Callodine Capital Management LP Takes $1.36 Million Position in Blackrock Tcp Capital Corp. $TCPC

Key Points

• Callodine Capital Management opened a new position in Blackrock TCP Capital, buying 377,726 shares worth about $1.36 million in the first quarter. The stake represented about 0.45% of the company.
• Blackrock TCP Capital reported better-than-expected quarterly results, with EPS of $0.21 versus estimates of $0.20 and revenue of $42.58 million versus $40.10 million expected.
• The stock remains under pressure despite a 21.5% dividend yield; it traded around $3.16, near its 52-week low, and analysts currently rate it a Strong Sell on average.

Callodine Capital Management LP bought a new position in Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 377,726 shares of the investment management company's stock, valued at approximately $1,364,000. Callodine Capital Management LP owned 0.45% of Blackrock Tcp Capital as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Next Capital Management LLC lifted its stake in Blackrock Tcp Capital by 11.7% in the 4th quarter. Next Capital Management LLC now owns 2,683,539 shares of the investment management company's stock worth $14,679,000 after acquiring an additional 282,123 shares in the last quarter. GatePass Capital LLC purchased a new position in Blackrock Tcp Capital during the 1st quarter valued at about $1,001,000. UBS Group AG increased its holdings in shares of Blackrock Tcp Capital by 8.9% in the 4th quarter. UBS Group AG now owns 1,571,451 shares of the investment management company's stock valued at $8,596,000 after purchasing an additional 128,687 shares during the period. Alpine Global Management LLC increased its holdings in shares of Blackrock Tcp Capital by 42.2% in the 4th quarter. Alpine Global Management LLC now owns 376,816 shares of the investment management company's stock valued at $2,061,000 after purchasing an additional 111,786 shares during the period. Finally, Barings LLC lifted its position in shares of Blackrock Tcp Capital by 12.6% in the fourth quarter. Barings LLC now owns 540,615 shares of the investment management company's stock worth $2,957,000 after purchasing an additional 60,293 shares in the last quarter.

Blackrock Tcp Capital Stock Up 1.0%

Shares of Blackrock Tcp Capital stock opened at $3.16 on Friday. The firm has a market cap of $265.12 million, a price-to-earnings ratio of -2.12 and a beta of 0.95. The stock has a 50-day simple moving average of $3.48 and a 200-day simple moving average of $4.12. Blackrock Tcp Capital Corp. has a 52-week low of $3.08 and a 52-week high of $7.67. The company has a debt-to-equity ratio of 1.64, a current ratio of 21.44 and a quick ratio of 21.44.

Blackrock Tcp Capital (NASDAQ:TCPC - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The investment management company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.01. The firm had revenue of $42.58 million for the quarter, compared to the consensus estimate of $40.10 million. Blackrock Tcp Capital had a positive return on equity of 14.30% and a negative net margin of 66.92%. On average, equities research analysts expect that Blackrock Tcp Capital Corp. will post 0.83 earnings per share for the current fiscal year.

Blackrock Tcp Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.17 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.68 annualized dividend and a dividend yield of 21.5%. Blackrock Tcp Capital's dividend payout ratio is -45.64%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Blackrock Tcp Capital in a research report on Tuesday, June 2nd. Wall Street Zen upgraded shares of Blackrock Tcp Capital from a "sell" rating to a "hold" rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Strong Sell" and an average price target of $3.50.

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.

Want to see what other hedge funds are holding TCPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.