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

BlackRock TCP Capital Corp. (NASDAQ:TCPC) shares 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 trading hands.

Wall Street Analyst Weigh In

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

BlackRock TCP Capital Stock Performance

The stock has a market capitalization of $728.38 million, a price-to-earnings ratio of 25.63 and a beta of 1.48. The stock’s 50 day moving average is $9.77 and its 200 day moving average is $10.28. The company has a current ratio of 44.47, a quick ratio of 44.47 and a debt-to-equity ratio of 1.51.

BlackRock TCP Capital (NASDAQ:TCPC) last released its quarterly earnings results on Wednesday, August 7th. The investment management company reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. BlackRock TCP Capital had a negative net margin of 20.11% and a positive return on equity of 14.42%. The company had revenue of $71.53 million for the quarter, compared to analysts’ expectations of $70.39 million. During the same period last year, the company earned $0.48 EPS. On average, analysts predict that BlackRock TCP Capital Corp. will post 1.68 earnings per share for the current year.

BlackRock TCP Capital Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.36 annualized dividend and a dividend yield of 15.98%. BlackRock TCP Capital’s dividend payout ratio is currently 388.57%.

Insiders Place Their Bets

In related news, CEO Rajneesh Vig bought 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average cost of $9.09 per share, with a total value of $227,250.00. Following the completion of the transaction, the chief executive officer now owns 130,930 shares of the company’s stock, valued at $1,190,153.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Rajneesh Vig bought 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average cost of $9.09 per share, with a total value of $227,250.00. Following the completion of the transaction, the chief executive officer now owns 130,930 shares of the company’s stock, valued at $1,190,153.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Philip M. Tseng bought 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 transaction, the director now directly owns 27,481 shares of the company’s stock, valued at approximately $250,077.10. The disclosure for this purchase can be found here. Insiders have bought 42,000 shares of company stock valued at $381,875 in the last ninety days. Insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TCPC. Barings LLC raised its holdings in 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 buying an additional 17,053,151 shares during the period. Van ECK Associates Corp raised its stake in shares of BlackRock TCP Capital by 58.5% during the first 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 period. Confluence Investment Management LLC purchased a new stake in shares of BlackRock TCP Capital during the first quarter valued at approximately $4,172,000. Condor Capital Management purchased a new stake in shares of BlackRock TCP Capital during the first quarter valued at approximately $3,887,000. Finally, Transcend Capital Advisors LLC raised its stake in shares of BlackRock TCP Capital by 61.5% during 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 purchasing an additional 297,393 shares during the period.

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.