Next Capital Management LLC Invests $10.52 Million in Blackrock Tcp Capital Corp. $TCPC

Key Points

• Next Capital Management acquired 3.13 million shares of BlackRock TCP Capital, worth approximately $10.52 million. The position represents about 3.73% of TCPC and 2.8% of the fund’s holdings.
• TCPC reported quarterly earnings of $0.22 per share, beating estimates of $0.20, while revenue of $40.02 million also exceeded expectations.
• The company declared a quarterly dividend of $0.17 per share, equivalent to a 16.7% annualized yield. Despite the income appeal, analysts maintain a “Reduce” consensus rating with an average price target of $3.75.

Next Capital Management LLC acquired a new stake in Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,130,285 shares of the investment management company's stock, valued at approximately $10,518,000. Blackrock Tcp Capital comprises approximately 2.8% of Next Capital Management LLC's holdings, making the stock its 8th biggest position. Next Capital Management LLC owned approximately 3.73% of Blackrock Tcp Capital at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. CIBC Bancorp USA Inc. acquired a new position in shares of Blackrock Tcp Capital in the 3rd quarter worth approximately $65,000. Cerity Partners LLC acquired a new stake in shares of Blackrock Tcp Capital during the 4th quarter valued at approximately $70,000. Millennium Management LLC bought a new position in Blackrock Tcp Capital during the fourth quarter worth $73,000. Equitable Trust Co. bought a new position in Blackrock Tcp Capital during the fourth quarter worth $75,000. Finally, Boothbay Fund Management LLC acquired a new position in Blackrock Tcp Capital in the fourth quarter worth $75,000.

Blackrock Tcp Capital Trading Down 3.1%

Blackrock Tcp Capital stock opened at $4.08 on Friday. Blackrock Tcp Capital Corp. has a 12-month low of $3.08 and a 12-month high of $7.28. The company has a debt-to-equity ratio of 1.65, a current ratio of 33.70 and a quick ratio of 21.44. The stock has a market capitalization of $342.31 million, a PE ratio of -3.19 and a beta of 0.94. The firm has a 50 day simple moving average of $3.44 and a 200-day simple moving average of $3.91.

Blackrock Tcp Capital (NASDAQ:TCPC - Get Free Report) last announced its earnings results on Thursday, August 6th. The investment management company reported $0.22 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $38.36 million. As a group, equities research analysts expect that Blackrock Tcp Capital Corp. will post 0.68 EPS for the current fiscal year.

Blackrock Tcp Capital Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods raised shares of Blackrock Tcp Capital from an "underperform" rating to a "market perform" rating and increased their target price for the stock from $3.50 to $4.00 in a report on Friday, August 7th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Blackrock Tcp Capital in a research report on Tuesday, June 2nd. Finally, 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. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average price target 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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