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

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 sent to investors on Tuesday, Marketbeat.com reports. They currently have an underweight rating on the investment management company’s stock.

Other equities research analysts also recently issued reports about the company. Piper Sandler cut their target price on TriplePoint Venture Growth BDC from $9.50 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th. LADENBURG THALM/SH SH cut TriplePoint Venture Growth BDC from a “buy” rating to a “neutral” rating and decreased their target price for the company from $8.50 to $8.00 in a research note on Friday, August 9th. Finally, Keefe, Bruyette & Woods dropped 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 report on Friday, August 9th. Three investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.85.

TriplePoint Venture Growth BDC Price Performance

Shares of TPVG opened at $6.66 on Tuesday. TriplePoint Venture Growth BDC has a one year low of $6.58 and a one year high of $11.58. The stock’s fifty day moving average is $7.06 and its 200-day moving average is $8.15.

TriplePoint Venture Growth BDC (NYSE:TPVG) last released its quarterly earnings results 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). The company had revenue of $27.11 million for the quarter, compared to the consensus estimate of $28.77 million. TriplePoint Venture Growth BDC had a positive return on equity of 18.24% and a negative net margin of 8.03%. During the same quarter last year, the firm posted $0.53 earnings per share. Research 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 business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders 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 dividend yield of 18.02%. The ex-dividend date of this dividend was Monday, September 16th. TriplePoint Venture Growth BDC’s dividend payout ratio (DPR) is presently -399.99%.

Insider Activity

In related news, President Sajal Srivastava purchased 11,298 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $7.02 per share, with a total value of $79,311.96. Following the purchase, the president now owns 250,858 shares of the company’s stock, valued at $1,761,023.16. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 0.01% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On TriplePoint Venture Growth BDC

Several institutional investors and hedge funds have recently added to or reduced their stakes in TPVG. Millennium Management LLC lifted its holdings 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 in the last quarter. Marshall Wace LLP purchased a new stake in TriplePoint Venture Growth BDC in the 2nd quarter worth about $1,486,000. Van ECK Associates Corp boosted its position in TriplePoint Venture Growth BDC by 16.4% during 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. Norden Group LLC grew its stake in TriplePoint Venture Growth BDC by 739.7% during the 1st quarter. Norden Group LLC now owns 125,020 shares of the investment management company’s stock valued at $1,185,000 after acquiring an additional 110,132 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of 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 valued at $760,000 after purchasing an additional 87,535 shares during the period. 12.77% of the stock is currently owned by hedge funds and other institutional investors.

About TriplePoint Venture Growth BDC

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.