity of 18.24% and a negative net margin of 8.03%. The firm had revenue of $27.11 million for the quarter, compared to analyst estimates of $28.77 million. During the same quarter in the previous year, the firm posted $0.53 EPS. On average, equities research analysts expect that TriplePoint Venture Growth BDC will post 1.4 earnings per share for the current fiscal year.

TriplePoint Venture Growth BDC Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.20 annualized dividend and a dividend yield of 15.84%. TriplePoint Venture Growth BDC’s dividend payout ratio is currently -144.14%.

Insider Activity at TriplePoint Venture Growth BDC

In related news, President Sajal Srivastava purchased 11,298 shares of the stock in a transaction dated Monday, August 12th. The shares were acquired at an average cost of $7.02 per share, with a total value of $79,311.96. Following the purchase, the president now directly owns 250,858 shares in the company, valued at approximately $1,761,023.16. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.01% of the company’s stock.

Institutional Investors Weigh In On TriplePoint Venture Growth BDC

A number of institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC boosted its position in TriplePoint Venture Growth BDC by 169.5% during the second quarter. Millennium Management LLC now owns 432,206 shares of the investment management company’s stock worth $3,471,000 after purchasing an additional 271,824 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of TriplePoint Venture Growth BDC in the 2nd quarter worth about $1,486,000. Van ECK Associates Corp boosted its position in shares of TriplePoint Venture Growth BDC by 16.4% in the 2nd quarter. Van ECK Associates Corp now owns 846,716 shares of the investment management company’s stock worth $6,799,000 after buying an additional 119,184 shares in the last quarter. Norden Group LLC grew its stake in TriplePoint Venture Growth BDC by 739.7% in the 1st quarter. Norden Group LLC now owns 125,020 shares of the investment management company’s stock valued at $1,185,000 after acquiring an additional 110,132 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in TriplePoint Venture Growth BDC during the 4th quarter valued at about $655,000. Institutional investors and hedge funds own 12.77% of the company’s stock.

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.