BlackRock TCP Capital (NASDAQ:TCPC) Shares Gap Down to $8.97

BlackRock TCP Capital Corp. (NASDAQ:TCPC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $8.97, but opened at $8.70. BlackRock TCP Capital shares last traded at $8.69, with a volume of 197,228 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. LADENBURG THALM/SH SH downgraded shares of BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, August 8th. 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 report on Thursday, August 8th. Wells Fargo & Company downgraded BlackRock TCP Capital from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $8.50 to $8.00 in a research report on Monday, August 26th. Finally, StockNews.com lowered shares of BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research report on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. Based on data from MarketBeat, BlackRock TCP Capital presently has a consensus rating of “Hold” and an average target price of $9.00.

BlackRock TCP Capital Trading Down 0.2 %

The company has a current ratio of 44.47, a quick ratio of 44.47 and a debt-to-equity ratio of 1.51. The firm has a market cap of $725.81 million, a price-to-earnings ratio of 24.31 and a beta of 1.48. The company has a fifty day moving average price of $9.68 and a 200-day moving average price of $10.25.

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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. BlackRock TCP Capital had a positive return on equity of 14.42% and a negative net margin of 20.11%. The company had revenue of $71.53 million during the quarter, compared to the consensus estimate of $70.39 million. During the same period in the previous year, the company posted $0.48 earnings per share. As a group, research analysts expect that BlackRock TCP Capital Corp. will post 1.68 EPS for the current year.

BlackRock TCP Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a $0.34 dividend. The ex-dividend date is Monday, September 16th. This represents a $1.36 annualized dividend and a dividend yield of 16.04%. BlackRock TCP Capital’s dividend payout ratio is presently 388.57%.

Insider Buying and Selling

In other BlackRock TCP Capital news, Director Philip M. Tseng acquired 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were bought at an average cost of $9.10 per share, with a total value 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. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Philip M. Tseng purchased 5,000 shares of BlackRock TCP Capital stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $9.07 per share, for a total transaction of $45,350.00. Following the transaction, the director now directly owns 17,481 shares in the company, valued at $158,552.67. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Philip M. Tseng purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was bought at an average cost of $9.10 per share, for a total transaction of $91,000.00. Following the completion of the purchase, the director now directly owns 27,481 shares in the company, valued at approximately $250,077.10. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 42,000 shares of company stock valued at $381,875. 0.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On BlackRock TCP Capital

Several large investors have recently bought and sold shares of TCPC. Barings LLC lifted its position in shares of BlackRock TCP Capital by 3,878.9% in the second quarter. Barings LLC now owns 17,492,789 shares of the investment management company’s stock valued at $188,922,000 after acquiring an additional 17,053,151 shares in the last quarter. Van ECK Associates Corp lifted its holdings in 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 in 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 purchased a new stake in shares of BlackRock TCP Capital during the first quarter worth $3,887,000. Finally, Transcend Capital Advisors LLC raised its position in shares of BlackRock TCP Capital by 61.5% in the second quarter. Transcend Capital Advisors LLC now owns 780,960 shares of the investment management company’s stock valued at $8,434,000 after buying an additional 297,393 shares during the last quarter.

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.