TriplePoint Venture Growth BDC (NYSE:TPVG) Price Target Lowered to $6.50 at Wells Fargo & Company

TriplePoint Venture Growth BDC (NYSE:TPVG) had its target price reduced by Wells Fargo & Company from $8.00 to $6.50 in a research report released on Tuesday, MarketBeat Ratings reports. Wells Fargo & Company currently has an underweight rating on the investment management company’s stock.

TPVG has been the topic of a number of other research reports. LADENBURG THALM/SH SH lowered TriplePoint Venture Growth BDC from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $8.50 to $8.00 in a report on Friday, August 9th. Keefe, Bruyette & Woods lowered their price target on shares of TriplePoint Venture Growth BDC from $9.00 to $8.00 and set an “underperform” rating on the stock in a research note on Friday, August 9th. Finally, Piper Sandler reduced their price objective on shares of 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. Three analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $7.85.

TriplePoint Venture Growth BDC Stock Performance

TPVG stock opened at $6.59 on Tuesday. The company has a fifty day moving average of $7.04 and a 200-day moving average of $8.13. TriplePoint Venture Growth BDC has a one year low of $6.52 and a one year high of $11.58.

TriplePoint Venture Growth BDC (NYSE:TPVG) last announced its quarterly earnings data 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 negative net margin of 8.03% and a positive return on equity of 18.24%. The firm had revenue of $27.11 million during the quarter, compared to analyst estimates of $28.77 million. During the same quarter in the previous year, the business earned $0.53 EPS. As a group, equities analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 18.22%. The ex-dividend date was Monday, September 16th. TriplePoint Venture Growth BDC’s payout ratio is currently -399.99%.

Insider Activity

In related news, President Sajal Srivastava purchased 11,298 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $7.02 per share, with a total value of $79,311.96. Following the completion of the acquisition, the president now directly owns 250,858 shares in the company, valued at $1,761,023.16. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.01% of the company’s stock.

Hedge Funds Weigh In On TriplePoint Venture Growth BDC

A number of institutional investors have recently modified their holdings of the company. Van ECK Associates Corp grew its stake in 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 acquiring an additional 119,184 shares during the period. Millennium Management LLC grew its position in shares of TriplePoint Venture Growth BDC by 169.5% in the second quarter. Millennium Management LLC now owns 432,206 shares of the investment management company’s stock valued at $3,471,000 after purchasing an additional 271,824 shares during the period. Marshall Wace LLP acquired a new position in TriplePoint Venture Growth BDC in the second quarter valued at $1,486,000. Norden Group LLC lifted its position in TriplePoint Venture Growth BDC by 739.7% during the first quarter. Norden Group LLC now owns 125,020 shares of the investment management company’s stock worth $1,185,000 after buying an additional 110,132 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in TriplePoint Venture Growth BDC by 435.6% in the 3rd quarter. International Assets Investment Management LLC now owns 107,630 shares of the investment management company’s stock worth $760,000 after buying an additional 87,535 shares during the last quarter. 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.