On November 12, 2023, Sajal Srivastava, an insider at TriplePoint Venture Growth BDC Corp. (NYSE:TPVG), purchased 50,000 shares of the company’s stock. The transaction occurred at an average price of $5.95 per share, totaling $297,500. Following this acquisition, Srivastava’s holdings increased to 667,352 shares, valued at approximately $3,970,744.40.
This acquisition marks an 8.10% increase in Srivastava’s ownership stake in the company. The details of the purchase were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC). This transaction is part of a series of recent purchases by Srivastava, including an acquisition of 26,117 shares on November 11 at an average price of $5.76 per share, amounting to $150,433.92.
Recent Trading Activity
Prior to these transactions, Srivastava had made several significant purchases of TPVG stock. On September 3, he purchased 48,800 shares at an average cost of $6.77 per share, totaling $330,376.00. Earlier on August 29, he acquired 65,000 shares for $437,450.00 at an average price of $6.73.
The recent trading activity reflects a strong confidence in the company’s performance. As of midday trading on November 13, shares of TPVG were trading at $5.96, up by $0.01 from the previous day. A total of 312,419 shares exchanged hands, slightly lower than the average volume of 316,972 shares. The firm has a market capitalization of $240.78 million with a price-to-earnings ratio of 7.03 and a beta of 1.47.
Dividends and Institutional Investments
TriplePoint Venture Growth BDC recently announced a quarterly dividend of $0.23 per share, set to be paid on December 30, 2023. Investors on record as of December 16 will receive this dividend, which represents an annualized dividend of $0.92 and a yield of 15.4%. Notably, the company’s current payout ratio stands at 108.24%.
Institutional investors have been active with their holdings in TPVG. For instance, Marshall Wace LLP increased its position by 44.9% during the second quarter, now owning 529,201 shares valued at $3,710,000. Other notable firms, including Legal & General Group Plc and Townsquare Capital LLC, have also raised their stakes.
Analysts have varied opinions on TPVG’s stock. Recently, UBS Group lowered its target price from $6.50 to $5.50, assigning a “neutral” rating. Similarly, Piper Sandler adjusted its price objective from $7.00 to $6.00, also rating the stock as “neutral.” Meanwhile, Zacks Research has downgraded TPVG from a “hold” to a “strong sell” rating.
Overall, the recent insider purchasing activity and the announcement of dividends indicate ongoing interest in TriplePoint Venture Growth BDC as it navigates the current investment landscape. The firm continues to focus on growth-stage investments and debt financing in the venture capital space, positioning itself for potential future opportunities.
