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

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

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

TriplePoint Venture Growth BDC Stock Performance

Shares of NYSE 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 business’s 50-day moving average price is $7.06 and its two-hundred day moving average price is $8.15.

TriplePoint Venture Growth BDC (NYSE:TPVG) last announced its quarterly earnings results on Wednesday, August 7th. The investment management company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $28.77 million. During the same quarter in the prior year, the firm earned $0.53 earnings per share. On average, sell-side analysts predict that TriplePoint Venture Growth BDC will post 1.4 EPS for the current year.

TriplePoint Venture Growth BDC Cuts Dividend

The company 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 18.02%. The ex-dividend date was Monday, September 16th. TriplePoint Venture Growth BDC’s dividend payout ratio is -399.99%.

Insider Activity

In other TriplePoint Venture Growth BDC news, President Sajal Srivastava acquired 11,298 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was acquired at an average price of $7.02 per share, with a total value of $79,311.96. Following the transaction, the president now owns 250,858 shares of the company’s stock, valued at approximately $1,761,023.16. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.01% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On TriplePoint Venture Growth BDC

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP bought a new stake in TriplePoint Venture Growth BDC in the 2nd quarter valued at $35,000. EverSource Wealth Advisors LLC acquired a new position in shares of TriplePoint Venture Growth BDC during the second quarter valued at about $62,000. Diversify Wealth Management LLC bought a new stake in shares of TriplePoint Venture Growth BDC in the third quarter valued at about $82,000. Farmers & Merchants Investments Inc. grew its position in TriplePoint Venture Growth BDC by 116.9% during the first quarter. Farmers & Merchants Investments Inc. now owns 9,833 shares of the investment management company’s stock worth $93,000 after buying an additional 5,300 shares in the last quarter. Finally, Diversify Advisory Services LLC grew its position in TriplePoint Venture Growth BDC by 31.2% during the third quarter. Diversify Advisory Services LLC now owns 14,191 shares of the investment management company’s stock worth $94,000 after buying an additional 3,378 shares in the last quarter. Institutional investors and hedge funds own 12.77% of the company’s stock.

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.