BlackRock TCP Capital (NASDAQ:TCPC) Reaches New 1-Year Low – Here’s Why

Shares of BlackRock TCP Capital Corp. (NASDAQ:TCPC) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $7.71 and last traded at $7.81, with a volume of 100671 shares changing hands. The stock had previously closed at $7.74.

Analyst Ratings Changes

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

BlackRock TCP Capital Trading Down 0.9 %

The company has a market capitalization of $658.50 million, a P/E ratio of -15.48 and a beta of 1.55. The company has a 50-day simple moving average of $8.81 and a 200 day simple moving average of $8.72. 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 announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 12.92%. The ex-dividend date is Monday, March 17th. BlackRock TCP Capital’s dividend payout ratio (DPR) is currently -133.33%.

Insiders Place Their Bets

In other news, COO Patrick Wolfe acquired 6,100 shares of BlackRock TCP Capital stock in a transaction on Friday, March 14th. The stock was bought at an average price of $8.12 per share, for a total transaction of $49,532.00. Following the transaction, the chief operating officer now owns 8,003 shares of the company’s stock, valued at $64,984.36. The trade was a 320.55 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in TCPC. Avior Wealth Management LLC bought a new stake in shares of BlackRock TCP Capital in the 4th quarter valued at approximately $38,000. McIlrath & Eck LLC acquired a new stake in BlackRock TCP Capital in the 3rd quarter valued at $46,000. Tower Research Capital LLC TRC grew its holdings in shares of 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 worth $48,000 after purchasing an additional 3,508 shares during the last quarter. Transce3nd LLC acquired a new stake in shares of BlackRock TCP Capital during the fourth quarter worth approximately $70,000. Finally, Quantbot Technologies LP acquired a new stake in BlackRock TCP Capital during the 3rd quarter valued at $79,000.

BlackRock TCP Capital Company Profile

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.