TriplePoint Venture Growth BDC (NYSE:TPVG) Cut to “Underweight” at Wells Fargo & Company

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

Other equities research analysts also recently issued reports about the stock. Compass Point lifted their price target on shares of TriplePoint Venture Growth BDC from $7.50 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, December 5th. Piper Sandler lifted their price target on shares of TriplePoint Venture Growth BDC from $7.50 to $8.00 and gave the company a “neutral” rating in a research note on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.45.

TriplePoint Venture Growth BDC Stock Up 1.1 %

Shares of NYSE TPVG opened at $7.16 on Monday. TriplePoint Venture Growth BDC has a twelve month low of $6.44 and a twelve month high of $9.73. The firm has a fifty day simple moving average of $7.74 and a 200 day simple moving average of $7.49. The company has a market capitalization of $287.18 million, a PE ratio of 34.07 and a beta of 1.90.

TriplePoint Venture Growth BDC (NYSE:TPVG) last announced its earnings results on Wednesday, March 5th. The investment management company reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $25.75 million for the quarter, compared to the consensus estimate of $26.68 million. As a group, equities analysts expect that TriplePoint Venture Growth BDC will post 1.4 earnings per share for the current fiscal year.

TriplePoint Venture Growth BDC Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 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 valued at $5,004,000 after purchasing an additional 122,039 shares during the period. Jane Street Group LLC grew its position in TriplePoint Venture Growth BDC by 712.4% during the third quarter. Jane Street Group LLC now owns 104,997 shares of the investment management company’s stock valued at $741,000 after buying an additional 92,072 shares during the period. Millennium Management LLC increased its holdings in TriplePoint Venture Growth BDC by 180.1% during the fourth quarter. Millennium Management LLC now owns 120,602 shares of the investment management company’s stock worth $890,000 after buying an additional 77,551 shares during the last quarter. Alpine Global Management LLC bought a new stake in TriplePoint Venture Growth BDC in the fourth quarter worth about $477,000. Finally, Trexquant Investment LP raised its position in TriplePoint Venture Growth BDC by 35.5% in the fourth quarter. Trexquant Investment LP now owns 227,039 shares of the investment management company’s stock worth $1,676,000 after acquiring an additional 59,462 shares during the period. 12.77% of the stock is currently owned by hedge funds and other 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.