BlackRock TCP Capital (NASDAQ:TCPC) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of BlackRock TCP Capital (NASDAQ:TCPC) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Company lowered their price objective on BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating on the stock in a report on Friday, February 28th. Keefe, Bruyette & Woods reduced their price objective on BlackRock TCP Capital from $9.00 to $8.50 and set a “market perform” rating for the company in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, BlackRock TCP Capital has a consensus rating of “Hold” and an average target price of $8.67.

BlackRock TCP Capital Stock Performance

NASDAQ:TCPC opened at $7.81 on Tuesday. The company has a fifty day moving average of $8.82 and a two-hundred day moving average of $8.73. BlackRock TCP Capital has a fifty-two week low of $7.71 and a fifty-two week high of $11.52. The stock has a market capitalization of $664.45 million, a PE ratio of -15.62 and a beta of 1.55. The company has a debt-to-equity ratio of 1.34, a quick ratio of 39.37 and a current ratio of 39.37.

BlackRock TCP Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a $0.25 dividend. The ex-dividend date is Monday, March 17th. This represents a $1.00 dividend on an annualized basis and a yield of 12.80%. BlackRock TCP Capital’s payout ratio is currently -133.33%.

Insider Activity

In other news, COO Patrick Wolfe purchased 6,100 shares of the stock in a transaction dated Friday, March 14th. The stock was acquired at an average cost of $8.12 per share, for a total transaction of $49,532.00. Following the completion of the transaction, the chief operating officer now directly owns 8,003 shares in the company, valued at approximately $64,984.36. This represents a 320.55 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On BlackRock TCP Capital

Several hedge funds have recently bought and sold shares of TCPC. TrueMark Investments LLC purchased a new stake in BlackRock TCP Capital during the fourth quarter worth about $5,268,000. Envestnet Asset Management Inc. grew its holdings in shares of BlackRock TCP Capital by 623.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 558,815 shares of the investment management company’s stock valued at $4,867,000 after purchasing an additional 481,581 shares in the last quarter. Columbus Macro LLC acquired a new position in BlackRock TCP Capital during the 4th quarter worth $4,177,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in BlackRock TCP Capital in the fourth quarter worth approximately $2,939,000. Finally, GraniteShares Advisors LLC acquired a new position in shares of BlackRock TCP Capital during the fourth quarter worth $2,453,000.

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.