UPDATE: National Securities Downgrades Triangle Capital to Neutral

National Securities published a research report on Triangle Capital Corporation

and downgraded the company from Buy to Neutral. In the report, National Securities wrote, "We believe that due to a high valuation (1.6x P/B) combined with an expected 8% dividend increase to $2.20 in 2013, stock may deliver a total return of 9% or less than our 10% BUY threshold. We may revisit our rating if Congress might allow for a higher leverage limit for business development companies (BDCs) which might significantly increase their returns on equity (ROEs)." National Securities maintained its $24.50 price target on Triangle Capital, which is currently trading down 1.98 percent from Friday's $25.30 closing price.