BlackRock TCP Capital Corp. (NASDAQ:TCPC – Get Free Report)’s share price hit a new 52-week low on Monday after Wells Fargo & Company lowered their price target on the stock from $10.00 to $8.50. Wells Fargo & Company currently has an equal weight rating on the stock. BlackRock TCP Capital traded as low as $8.71 and last traded at $8.73, with a volume of 510964 shares. The stock had previously closed at $9.01.
TCPC has been the subject of a number of other reports. Oppenheimer dropped their price target on BlackRock TCP Capital from $11.00 to $10.00 and set a “market perform” rating for the company in a report on Thursday, May 2nd. Keefe, Bruyette & Woods lowered their target price on BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating for the company in a research note on Thursday. StockNews.com cut BlackRock TCP Capital from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th. Finally, LADENBURG THALM/SH SH lowered shares of BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to data from MarketBeat, BlackRock TCP Capital presently has a consensus rating of “Hold” and a consensus target price of $9.17.
Hedge Funds Weigh In On BlackRock TCP Capital
Several large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings in BlackRock TCP Capital by 3.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 37,418 shares of the investment management company’s stock worth $432,000 after purchasing an additional 1,200 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its holdings in BlackRock TCP Capital by 2.7% in the first quarter. Nations Financial Group Inc. IA ADV now owns 54,010 shares of the investment management company’s stock valued at $563,000 after buying an additional 1,429 shares during the period. Spire Wealth Management boosted its stake in BlackRock TCP Capital by 15.6% in the fourth quarter. Spire Wealth Management now owns 12,851 shares of the investment management company’s stock valued at $149,000 after acquiring an additional 1,730 shares during the last quarter. Register Financial Advisors LLC acquired a new stake in BlackRock TCP Capital during the 1st quarter worth $26,000. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of BlackRock TCP Capital during the 1st quarter valued at $31,000.
BlackRock TCP Capital Stock Performance
The company has a current ratio of 19.05, a quick ratio of 19.05 and a debt-to-equity ratio of 1.37. The company has a market cap of $744.64 million, a price-to-earnings ratio of 24.86 and a beta of 1.49. The stock has a 50 day moving average price of $10.70 and a two-hundred day moving average price of $10.65.
BlackRock TCP Capital (NASDAQ:TCPC – Get Free Report) last released its earnings results on Wednesday, August 7th. The investment management company reported $0.42 earnings per share for the quarter, meeting the consensus estimate of $0.42. The firm had revenue of $71.53 million for the quarter, compared to analyst estimates of $70.39 million. BlackRock TCP Capital had a return on equity of 13.95% and a net margin of 9.69%. During the same quarter in the prior year, the firm posted $0.48 earnings per share. Analysts predict that BlackRock TCP Capital Corp. will post 1.71 EPS for the current year.
BlackRock TCP Capital Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 15.63%. The ex-dividend date of this dividend is Monday, September 16th. BlackRock TCP Capital’s payout ratio is 388.57%.
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.