Blackrock Tcp Capital (NASDAQ:TCPC) Sets New 12-Month Low - Here's What Happened

Key Points

• Blackrock Tcp Capital's stock reached a new 12-month low of $6.27, down from a previous close of $6.33, with a trading volume of 525,074 shares.
• Analysts have dropped ratings for Blackrock Tcp Capital, with Wall Street Zen changing its rating from "buy" to "hold" and Wells Fargo setting a reduced price target of $6.00.
• The company reported a quarterly loss with an EPS of $0.32, missing analysts' expectations, and announced a dividend of $0.25 per share, yielding 16.0% annually.

Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Get Free Report)'s stock price hit a new 52-week low on Tuesday . The stock traded as low as $6.27 and last traded at $6.27, with a volume of 525074 shares changing hands. The stock had previously closed at $6.33.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wall Street Zen downgraded shares of Blackrock Tcp Capital from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Wells Fargo & Company reiterated an "underweight" rating and issued a $6.00 price objective (down from $6.50) on shares of Blackrock Tcp Capital in a research report on Tuesday, August 12th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and an average target price of $6.75.

Blackrock Tcp Capital Stock Performance

The firm's 50-day moving average price is $7.18 and its two-hundred day moving average price is $7.38. The firm has a market capitalization of $530.65 million, a PE ratio of -36.71 and a beta of 1.04. The company has a quick ratio of 14.07, a current ratio of 14.06 and a debt-to-equity ratio of 1.59.

Blackrock Tcp Capital (NASDAQ:TCPC - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The investment management company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.02). The company had revenue of $51.47 million for the quarter, compared to analyst estimates of $56.16 million. Blackrock Tcp Capital had a positive return on equity of 15.12% and a negative net margin of 4.98%. As a group, research analysts predict that Blackrock Tcp Capital Corp. will post 1.65 earnings per share for the current fiscal year.

Blackrock Tcp Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 16.0%. The ex-dividend date is Tuesday, September 16th. Blackrock Tcp Capital's dividend payout ratio (DPR) is currently -588.24%.

Institutional Trading of Blackrock Tcp Capital

A number of institutional investors have recently added to or reduced their stakes in TCPC. Merit Financial Group LLC acquired a new stake in Blackrock Tcp Capital in the first quarter valued at approximately $111,000. Romano Brothers AND Company lifted its stake in Blackrock Tcp Capital by 522.7% in the first quarter. Romano Brothers AND Company now owns 87,645 shares of the investment management company's stock valued at $702,000 after acquiring an additional 73,570 shares during the last quarter. Curated Wealth Partners LLC lifted its stake in Blackrock Tcp Capital by 35.0% in the first quarter. Curated Wealth Partners LLC now owns 38,587 shares of the investment management company's stock valued at $309,000 after acquiring an additional 10,000 shares during the last quarter. GraniteShares Advisors LLC lifted its stake in shares of Blackrock Tcp Capital by 6.5% in the first quarter. GraniteShares Advisors LLC now owns 299,846 shares of the investment management company's stock worth $2,402,000 after buying an additional 18,170 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Blackrock Tcp Capital in the first quarter worth $83,000.

About Blackrock Tcp Capital

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.