Legal & General Group Plc Sells 44,398 Shares of BlackRock TCP Capital Corp. (NASDAQ:TCPC)

Legal & General Group Plc lowered its position in BlackRock TCP Capital Corp. (NASDAQ:TCPC - Free Report) by 7.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 566,612 shares of the investment management company's stock after selling 44,398 shares during the quarter. Legal & General Group Plc owned approximately 0.66% of BlackRock TCP Capital worth $4,938,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TCPC. Raymond James Financial Inc. bought a new stake in BlackRock TCP Capital in the fourth quarter worth $886,000. Columbus Macro LLC bought a new stake in shares of BlackRock TCP Capital in the 4th quarter worth approximately $4,177,000. Jane Street Group LLC lifted its position in BlackRock TCP Capital by 189.3% in the third quarter. Jane Street Group LLC now owns 36,457 shares of the investment management company's stock worth $302,000 after purchasing an additional 23,857 shares during the period. Virtu Financial LLC acquired a new stake in shares of BlackRock TCP Capital during the 4th quarter valued at about $329,000. Finally, Samalin Investment Counsel LLC boosted its holdings in BlackRock TCP Capital by 68.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 105,823 shares of the investment management company's stock valued at $922,000 after purchasing an additional 42,827 shares in the last quarter.

Insider Activity

In related news, CEO Philip M. Tseng acquired 10,000 shares of the stock in a transaction dated Friday, March 21st. The stock was bought at an average price of $7.74 per share, with a total value of $77,400.00. Following the completion of the transaction, the chief executive officer now directly owns 38,587 shares of the company's stock, valued at approximately $298,663.38. The trade was a 34.98 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Patrick Wolfe purchased 6,100 shares of the company's stock in a transaction on Friday, March 14th. The stock was purchased at an average cost of $8.12 per share, for a total transaction of $49,532.00. Following the purchase, the chief operating officer now directly owns 8,003 shares in the company, valued at approximately $64,984.36. This trade represents a 320.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 18,500 shares of company stock valued at $146,444 in the last ninety days. 0.16% of the stock is owned by insiders.

BlackRock TCP Capital Trading Up 0.6 %

Shares of NASDAQ:TCPC traded up $0.04 during midday trading on Friday, hitting $7.02. The company had a trading volume of 446,334 shares, compared to its average volume of 571,806. The company has a current ratio of 39.37, a quick ratio of 39.37 and a debt-to-equity ratio of 1.34. BlackRock TCP Capital Corp. has a 12 month low of $6.27 and a 12 month high of $11.52. The firm has a fifty day simple moving average of $7.74 and a 200 day simple moving average of $8.44. The stock has a market cap of $597.24 million, a price-to-earnings ratio of -14.04 and a beta of 1.21.

BlackRock TCP Capital Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 14.25%. The ex-dividend date of this dividend was Monday, March 17th. BlackRock TCP Capital's dividend payout ratio (DPR) is currently -133.33%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TCPC. Keefe, Bruyette & Woods reduced their target price on shares of BlackRock TCP Capital from $8.50 to $7.50 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company decreased their price objective on BlackRock TCP Capital from $8.00 to $7.50 and set an "underweight" rating on the stock in a research report on Friday, February 28th. Finally, StockNews.com upgraded shares of BlackRock TCP Capital from a "sell" rating to a "hold" rating in a research report on Saturday, April 12th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $8.33.

About BlackRock TCP Capital

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals.