Blackrock Tcp Capital (NASDAQ:TCPC) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• TCPC shares rose above their 200-day moving average, reaching $4.15 and last trading at $4.11, compared with a 200-day average of $3.82.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating and a $4.00 average price target, despite recent upgrades from Keefe, Bruyette & Woods and Wells Fargo.
• The company beat quarterly earnings expectations with $0.22 in EPS versus $0.20 forecast and maintains a quarterly dividend of $0.17, equivalent to a 16.5% annualized yield.

Blackrock Tcp Capital Corp. (NASDAQ:TCPC - Get Free Report) shares passed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $3.82 and traded as high as $4.15. Blackrock Tcp Capital shares last traded at $4.11, with a volume of 619,232 shares changing hands.

Wall Street Analyst Weigh In

TCPC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded shares of Blackrock Tcp Capital from an "underperform" rating to a "market perform" rating and boosted their price target for the stock 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. Finally, Wells Fargo & Company upgraded shares of Blackrock Tcp Capital from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $3.50 to $4.00 in a report on Tuesday, September 29th. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and an average target price of $4.00.

Blackrock Tcp Capital Stock Down 1.2%

The company has a debt-to-equity ratio of 1.65, a quick ratio of 33.70 and a current ratio of 33.70. The stock has a 50 day moving average price of $4.05 and a 200 day moving average price of $3.82. The company has a market cap of $344.83 million, a P/E ratio of -3.21 and a beta of 0.99.

Blackrock Tcp Capital (NASDAQ:TCPC - Get Free Report) last announced its quarterly earnings data 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 analyst estimates of $38.36 million. Research analysts expect that Blackrock Tcp Capital Corp. will post 0.68 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 Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 16.5%. The ex-dividend date of this dividend was Wednesday, September 16th. Blackrock Tcp Capital's dividend payout ratio is presently -53.12%.

Hedge Funds Weigh In On Blackrock Tcp Capital

Several large investors have recently made changes to their positions in the business. Next Capital Management LLC grew its stake in shares of Blackrock Tcp Capital by 13.6% in the 1st quarter. Next Capital Management LLC now owns 3,049,547 shares of the investment management company's stock worth $11,009,000 after purchasing an additional 366,008 shares during the last quarter. Van ECK Associates Corp lifted its stake in Blackrock Tcp Capital by 26.8% during 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 purchasing an additional 442,735 shares during the last quarter. Legal & General Group Plc acquired a new stake in Blackrock Tcp Capital during the second quarter valued at approximately $2,245,000. Barings LLC lifted its stake in Blackrock Tcp Capital by 4.5% during the first quarter. Barings LLC now owns 564,991 shares of the investment management company's stock valued at $2,040,000 after purchasing an additional 24,376 shares during the last quarter. Finally, BlackRock Inc. bought a new stake in Blackrock Tcp Capital during the second quarter worth approximately $1,540,000.

Blackrock Tcp Capital Company Profile

BlackRock TCP Capital Corp. NASDAQ: TCPC is a business development company that provides financing to established middle-market businesses. The company seeks to generate income and long-term capital appreciation by investing primarily in privately originated loans and other debt investments, with a focus on companies that may have limited access to traditional financing sources.

Its investment portfolio may include senior secured, first-lien and second-lien loans, subordinated debt, mezzanine investments and equity interests.

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