BlackRock TCP Capital (NASDAQ:TCPC) Hits New 12-Month Low – Here’s What Happened

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TCPC shares. Wells Fargo & Company decreased their target price 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. StockNews.com raised BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods decreased their target price on BlackRock TCP Capital from $9.00 to $8.50 and set a “market perform” rating for the company in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $8.67.

BlackRock TCP Capital Trading Down 0.9 %

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

Insider Activity at BlackRock TCP Capital

In other BlackRock TCP Capital news, COO Patrick Wolfe bought 6,100 shares of the business’s stock in a transaction on Friday, March 14th. The shares were bought at an average cost of $8.12 per share, with a total value of $49,532.00. Following the transaction, the chief operating officer now directly owns 8,003 shares in the company, valued at approximately $64,984.36. This trade represents a 320.55 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On BlackRock TCP Capital

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Avior Wealth Management LLC bought a new position in BlackRock TCP Capital during the fourth quarter worth $38,000. Tower Research Capital LLC TRC boosted its stake in BlackRock TCP Capital by 177.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,488 shares of the investment management company’s stock valued at $48,000 after acquiring an additional 3,508 shares during the period. McIlrath & Eck LLC bought a new position in shares of BlackRock TCP Capital during the third quarter valued at approximately $46,000. Transce3nd LLC bought a new stake in shares of BlackRock TCP Capital in the 4th quarter worth approximately $70,000. Finally, Quantbot Technologies LP acquired a new position in BlackRock TCP Capital during the 3rd quarter valued at approximately $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.