Insider trading activity at TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) has gained attention as Sajal Srivastava, an insider of the company, purchased 50,000 shares on November 12, 2023. The shares were acquired at an average price of $5.95 each, amounting to a total investment of $297,500. Following this transaction, Srivastava now holds a total of 667,352 shares, valued at approximately $3,970,744.40, reflecting an 8.10% increase in ownership.
This latest purchase was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC), highlighting ongoing confidence from company insiders. The latest acquisition follows a series of significant purchases by Srivastava, including a transaction on November 11, where he acquired 26,117 shares at an average price of $5.76, totaling $150,433.92.
Recent transactions by Srivastava demonstrate a consistent investment strategy in the company. For instance, on September 3, he bought 48,800 shares at an average cost of $6.77, worth $330,376, and on August 29, Srivastava purchased 65,000 shares at $6.73 for a total of $437,450. These purchases illustrate a robust commitment to TriplePoint, especially during a period of fluctuating market conditions.
Stock Performance and Dividend Announcement
In terms of stock performance, shares of TPVG experienced a slight increase, trading up $0.01 to reach $5.96 during midday trading on November 13. The company has seen a trading volume of 312,419 shares, nearing its average volume of 316,972. Over recent months, the stock has fluctuated, with a 50-day simple moving average of $5.86 and a 200-day average of $6.45. The company currently has a market capitalization of $240.78 million and a price-to-earnings ratio of 7.03, indicating strong value in the current market.
Additionally, an upcoming quarterly dividend has been announced, scheduled for payment on December 30, 2023. Shareholders on record as of December 16 will receive a dividend of $0.23 per share, which translates to an annualized dividend of $0.92 and a notable dividend yield of 15.4%. It is important to note that the company’s payout ratio stands at a high 108.24%, suggesting that it distributes more in dividends than it earns.
Institutional Interest and Analyst Ratings
Institutional investors have also shown varying levels of interest in TriplePoint Venture Growth BDC. Notably, Marshall Wace LLP increased its stake by 44.9% in the second quarter, now owning 529,201 shares valued at around $3.71 million. Other institutions, such as Legal & General Group Plc and Townsquare Capital LLC, have also adjusted their holdings, reflecting a broader trend among hedge funds to invest in the company.
Analysts have provided mixed ratings for TriplePoint, with several recent downgrades. UBS Group reduced its target price from $6.50 to $5.50 and assigned a “neutral” rating, while Piper Sandler lowered its price objective from $7.00 to $6.00. According to data from MarketBeat.com, the average rating for the stock is currently “Reduce” with a consensus price target of $6.25.
As TriplePoint Venture Growth BDC continues to navigate its strategic investments and capital management, the market will be watching closely for further developments and insider activities.
