BlackRock TCP Capital (TCPC) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of BlackRock TCP Capital (NASDAQ:TCPC) from a buy rating to a hold rating in a research note published on Thursday morning.

According to Zacks, “BlackRock TCP Capital Corp. is an externally-managed non-diversified closed-end management investment company. It focused on middle-market lending. BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., is headquartered in Santa Monica, CA. “

A number of other research analysts have also issued reports on TCPC. BidaskClub upgraded BlackRock TCP Capital from a sell rating to a hold rating in a research report on Thursday. National Securities reiterated a buy rating and set a $19.00 price target on shares of BlackRock TCP Capital in a research report on Monday, November 12th. Keefe, Bruyette & Woods reiterated a buy rating and set a $17.00 price target on shares of BlackRock TCP Capital in a research report on Wednesday, August 8th. JMP Securities reduced their price target on BlackRock TCP Capital from $17.00 to $16.50 and set a market outperform rating for the company in a research report on Tuesday, August 28th. Finally, Wells Fargo & Co reduced their price target on BlackRock TCP Capital from $17.00 to $16.00 and set an outperform rating for the company in a research report on Thursday, October 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. BlackRock TCP Capital has an average rating of Buy and an average price target of $16.90.

NASDAQ:TCPC opened at $14.27 on Thursday. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.90. BlackRock TCP Capital has a 12-month low of $13.71 and a 12-month high of $16.25. The company has a market cap of $834.22 million, a P/E ratio of 7.17, a P/E/G ratio of 1.78 and a beta of 0.70.

BlackRock TCP Capital (NASDAQ:TCPC) last announced its quarterly earnings results on Thursday, November 8th. The investment management company reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. BlackRock TCP Capital had a return on equity of 11.56% and a net margin of 31.79%. The company had revenue of $49.48 million during the quarter, compared to analyst estimates of $48.06 million. Equities analysts expect that BlackRock TCP Capital will post 1.6 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 10.09%. The ex-dividend date is Friday, December 14th. BlackRock TCP Capital’s dividend payout ratio is presently 72.36%.

In related news, CFO Paul L. Davis bought 4,000 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were bought at an average cost of $13.89 per share, with a total value of $55,560.00. Following the completion of the transaction, the chief financial officer now directly owns 11,000 shares of the company’s stock, valued at $152,790. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Rajneesh Vig bought 7,000 shares of the business’s stock in a transaction dated Friday, November 16th. The shares were bought at an average cost of $13.92 per share, for a total transaction of $97,440.00. Following the completion of the transaction, the chief operating officer now directly owns 39,750 shares of the company’s stock, valued at $553,320. The disclosure for this purchase can be found here. Insiders bought a total of 16,725 shares of company stock worth $232,484 in the last three months. Company insiders own 0.55% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. GSA Capital Partners LLP raised its position in shares of BlackRock TCP Capital by 70.2% during the second quarter. GSA Capital Partners LLP now owns 153,386 shares of the investment management company’s stock worth $2,216,000 after purchasing an additional 63,286 shares during the period. BlueMountain Capital Management LLC raised its position in shares of BlackRock TCP Capital by 38.0% during the second quarter. BlueMountain Capital Management LLC now owns 45,258 shares of the investment management company’s stock worth $654,000 after purchasing an additional 12,453 shares during the period. State Treasurer State of Michigan acquired a new stake in shares of BlackRock TCP Capital during the third quarter worth $342,000. Cliffwater LLC raised its position in shares of BlackRock TCP Capital by 75.0% during the third quarter. Cliffwater LLC now owns 504,651 shares of the investment management company’s stock worth $7,181,000 after purchasing an additional 216,256 shares during the period. Finally, Financial Counselors Inc. acquired a new stake in shares of BlackRock TCP Capital during the second quarter worth $201,000. 45.71% of the stock is currently owned by institutional investors.

About BlackRock TCP Capital

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It seeks to invest in the United States.

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