Key Points
- Insider sale: Sajal Srivastava sold 313,865 TPVG shares at an average price of $4.71, generating approximately $1.48 million in proceeds.
- Financial performance: TriplePoint Venture Growth BDC reported quarterly EPS of $0.26, beating estimates of $0.24, while revenue of $22.15 million fell short of the $22.88 million consensus.
- Dividend and outlook: The company cut its quarterly dividend to $0.06, equivalent to a 4.9% yield. Analysts maintain a generally cautious view, with an average “Reduce” rating and a $5.25 consensus price target.
TriplePoint Venture Growth BDC Corp. (NYSE:TPVG - Get Free Report) insider Sajal Srivastava sold 313,865 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $4.71, for a total value of $1,478,304.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
TriplePoint Venture Growth BDC Stock Performance
TPVG opened at $4.91 on Wednesday. The firm has a market cap of $199.68 million, a P/E ratio of 4.95 and a beta of 1.31. The business has a 50 day moving average price of $5.04 and a 200 day moving average price of $5.16. TriplePoint Venture Growth BDC Corp. has a twelve month low of $4.39 and a twelve month high of $6.95.
TriplePoint Venture Growth BDC (NYSE:TPVG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The investment management company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. TriplePoint Venture Growth BDC had a return on equity of 10.68% and a net margin of 44.58%.The company had revenue of $22.15 million for the quarter, compared to the consensus estimate of $22.88 million. As a group, analysts anticipate that TriplePoint Venture Growth BDC Corp. will post 0.94 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 Wednesday, December 30th. Stockholders of record on Wednesday, December 16th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Wednesday, December 16th. TriplePoint Venture Growth BDC's dividend payout ratio (DPR) is currently 92.93%.
Analyst Ratings Changes
Several equities analysts recently weighed in on TPVG shares. Keefe, Bruyette & Woods cut their price objective on TriplePoint Venture Growth BDC from $6.00 to $5.50 and set a "market perform" rating for the company in a research report on Thursday, August 6th. Piper Sandler dropped their price target on TriplePoint Venture Growth BDC from $5.50 to $5.00 and set a "neutral" rating on the stock in a research report on Monday, July 13th. Finally, Weiss Ratings upgraded TriplePoint Venture Growth BDC from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, September 16th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $5.25.
Get Our Latest Report on TPVG
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in TPVG. Bank of America Corp DE acquired a new position in shares of TriplePoint Venture Growth BDC during the second quarter valued at about $620,000. Legal & General Group Plc acquired a new stake in TriplePoint Venture Growth BDC during the second quarter worth about $1,597,000. BlackRock Inc. bought a new position in TriplePoint Venture Growth BDC during the second quarter valued at about $754,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in TriplePoint Venture Growth BDC by 19.9% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 14,659 shares of the investment management company's stock valued at $72,000 after acquiring an additional 2,435 shares during the period. Finally, Attessa Capital LLC acquired a new position in TriplePoint Venture Growth BDC in the 2nd quarter valued at approximately $67,000. Institutional investors own 12.77% of the company's stock.
About TriplePoint Venture Growth BDC
(
Get Free Report)
TriplePoint Venture Growth BDC Corp. is a business development company that provides financing to venture growth-stage companies. The company primarily supports businesses backed by venture capital or private equity investors, offering capital to help fund expansion, acquisitions, working capital needs and other corporate purposes.
TriplePoint Venture Growth typically invests through secured loans, including term loans and other forms of debt financing. It may also receive warrants or make equity investments in portfolio companies, allowing it to participate in their potential growth.
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