Zacks Investment Research upgraded shares of BlackRock TCP Capital (NASDAQ:TCPC) from a hold rating to a buy rating in a report issued on Thursday. The brokerage currently has $15.00 price objective on the investment management company’s stock.
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. “
Several other brokerages have also issued reports on TCPC. ValuEngine raised BlackRock TCP Capital from a sell rating to a hold rating in a research note on Wednesday, December 5th. National Securities reaffirmed a buy rating and set a $19.00 price target on shares of BlackRock TCP Capital in a research note on Monday, November 12th. BidaskClub downgraded BlackRock TCP Capital from a hold rating to a sell rating in a report on Saturday, December 1st. Finally, Wells Fargo & Co dropped their price objective on BlackRock TCP Capital from $17.00 to $16.00 and set an outperform rating for the company in a report on Thursday, October 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $16.70.
Shares of TCPC opened at $13.96 on Thursday. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.90. BlackRock TCP Capital has a 12-month low of $12.52 and a 12-month high of $15.55. The firm has a market cap of $812.85 million, a PE ratio of 7.02, a PEG ratio of 1.69 and a beta of 0.71.
BlackRock TCP Capital (NASDAQ:TCPC) last issued its quarterly earnings results on Thursday, November 8th. The investment management company reported $0.42 earnings per share (EPS) for the quarter, beating the 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 business had revenue of $49.48 million for the quarter, compared to analyst estimates of $48.06 million. Research analysts anticipate that BlackRock TCP Capital will post 1.6 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 31st. Investors of record on Monday, December 17th were issued a $0.36 dividend. The ex-dividend date was Friday, December 14th. This represents a $1.44 dividend on an annualized basis and a yield of 10.32%. BlackRock TCP Capital’s dividend payout ratio is presently 72.36%.
In related news, insider Rajneesh Vig acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, December 21st. The stock was acquired at an average price of $12.92 per share, for a total transaction of $129,200.00. Following the completion of the acquisition, the insider now owns 49,750 shares of the company’s stock, valued at approximately $642,770. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kathleen A. Corbet acquired 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 30th. The stock was bought at an average price of $14.36 per share, with a total value of $43,080.00. Following the acquisition, the director now directly owns 9,000 shares of the company’s stock, valued at approximately $129,240. The disclosure for this purchase can be found here. Insiders purchased 40,725 shares of company stock valued at $549,244 in the last quarter. 11.40% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. First Republic Investment Management Inc. bought a new stake in shares of BlackRock TCP Capital in the second quarter worth about $145,000. Stock Yards Bank & Trust Co. bought a new stake in shares of BlackRock TCP Capital in the third quarter worth about $170,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of BlackRock TCP Capital in the third quarter worth about $264,000. Caxton Associates LP bought a new stake in shares of BlackRock TCP Capital in the third quarter worth about $265,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of BlackRock TCP Capital in the second quarter worth about $290,000. Institutional investors own 45.58% of the company’s stock.
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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