BlackRock TCP Capital (NASDAQ:TCPC) Shares Gap Down to $8.97

BlackRock TCP Capital Corp. (NASDAQ:TCPC)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $8.97, but opened at $8.70. BlackRock TCP Capital shares last traded at $8.69, with a volume of 197,228 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TCPC shares. Keefe, Bruyette & Woods reduced their target price on shares of BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating for the company in a report on Thursday, August 8th. LADENBURG THALM/SH SH cut shares of BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a research note on Thursday, August 8th. StockNews.com cut shares of BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. Finally, Wells Fargo & Company lowered BlackRock TCP Capital from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $8.50 to $8.00 in a research note on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $9.00.

BlackRock TCP Capital Price Performance

The company has a quick ratio of 44.47, a current ratio of 44.47 and a debt-to-equity ratio of 1.51. The firm’s fifty day moving average price is $9.68 and its 200 day moving average price is $10.25. The stock has a market cap of $725.81 million, a PE ratio of 24.31 and a beta of 1.48.

BlackRock TCP Capital (NASDAQ:TCPC) last released its quarterly earnings data on Wednesday, August 7th. The investment management company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The business had revenue of $71.53 million during the quarter, compared to the consensus estimate of $70.39 million. BlackRock TCP Capital had a negative net margin of 20.11% and a positive return on equity of 14.42%. During the same quarter in the prior year, the firm earned $0.48 EPS. As a group, equities analysts expect that BlackRock TCP Capital Corp. will post 1.68 EPS for the current fiscal year.

BlackRock TCP Capital Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 16.04%. BlackRock TCP Capital’s payout ratio is currently 388.57%.

Insider Activity

In related news, CEO Rajneesh Vig purchased 25,000 shares of BlackRock TCP Capital stock in a transaction that occurred on Thursday, August 29th. The shares were bought at an average price of $9.09 per share, with a total value of $227,250.00. Following the purchase, the chief executive officer now directly owns 130,930 shares of the company’s stock, valued at approximately $1,190,153.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Rajneesh Vig bought 25,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was acquired at an average cost of $9.09 per share, with a total value of $227,250.00. Following the transaction, the chief executive officer now directly owns 130,930 shares in the company, valued at approximately $1,190,153.70. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Philip M. Tseng bought 10,000 shares of the stock in a transaction on Tuesday, September 10th. The stock was purchased at an average price of $9.10 per share, with a total value of $91,000.00. Following the completion of the acquisition, the director now directly owns 27,481 shares in the company, valued at approximately $250,077.10. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 42,000 shares of company stock worth $381,875. 0.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Register Financial Advisors LLC purchased a new stake in BlackRock TCP Capital during the first quarter worth $26,000. Future Financial Wealth Managment LLC purchased a new stake in shares of BlackRock TCP Capital during the 1st quarter valued at $31,000. International Assets Investment Management LLC acquired a new stake in shares of BlackRock TCP Capital in the 2nd quarter worth $60,000. Tucker Asset Management LLC purchased a new position in BlackRock TCP Capital during the 4th quarter worth $74,000. Finally, Cape Investment Advisory Inc. acquired a new position in BlackRock TCP Capital during the 4th quarter valued at about $74,000.

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.