TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) Stock Now Rated "Reduce" by Wall Street Analysts

Key Points

• Analysts have a consensus “Reduce” rating on TriplePoint Venture Growth BDC, with five holds and one sell among six analysts. The average 12-month price target is $5.25, with recent target cuts from Keefe, Bruyette & Woods and Piper Sandler.
• TPVG shares opened at $4.88, near their 52-week low of $4.39, while the company reported quarterly EPS of $0.26, beating estimates but missing revenue expectations.
• The company cut its quarterly dividend to $0.06 per share from $0.29, implying a $0.24 annualized payout and a 4.9% yield. Insider activity was mixed, with CEO James Labe buying 313,865 shares while insider Sajal Srivastava sold the same amount.

Shares of TriplePoint Venture Growth BDC Corp. (NYSE:TPVG - Get Free Report) have earned a consensus rating of "Reduce" from the six analysts that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $5.25.

A number of brokerages have issued reports on TPVG. Keefe, Bruyette & Woods decreased their target price on shares of TriplePoint Venture Growth BDC from $6.00 to $5.50 and set a "market perform" rating on the stock in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of TriplePoint Venture Growth BDC from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, September 16th. Finally, Piper Sandler cut their price target on TriplePoint Venture Growth BDC from $5.50 to $5.00 and set a "neutral" rating for the company in a research note on Monday, July 13th.

Insiders Place Their Bets

In related news, insider Sajal Srivastava sold 313,865 shares of the firm's stock in a transaction on Friday, September 18th. The stock was sold at an average price of $4.71, for a total value of $1,478,304.15. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO James Labe purchased 313,865 shares of the firm's stock in a transaction that occurred on Friday, September 18th. The stock was bought at an average price of $4.71 per share, for a total transaction of $1,478,304.15. Following the transaction, the chief executive officer directly owned 2,312,354 shares of the company's stock, valued at $10,891,187.34. This trade represents a 15.71% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.55% of the company's stock.

Institutional Investors Weigh In On TriplePoint Venture Growth BDC

Large investors have recently bought and sold shares of the company. Legal & General Group Plc acquired a new position in shares of TriplePoint Venture Growth BDC in the 2nd quarter valued at approximately $1,597,000. BlackRock Inc. bought a new stake in shares of TriplePoint Venture Growth BDC during the 2nd quarter worth approximately $754,000. Bank of America Corp DE acquired a new stake in shares of TriplePoint Venture Growth BDC during the 2nd quarter worth approximately $620,000. Cetera Investment Advisers boosted its position in shares of TriplePoint Venture Growth BDC by 15.7% during the 1st quarter. Cetera Investment Advisers now owns 54,299 shares of the investment management company's stock worth $271,000 after acquiring an additional 7,355 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in TriplePoint Venture Growth BDC by 19.9% in 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 last quarter. 12.77% of the stock is currently owned by institutional investors and hedge funds.

TriplePoint Venture Growth BDC Stock Performance

Shares of TriplePoint Venture Growth BDC stock opened at $4.88 on Friday. The firm has a 50-day moving average of $5.07 and a 200-day moving average of $5.14. The stock has a market cap of $198.83 million, a PE ratio of 4.93 and a beta of 1.37. TriplePoint Venture Growth BDC has a 52-week low of $4.39 and a 52-week high of $6.95.

TriplePoint Venture Growth BDC (NYSE:TPVG - Get Free Report) last released 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 net margin of 44.58% and a return on equity of 10.68%. The business had revenue of $22.15 million for the quarter, compared to the consensus estimate of $22.88 million. Equities research analysts predict that TriplePoint Venture Growth BDC will post 0.94 earnings per share for the current fiscal year.

TriplePoint Venture Growth BDC Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Shareholders of record on Wednesday, December 16th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, December 16th. This represents a $0.24 annualized dividend and a yield of 4.9%. This is a drop from TriplePoint Venture Growth BDC's previous quarterly dividend of $0.29. TriplePoint Venture Growth BDC's payout ratio is presently 92.93%.

TriplePoint Venture Growth BDC Company Profile

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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