BlackRock TCP Capital (NASDAQ:TCPC) Sets New 12-Month Low – Here’s What Happened

by · The Cerbat Gem

BlackRock TCP Capital Corp. (NASDAQ:TCPC – Get Free Report) shares reached a new 52-week low during mid-day trading on Friday . The company traded as low as $7.35 and last traded at $7.31, with a volume of 242517 shares trading hands. The stock had previously closed at $7.84.

Wall Street Analysts Forecast Growth

TCPC has been the subject of a number of recent research reports. Wells Fargo & Company dropped their price objective on shares of BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating for the company in a research note on Friday, February 28th. StockNews.com upgraded BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research report on Thursday, March 27th. Finally, Keefe, Bruyette & Woods cut their price target on BlackRock TCP Capital from $9.00 to $8.50 and set a “market perform” rating on the stock in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat, BlackRock TCP Capital has an average rating of “Hold” and a consensus price target of $8.67.

Get Our Latest Analysis on TCPC

BlackRock TCP Capital Price Performance

The company has a 50-day moving average price of $8.61 and a 200-day moving average price of $8.63. The firm has a market capitalization of $613.06 million, a P/E ratio of -14.43 and a beta of 1.55. The company has a debt-to-equity ratio of 1.34, a quick ratio of 39.37 and a current ratio of 39.37.

BlackRock TCP Capital Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 13.88%. BlackRock TCP Capital’s dividend payout ratio (DPR) is presently -133.33%.

Insider Activity at BlackRock TCP Capital

In other news, CEO Philip M. Tseng purchased 10,000 shares of BlackRock TCP Capital stock in a transaction dated Friday, March 21st. The shares were bought at an average cost of $7.74 per share, with a total value of $77,400.00. Following the completion of the transaction, the chief executive officer now directly owns 38,587 shares in the company, valued at $298,663.38. This trade represents a 34.98 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Patrick Wolfe acquired 6,100 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were acquired at an average cost of $8.12 per share, for a total transaction of $49,532.00. Following the purchase, the chief operating officer now directly owns 8,003 shares in the company, valued at $64,984.36. This trade represents a 320.55 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 18,500 shares of company stock worth $146,444. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackRock TCP Capital

Several large investors have recently made changes to their positions in TCPC. Avior Wealth Management LLC bought a new position in BlackRock TCP Capital during the 4th quarter worth about $38,000. McIlrath & Eck LLC bought a new position in shares of BlackRock TCP Capital during the third quarter worth about $46,000. Tower Research Capital LLC TRC raised its position in BlackRock TCP Capital by 177.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 5,488 shares of the investment management company’s stock valued at $48,000 after buying an additional 3,508 shares during the last quarter. Transce3nd LLC bought a new stake in BlackRock TCP Capital in the 4th quarter valued at approximately $70,000. Finally, Quantbot Technologies LP acquired a new position in BlackRock TCP Capital during the 3rd quarter worth approximately $79,000.

BlackRock TCP Capital Company Profile

(Get Free Report)

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals.

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