Sell Notice: Close Position in Triangle Capital Corp.
It is time to sell the shares and close the 30 Day Dividends trade in Triangle Capital Corporation (NYSE:TCAP). The stock goes ex-dividend on Monday, December 5th and we don’t want to still be in the stock when that happens.
I sent the Buy recommendation for TCAP on September 15, 2016. The trade was based on my list of stocks I track for ex-dividend to ex-dividend price swings. The target was a 7.5% gain before the stock went ex-dividend in early December. However, on November 2, Triangle Capital released less than good third quarter earnings and the share price dropped by 6.5% over the next few days. The announcement on November 23 of a regular, unchanged dividend payment has pulled the share price to where we are now just above break even on the trade. Based on the entry price of $19.00 and the current $19.20, the trade will make about 1%.
Recommendation: Sell to close your shares of TCAP. Do not hold the shares until Monday, 12/5 when the share price will drop by the $0.45 next dividend payment.