Blackrock Tcp Capital (NASDAQ:TCPC) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• TCPC shares rose above their 200-day moving average, reaching $4.10 and last trading at $4.05 versus a $3.78 200-day average.
• Analyst sentiment remains cautious: Keefe, Bruyette & Woods upgraded the stock to “market perform,” but the consensus rating is still “Reduce” with an average price target of $3.75.
• The company reported quarterly EPS of $0.22, ahead of the $0.20 estimate, and declared a $0.17 quarterly dividend, representing a 16.8% annualized yield.

Shares of Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $3.78 and traded as high as $4.10. Blackrock Tcp Capital shares last traded at $4.05, with a volume of 542,662 shares.

Analysts Set New Price Targets

TCPC has been the topic of several research analyst reports. Keefe, Bruyette & Woods upgraded shares of Blackrock Tcp Capital from an "underperform" rating to a "market perform" rating and lifted their target price for the company from $3.50 to $4.00 in a research report on Friday, August 7th. Weiss Ratings reiterated a "sell (d)" rating on shares of Blackrock Tcp Capital in a report on Friday, August 28th. Two equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $3.75.

Blackrock Tcp Capital Stock Performance

The firm has a market cap of $339.80 million, a price-to-earnings ratio of -3.16 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. The firm's fifty day moving average price is $3.71 and its 200-day moving average price is $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 the consensus estimate of $0.20 by $0.02. The company had revenue of $40.02 million for the quarter, compared to analyst estimates of $38.36 million. Blackrock Tcp Capital had a positive return on equity of 13.85% and a negative net margin of 61.27%. Analysts expect that Blackrock Tcp Capital Corp. will post 0.68 earnings per share for the current year.

Blackrock Tcp Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued 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 16.8%. Blackrock Tcp Capital's payout ratio is presently -53.12%.

Institutional Trading of Blackrock Tcp Capital

A number of institutional investors have recently added to or reduced their stakes in TCPC. Van Hulzen Asset Management LLC acquired a new stake in Blackrock Tcp Capital in the 2nd quarter valued at about $160,000. HighTower Advisors LLC grew its position in Blackrock Tcp Capital by 21.2% during the second quarter. HighTower Advisors LLC now owns 14,114 shares of the investment management company's stock valued at $47,000 after acquiring an additional 2,468 shares during the period. IMC Chicago LLC increased its position in shares of Blackrock Tcp Capital by 203.7% in the second quarter. IMC Chicago LLC now owns 13,301 shares of the investment management company's stock worth $45,000 after acquiring an additional 26,122 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Blackrock Tcp Capital by 26.8% in the second quarter. Van ECK Associates Corp now owns 2,096,604 shares of the investment management company's stock valued at $7,045,000 after buying an additional 442,735 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in Blackrock Tcp Capital by 230.1% during the 2nd quarter. Bank of America Corp DE now owns 398,785 shares of the investment management company's stock valued at $1,340,000 after purchasing an additional 277,993 shares in the last quarter.

Blackrock Tcp Capital Company 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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