BlackRock TCP Capital (NASDAQ:TCPC) Lowered to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of BlackRock TCP Capital (NASDAQ:TCPC) from a hold rating to a sell rating in a research note released on Friday.

A number of other research analysts have also weighed in on TCPC. Wells Fargo & Company reduced their price objective on BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating for the company in a research report on Friday, February 28th. Keefe, Bruyette & Woods lowered their price target on BlackRock TCP Capital from $9.00 to $8.50 and set a “market perform” rating for the company in a research report on Friday, February 28th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $8.67.

BlackRock TCP Capital Price Performance

Shares of TCPC opened at $7.08 on Friday. BlackRock TCP Capital has a fifty-two week low of $7.07 and a fifty-two week high of $11.52. The firm’s 50-day simple moving average is $8.56 and its two-hundred day simple moving average is $8.62. The stock has a market cap of $602.35 million, a PE ratio of -14.16 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 firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 14.12%. The ex-dividend date was Monday, March 17th. BlackRock TCP Capital’s payout ratio is currently -133.33%.

Insider Buying and Selling

In related news, COO Patrick Wolfe acquired 6,100 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were bought at an average price of $8.12 per share, for a total transaction of $49,532.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Philip M. Tseng bought 10,000 shares of the business’s stock in a transaction on Friday, March 21st. The stock was bought at an average cost of $7.74 per share, with a total value of $77,400.00. Following the transaction, the chief executive officer now owns 38,587 shares in the company, valued at $298,663.38. This trade represents a 34.98 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 18,500 shares of company stock worth $146,444. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackRock TCP Capital

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