Blackrock Tcp Capital (NASDAQ:TCPC) Rating Increased to Market Perform at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods upgraded BlackRock TCP Capital from “underperform” to “market perform.” Despite the upgrade, analyst sentiment remains cautious, with an average “Reduce” rating and a $3.50 target price.
• TCPC shares rose $0.15 to $4.05, but remain well below their 52-week high of $7.28. The company reported quarterly EPS of $0.22, beating estimates of $0.20, while revenue of $40.02 million also exceeded expectations.
• Several institutional investors recently initiated or increased positions, including Invesco, North Ground Capital, Next Capital Management and Marshall Wace.

Blackrock Tcp Capital (NASDAQ:TCPC - Get Free Report) was upgraded by equities researchers at Keefe, Bruyette & Woods from an "underperform" rating to a "market perform" rating in a note issued to investors on Friday, MarketBeat Ratings reports.

Several other brokerages have also issued reports on TCPC. Wall Street Zen raised Blackrock Tcp Capital from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Weiss Ratings restated a "sell (d)" rating on shares of Blackrock Tcp Capital in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Blackrock Tcp Capital currently has an average rating of "Reduce" and an average target price of $3.50.

Blackrock Tcp Capital Price Performance

TCPC traded up $0.15 on Friday, reaching $4.05. The company had a trading volume of 1,189,893 shares, compared to its average volume of 1,013,899. Blackrock Tcp Capital has a 52-week low of $3.08 and a 52-week high of $7.28. The company has a market cap of $340.23 million, a price-to-earnings ratio of -2.72 and a beta of 0.94. The company has a debt-to-equity ratio of 1.64, a quick ratio of 21.44 and a current ratio of 21.44. The business has a 50 day simple moving average of $3.41 and a 200 day simple moving average of $3.97.

Blackrock Tcp Capital (NASDAQ:TCPC - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The investment management company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. Blackrock Tcp Capital had a negative net margin of 66.92% and a positive return on equity of 14.30%. The firm had revenue of $40.02 million for the quarter, compared to analyst estimates of $38.36 million. As a group, sell-side analysts anticipate that Blackrock Tcp Capital will post 0.83 EPS for the current year.

Institutional Investors Weigh In On Blackrock Tcp Capital

A number of hedge funds have recently added to or reduced their stakes in the stock. Next Capital Management LLC bought a new stake in Blackrock Tcp Capital in the 2nd quarter valued at $10,518,000. Marshall Wace LLP purchased a new position in shares of Blackrock Tcp Capital during the second quarter valued at about $4,045,000. Invesco Ltd. increased its holdings in shares of Blackrock Tcp Capital by 36.8% in the third quarter. Invesco Ltd. now owns 1,947,348 shares of the investment management company's stock worth $12,074,000 after purchasing an additional 524,139 shares during the last quarter. Callodine Capital Management LP purchased a new stake in shares of Blackrock Tcp Capital in the first quarter worth about $1,364,000. Finally, North Ground Capital boosted its stake in Blackrock Tcp Capital by 57.6% during the fourth quarter. North Ground Capital now owns 787,946 shares of the investment management company's stock valued at $4,310,000 after buying an additional 287,946 shares during the last quarter.

About Blackrock Tcp Capital

BlackRock TCP Capital Corp is a publicly traded business development company (BDC) listed on the NASDAQ under the ticker TCPC. Externally managed by BlackRock, the firm provides customized financing solutions to U.S. middle-market companies, with a focus on sponsor-backed transactions. Its core strategy centers on delivering current income and capital appreciation through a diversified portfolio of debt and equity investments across a variety of sectors, including consumer products, healthcare, business services and industrials.

Since its initial public offering in 2013, BlackRock TCP Capital has partnered with private equity sponsors to underwrite and structure senior secured first-lien loans, second-lien loans, mezzanine debt and select equity co-investments.

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