Confluence Investment Management LLC reduced its stake in BlackRock TCP Capital Corp. (NASDAQ:TCPC) by 11.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 410,752 shares of the investment management company’s stock after selling 55,051 shares during the quarter. Confluence Investment Management LLC owned approximately 0.71% of BlackRock TCP Capital worth $5,681,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC purchased a new position in BlackRock TCP Capital in the fourth quarter worth $46,000. Trexquant Investment LP purchased a new stake in shares of BlackRock TCP Capital during the 4th quarter valued at approximately $114,000. Comerica Bank bought a new position in BlackRock TCP Capital in the 4th quarter worth approximately $121,000. Montag A & Associates Inc. purchased a new position in shares of BlackRock TCP Capital in the fourth quarter valued at $124,000. Finally, Cove Street Capital LLC bought a new stake in shares of BlackRock TCP Capital during the fourth quarter valued at about $128,000. Institutional investors and hedge funds own 28.95% of the company’s stock.
TCPC traded up $0.04 during trading on Thursday, hitting $14.47. 3 shares of the company traded hands, compared to its average volume of 314,730. BlackRock TCP Capital Corp. has a 1 year low of $6.36 and a 1 year high of $15.07. The company has a current ratio of 5.73, a quick ratio of 5.73 and a debt-to-equity ratio of 1.27. The stock’s 50-day simple moving average is $13.60 and its two-hundred day simple moving average is $11.70. The company has a market cap of $835.89 million, a PE ratio of 35.20 and a beta of 1.65.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 31st. Shareholders of record on Wednesday, March 17th were given a $0.30 dividend. The ex-dividend date was Tuesday, March 16th. This represents a $1.20 annualized dividend and a yield of 8.29%. BlackRock TCP Capital’s dividend payout ratio (DPR) is 74.53%.
Several research firms have recently weighed in on TCPC. Raymond James upgraded shares of BlackRock TCP Capital from a “market perform” rating to an “outperform” rating and set a $14.00 price objective on the stock in a research report on Thursday, March 4th. Oppenheimer restated a “buy” rating and set a $14.00 price target on shares of BlackRock TCP Capital in a research report on Friday, February 26th. Zacks Investment Research downgraded shares of BlackRock TCP Capital from a “buy” rating to a “hold” rating in a research note on Tuesday, February 23rd. JMP Securities restated an “outperform” rating and set a $14.50 target price on shares of BlackRock TCP Capital in a report on Tuesday, March 9th. Finally, TheStreet raised BlackRock TCP Capital from a “c” rating to a “b” rating in a research report on Thursday, April 1st. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $13.20.
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 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.
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