Bank of America Corp DE Grows Position in Blackrock Tcp Capital Corp. $TCPC

Key Points

• Bank of America increased its TCPC position by 230.1% in the second quarter, acquiring 277,993 additional shares for a total holding of 398,785 shares valued at approximately $1.34 million.
• Several institutional investors also established or expanded positions, including Next Capital Management, which purchased a stake worth about $10.5 million.
• TCPC reported quarterly EPS of $0.22, exceeding estimates of $0.20, and paid a quarterly dividend of $0.17 per share, equivalent to a 16.9% annualized yield. Analysts maintain a consensus “Reduce” rating with a $4.00 price target.

Bank of America Corp DE lifted its position in Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Free Report) by 230.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 398,785 shares of the investment management company's stock after purchasing an additional 277,993 shares during the quarter. Bank of America Corp DE owned 0.48% of Blackrock Tcp Capital worth $1,340,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Legal & General Group Plc acquired a new stake in shares of Blackrock Tcp Capital during the 2nd quarter valued at about $2,245,000. Van Hulzen Asset Management LLC bought a new stake in Blackrock Tcp Capital in the second quarter valued at about $160,000. BlackRock Inc. acquired a new position in Blackrock Tcp Capital in the second quarter worth about $1,540,000. IMC Chicago LLC acquired a new position in Blackrock Tcp Capital in the second quarter worth about $45,000. Finally, Next Capital Management LLC bought a new position in Blackrock Tcp Capital during the second quarter worth about $10,518,000.

Blackrock Tcp Capital Stock Performance

NASDAQ:TCPC opened at $4.03 on Friday. The stock has a market capitalization of $338.12 million, a P/E ratio of -3.15 and a beta of 0.99. The company has a current ratio of 33.70, a quick ratio of 33.70 and a debt-to-equity ratio of 1.65. Blackrock Tcp Capital Corp. has a 1 year low of $3.08 and a 1 year high of $6.25. The firm has a 50 day moving average of $3.91 and a 200-day moving average of $3.78.

Blackrock Tcp Capital (NASDAQ:TCPC - Get Free Report) last released 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 positive return on equity of 13.85% and a negative net margin of 61.27%.The business 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 Corp. will post 0.68 EPS for the current fiscal year.

Blackrock Tcp Capital Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 16.9%. The ex-dividend date was Wednesday, September 16th. Blackrock Tcp Capital's dividend payout ratio is presently -53.12%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TCPC. Wells Fargo & Company raised Blackrock Tcp Capital from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $3.50 to $4.00 in a report on Tuesday. Weiss Ratings restated a "sell (d)" rating on shares of Blackrock Tcp Capital in a research report on Friday, August 28th. Finally, Keefe, Bruyette & Woods raised Blackrock Tcp Capital from an "underperform" rating to a "market perform" rating and boosted their price target for the company from $3.50 to $4.00 in a research note on Friday, August 7th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus target price of $4.00.

Blackrock Tcp Capital Profile

BlackRock TCP Capital Corp. NASDAQ: TCPC is a business development company that provides financing to middle-market companies, primarily in the United States. The company seeks to generate current income and, to a lesser extent, capital appreciation by investing in privately negotiated debt and equity securities.

Its investment portfolio is focused largely on senior secured loans and other forms of secured and unsecured debt, along with select equity investments. BlackRock TCP Capital works with companies across a range of industries and typically supports businesses that may require financing for acquisitions, recapitalizations, growth initiatives, refinancings, or other corporate purposes.

The company was established as TCP Capital Corp.

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