BlackRock TCP Capital (NASDAQ:TCPC) Price Target Raised to $8.00 at Wells Fargo & Company

by · The Markets Daily

BlackRock TCP Capital (NASDAQ:TCPC – Free Report) had its price objective upped by Wells Fargo & Company from $7.50 to $8.00 in a research report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the investment management company’s stock.

Several other research firms have also recently commented on TCPC. StockNews.com cut BlackRock TCP Capital from a “hold” rating to a “sell” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods dropped their target price on BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating for the company in a report on Thursday, August 8th. Finally, LADENBURG THALM/SH SH cut shares of BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $9.00.

Read Our Latest Stock Report on BlackRock TCP Capital

BlackRock TCP Capital Trading Down 0.6 %

Shares of NASDAQ:TCPC traded down $0.05 during midday trading on Thursday, reaching $8.66. The company had a trading volume of 510,300 shares, compared to its average volume of 500,841. The company has a fifty day simple moving average of $8.44 and a two-hundred day simple moving average of $9.74. The firm has a market cap of $741.22 million, a price-to-earnings ratio of -17.62 and a beta of 1.47. BlackRock TCP Capital has a 1-year low of $7.71 and a 1-year high of $12.43. The company has a debt-to-equity ratio of 1.51, a quick ratio of 44.47 and a current ratio of 44.47.

BlackRock TCP Capital (NASDAQ:TCPC – Get Free Report) last released its earnings results on Wednesday, November 6th. The investment management company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.04). BlackRock TCP Capital had a negative net margin of 15.22% and a positive return on equity of 14.28%. The business had revenue of $70.93 million for the quarter, compared to analysts’ expectations of $69.13 million. During the same period last year, the firm earned $0.49 EPS. Research analysts predict that BlackRock TCP Capital will post 1.66 earnings per share for the current year.

BlackRock TCP Capital Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.44 dividend. This is a positive change from BlackRock TCP Capital’s previous quarterly dividend of $0.34. This represents a $1.76 annualized dividend and a dividend yield of 20.32%. The ex-dividend date of this dividend is Tuesday, December 17th. BlackRock TCP Capital’s dividend payout ratio (DPR) is currently -272.00%.

Insider Buying and Selling at BlackRock TCP Capital

In other news, Director Philip M. Tseng acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was purchased at an average price of $9.10 per share, for a total transaction of $91,000.00. Following the completion of the acquisition, the director now owns 27,481 shares in the company, valued at $250,077.10. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Rajneesh Vig bought 25,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were purchased at an average price of $9.09 per share, for a total transaction of $227,250.00. Following the purchase, the chief executive officer now owns 130,930 shares of the company’s stock, valued at approximately $1,190,153.70. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Philip M. Tseng acquired 10,000 shares of the stock in a transaction dated Tuesday, September 10th. The stock was acquired at an average price of $9.10 per share, for a total transaction of $91,000.00. Following the completion of the acquisition, the director now directly owns 27,481 shares of the company’s stock, valued at $250,077.10. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 42,000 shares of company stock valued at $381,875. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackRock TCP Capital

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TCPC. Barings LLC raised its holdings in BlackRock TCP Capital by 3,878.9% during the second quarter. Barings LLC now owns 17,492,789 shares of the investment management company’s stock worth $188,922,000 after acquiring an additional 17,053,151 shares in the last quarter. Cetera Advisors LLC bought a new stake in BlackRock TCP Capital during the first quarter worth $185,000. LSV Asset Management grew its position in shares of BlackRock TCP Capital by 1.1% in the 1st quarter. LSV Asset Management now owns 281,447 shares of the investment management company’s stock valued at $2,935,000 after acquiring an additional 3,147 shares during the period. Atomi Financial Group Inc. bought a new position in shares of BlackRock TCP Capital in the 1st quarter valued at about $134,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of BlackRock TCP Capital by 40.9% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 218,881 shares of the investment management company’s stock worth $2,364,000 after purchasing an additional 63,509 shares during the last quarter.

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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