Legal & General Group Plc Takes $2.25 Million Position in Blackrock Tcp Capital Corp. $TCPC

Key Points

• Legal & General Group Plc acquired 669,081 shares of BlackRock TCP Capital, valued at approximately $2.25 million, representing a 0.80% stake.
• TCPC beat quarterly earnings expectations, reporting $0.22 in EPS versus the $0.20 consensus and revenue of $40.02 million against estimates of $38.36 million.
• The company declared a quarterly dividend of $0.17, equivalent to $0.68 annually and a 16.7% yield, while analysts maintain a generally negative outlook with an average “Reduce” rating and a $3.75 price target.

Legal & General Group Plc bought a new stake in Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 669,081 shares of the investment management company's stock, valued at approximately $2,245,000. Legal & General Group Plc owned 0.80% of Blackrock Tcp Capital as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. IMC Chicago LLC bought a new stake in shares of Blackrock Tcp Capital during the 2nd quarter valued at about $45,000. CIBC Bancorp USA Inc. acquired a new position in Blackrock Tcp Capital in the third quarter valued at approximately $65,000. Cerity Partners LLC bought a new position in shares of Blackrock Tcp Capital during the 4th quarter worth approximately $70,000. Millennium Management LLC bought a new position in shares of Blackrock Tcp Capital during the 4th quarter worth approximately $73,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Blackrock Tcp Capital during the 4th quarter worth approximately $75,000.

Blackrock Tcp Capital Price Performance

Blackrock Tcp Capital stock opened at $4.07 on Friday. The business's 50 day simple moving average is $3.63 and its 200 day simple moving average is $3.81. Blackrock Tcp Capital Corp. has a 12 month low of $3.08 and a 12 month high of $7.28. The company has a market cap of $341.49 million, a price-to-earnings ratio of -3.18 and a beta of 0.98. 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 (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, beating 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 firm had revenue of $40.02 million for the quarter, compared to analysts' expectations of $38.36 million. Sell-side analysts forecast that Blackrock Tcp Capital Corp. will post 0.68 EPS for the current year.

Blackrock Tcp Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a $0.17 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.68 annualized dividend and a dividend yield of 16.7%. Blackrock Tcp Capital's payout ratio is -53.13%.

Analyst Upgrades and Downgrades

TCPC has been the topic of several research analyst reports. Weiss Ratings reissued a "sell (d)" rating on shares of Blackrock Tcp Capital in a research note on Friday, August 28th. Wall Street Zen upgraded Blackrock Tcp Capital from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Finally, Keefe, Bruyette & Woods upgraded shares of Blackrock Tcp Capital from an "underperform" rating to a "market perform" rating and upped their price objective for the stock from $3.50 to $4.00 in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Blackrock Tcp Capital currently has an average rating of "Reduce" and an average target price of $3.75.

Blackrock Tcp Capital 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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