Busy year for investments at Triangle Capital; stock gains 2.7%

|About: Triangle Capital (TCAP)|By:, SA News Editor

"We have found that our patience has been rewarded," says Triangle Capital (TCAP +2.7%) CFO Steven Lilly on the earnings call (transcript).

Triangle chose not to play in 2013's frothy conditions, leading to a decline in the investment portfolio (but realized gains on sales). 2014 has shifted back to healthier activity though, he says, and the company has taken advantage of good opportunities at attractive prices.

The management team, he adds, is becoming increasingly convinced 2014 could end up being one of the company's most active years in terms of new investments.

Raymond James upgrades the stock to Outperform with $30 price target following the quarter.

Previously: Triangle Capital expects to boost distribution by nearly 10%