458,399 Shares in Blackrock Tcp Capital Corp. $TCPC Bought by BlackRock Inc.

Key Points

• BlackRock Inc. acquired 458,399 TCPC shares worth approximately $1.54 million, representing a 0.55% stake at the end of the second quarter. Several other institutional investors also initiated positions.
• TCPC reported quarterly earnings of $0.22 per share, exceeding estimates of $0.20, while revenue of $40.02 million topped expectations. The company declared a quarterly dividend of $0.17 per share, implying a 16.7% annualized yield.
• Analyst sentiment remains cautious: TCPC has a consensus “Reduce” rating and an average price target of $3.75, below its reported opening price of $4.07.

BlackRock Inc. bought a new position in shares of Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 458,399 shares of the investment management company's stock, valued at approximately $1,540,000. BlackRock Inc. owned 0.55% of Blackrock Tcp Capital at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TCPC. IMC Chicago LLC purchased a new stake in Blackrock Tcp Capital in the 2nd quarter valued at approximately $45,000. CIBC Bancorp USA Inc. purchased a new stake in Blackrock Tcp Capital in the third quarter valued at approximately $65,000. Cerity Partners LLC purchased a new stake in shares of Blackrock Tcp Capital during the 4th quarter valued at $70,000. Millennium Management LLC purchased a new position in shares of Blackrock Tcp Capital in the 4th quarter worth $73,000. Finally, Boothbay Fund Management LLC acquired a new stake in Blackrock Tcp Capital during the fourth quarter worth about $75,000.

Blackrock Tcp Capital Stock Performance

Shares of TCPC stock opened at $4.07 on Monday. Blackrock Tcp Capital Corp. has a 52 week low of $3.08 and a 52 week high of $7.28. The company has a market cap of $341.47 million, a P/E ratio of -3.18 and a beta of 0.98. The company has a quick ratio of 33.70, a current ratio of 33.70 and a debt-to-equity ratio of 1.65. The business has a 50 day moving average of $3.63 and a two-hundred day moving average of $3.80.

Blackrock Tcp Capital (NASDAQ:TCPC - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The investment management company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. The business had revenue of $40.02 million for the quarter, compared to analysts' expectations of $38.36 million. Blackrock Tcp Capital had a negative net margin of 61.27% and a positive return on equity of 13.85%. As a group, analysts anticipate that Blackrock Tcp Capital Corp. will post 0.68 EPS for the current year.

Blackrock Tcp Capital Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 16.7%. The ex-dividend date is Wednesday, September 16th. Blackrock Tcp Capital's payout ratio is -53.12%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of Blackrock Tcp Capital from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. Keefe, Bruyette & Woods upgraded shares of Blackrock Tcp Capital from an "underperform" rating to a "market perform" rating and boosted their price objective for the stock from $3.50 to $4.00 in a report on Friday, August 7th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Blackrock Tcp Capital in a research report on Friday, August 28th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Blackrock Tcp Capital presently has a consensus rating of "Reduce" and an average price target of $3.75.

Blackrock Tcp Capital Company Profile

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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