TriplePoint Venture Growth BDC Corp. Declares Quarterly Dividend of $0.30 (NYSE:TPVG)

TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) announced a quarterly dividend on Thursday, May 8th, Wall Street Journal reports. Stockholders of record on Monday, June 16th will be paid a dividend of 0.30 per share by the investment management company on Monday, June 30th. This represents a $1.20 annualized dividend and a dividend yield of 16.62%. The ex-dividend date is Monday, June 16th.

TriplePoint Venture Growth BDC has a payout ratio of 112.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect TriplePoint Venture Growth BDC to earn $1.28 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 93.8%.

TriplePoint Venture Growth BDC Price Performance

Shares of NYSE:TPVG opened at $7.22 on Friday. The business’s 50 day simple moving average is $6.47 and its 200-day simple moving average is $7.22. The firm has a market capitalization of $290.48 million, a price-to-earnings ratio of 34.38 and a beta of 1.47. TriplePoint Venture Growth BDC has a 12 month low of $5.53 and a 12 month high of $9.17.

TriplePoint Venture Growth BDC (NYSE:TPVG) last issued its quarterly earnings results on Wednesday, May 7th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.03). The business had revenue of $22.45 million during the quarter, compared to analyst estimates of $24.90 million. TriplePoint Venture Growth BDC had a net margin of 9.01% and a return on equity of 16.86%. On average, equities analysts anticipate that TriplePoint Venture Growth BDC will post 1.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TPVG. Keefe, Bruyette & Woods decreased their price objective on shares of TriplePoint Venture Growth BDC from $7.50 to $7.00 and set a “market perform” rating for the company in a research report on Tuesday, April 8th. Piper Sandler cut their target price on shares of TriplePoint Venture Growth BDC from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company cut their target price on shares of TriplePoint Venture Growth BDC from $6.50 to $5.50 and set an “underweight” rating on the stock in a report on Monday, April 28th. UBS Group cut their target price on shares of TriplePoint Venture Growth BDC from $7.50 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 17th. Finally, Compass Point cut their price target on TriplePoint Venture Growth BDC from $8.00 to $7.25 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. One analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.79.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in TriplePoint Venture Growth BDC stock. Jane Street Group LLC boosted its holdings in TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) by 28.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 67,693 shares of the investment management company’s stock after acquiring an additional 14,865 shares during the quarter. Jane Street Group LLC owned 0.17% of TriplePoint Venture Growth BDC worth $472,000 at the end of the most recent 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.