TriplePoint Venture Growth BDC (NYSE:TPVG) Downgraded by Wells Fargo & Company to Underweight

Wells Fargo & Company cut shares of TriplePoint Venture Growth BDC (NYSE:TPVG) from an equal weight rating to an underweight rating in a research note released on Monday, Marketbeat Ratings reports. The firm currently has $6.50 price target on the investment management company’s stock, down from their previous price target of $7.50.

Several other brokerages also recently commented on TPVG. Piper Sandler raised their target price on TriplePoint Venture Growth BDC from $7.50 to $8.00 and gave the stock a “neutral” rating in a research note on Thursday, March 6th. Compass Point raised their price objective on shares of TriplePoint Venture Growth BDC from $7.50 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $7.45.

TriplePoint Venture Growth BDC Stock Up 1.1 %

NYSE TPVG opened at $7.16 on Monday. The company has a market cap of $287.18 million, a PE ratio of 34.07 and a beta of 1.90. The firm’s 50-day simple moving average is $7.74 and its two-hundred day simple moving average is $7.49. TriplePoint Venture Growth BDC has a 52 week low of $6.44 and a 52 week high of $9.73.

TriplePoint Venture Growth BDC (NYSE:TPVG) last released its quarterly earnings data on Wednesday, March 5th. The investment management company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.03). TriplePoint Venture Growth BDC had a return on equity of 16.86% and a net margin of 9.01%. The business had revenue of $25.75 million during the quarter, compared to the consensus estimate of $26.68 million. As a group, equities research analysts anticipate that TriplePoint Venture Growth BDC will post 1.4 EPS for the current year.

TriplePoint Venture Growth BDC Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 16.77%. TriplePoint Venture Growth BDC’s dividend payout ratio (DPR) is presently 146.34%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TPVG. Two Sigma Investments LP grew its stake in TriplePoint Venture Growth BDC by 21.9% in the 4th quarter. Two Sigma Investments LP now owns 678,034 shares of the investment management company’s stock worth $5,004,000 after buying an additional 122,039 shares in the last quarter. Jane Street Group LLC grew its position in TriplePoint Venture Growth BDC by 712.4% in the third quarter. Jane Street Group LLC now owns 104,997 shares of the investment management company’s stock worth $741,000 after acquiring an additional 92,072 shares in the last quarter. Millennium Management LLC increased its stake in TriplePoint Venture Growth BDC by 180.1% in the fourth quarter. Millennium Management LLC now owns 120,602 shares of the investment management company’s stock valued at $890,000 after acquiring an additional 77,551 shares during the last quarter. Alpine Global Management LLC purchased a new stake in TriplePoint Venture Growth BDC during the fourth quarter valued at about $477,000. Finally, Trexquant Investment LP lifted its stake in TriplePoint Venture Growth BDC by 35.5% during the fourth quarter. Trexquant Investment LP now owns 227,039 shares of the investment management company’s stock worth $1,676,000 after purchasing an additional 59,462 shares during the last quarter. 12.77% of the stock is currently owned by institutional investors.

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.