BlackRock TCP Capital (NASDAQ:TCPC) Hits New 12-Month Low at $8.43

BlackRock TCP Capital Corp. (NASDAQ:TCPC) shares hit a new 52-week low on Tuesday . The company traded as low as $8.43 and last traded at $8.49, with a volume of 127684 shares changing hands. The stock had previously closed at $8.67.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. 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. Wells Fargo & Company lowered BlackRock TCP Capital from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $8.50 to $8.00 in a research note on Monday, August 26th. StockNews.com lowered shares of BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating on the stock in a research note on Thursday, August 8th. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Based on data from MarketBeat.com, BlackRock TCP Capital presently has a consensus rating of “Hold” and an average price target of $9.00.

BlackRock TCP Capital Stock Performance

The stock has a fifty day moving average of $9.73 and a 200-day moving average of $10.27. The company has a quick ratio of 44.47, a current ratio of 44.47 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $732.66 million, a PE ratio of 24.34 and a beta of 1.48.

BlackRock TCP Capital (NASDAQ:TCPC) last announced its quarterly earnings results on Wednesday, August 7th. The investment management company reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. BlackRock TCP Capital had a negative net margin of 20.11% and a positive return on equity of 14.42%. The firm had revenue of $71.53 million during the quarter, compared to analysts’ expectations of $70.39 million. During the same period in the previous year, the company earned $0.48 earnings per share. Equities analysts anticipate that BlackRock TCP Capital Corp. will post 1.68 earnings per share for the current fiscal year.

BlackRock TCP Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.34 per share. The ex-dividend date is Monday, September 16th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 15.89%. BlackRock TCP Capital’s dividend payout ratio (DPR) is presently 388.57%.

Insider Buying and Selling at BlackRock TCP Capital

In related news, Director Philip M. Tseng purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were bought at an average price of $9.10 per share, for a total transaction of $91,000.00. Following the acquisition, the director now directly owns 27,481 shares in the company, valued at $250,077.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Philip M. Tseng purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were acquired at an average cost of $9.10 per share, with a total value of $91,000.00. Following the transaction, the director now owns 27,481 shares in the company, valued at approximately $250,077.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Rajneesh Vig bought 25,000 shares of BlackRock TCP Capital stock in a transaction on Thursday, August 29th. The shares were purchased at an average cost of $9.09 per share, with a total value of $227,250.00. Following the completion of the purchase, the chief executive officer now directly owns 130,930 shares in the company, valued at $1,190,153.70. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 42,000 shares of company stock valued at $381,875. Insiders own 0.16% of the company’s stock.

Institutional Trading of BlackRock TCP Capital

Several hedge funds and other institutional investors have recently modified their holdings of TCPC. Barings LLC increased its holdings in BlackRock TCP Capital by 3,878.9% in the 2nd quarter. Barings LLC now owns 17,492,789 shares of the investment management company’s stock valued at $188,922,000 after buying an additional 17,053,151 shares during the period. Van ECK Associates Corp boosted its stake in shares of BlackRock TCP Capital by 58.5% in the 1st quarter. Van ECK Associates Corp now owns 1,678,661 shares of the investment management company’s stock valued at $17,508,000 after purchasing an additional 619,519 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in BlackRock TCP Capital during the 1st quarter worth $4,172,000. Condor Capital Management bought a new stake in BlackRock TCP Capital in the first quarter valued at about $3,887,000. Finally, Transcend Capital Advisors LLC raised its position in shares of BlackRock TCP Capital by 61.5% in the 2nd quarter. Transcend Capital Advisors LLC now owns 780,960 shares of the investment management company’s stock valued at $8,434,000 after acquiring an additional 297,393 shares during the period.

About BlackRock TCP Capital

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.