BlackRock TCP Capital (NASDAQ:TCPC) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of BlackRock TCP Capital (NASDAQ:TCPC) from a hold rating to a sell rating in a research report released on Friday, Zacks.com reports.

According to Zacks, “BlackRock TCP Capital Corp. is an externally-managed non-diversified closed-end management investment company. It focused on middle-market lending. BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., is headquartered in Santa Monica, CA. “

Several other equities research analysts have also issued reports on the company. TheStreet raised BlackRock TCP Capital from a c+ rating to a b rating in a research note on Tuesday, May 28th. National Securities reissued a sell rating and set a $4.00 price objective on shares of Prospect Capital in a research note on Monday, May 13th. Finally, BidaskClub raised Westport Fuel Systems from a hold rating to a buy rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $16.50.

NASDAQ:TCPC opened at $14.32 on Friday. The company has a market capitalization of $840.41 million, a price-to-earnings ratio of 9.01, a price-to-earnings-growth ratio of 2.95 and a beta of 0.72. BlackRock TCP Capital has a 52-week low of $12.52 and a 52-week high of $14.98. The company’s fifty day simple moving average is $14.37. The company has a quick ratio of 3.75, a current ratio of 3.75 and a debt-to-equity ratio of 0.97.

BlackRock TCP Capital (NASDAQ:TCPC) last posted its quarterly earnings data on Wednesday, May 8th. The investment management company reported $0.40 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The company had revenue of $47.54 million during the quarter, compared to analyst estimates of $47.36 million. BlackRock TCP Capital had a return on equity of 11.27% and a net margin of 21.88%. On average, equities analysts predict that BlackRock TCP Capital will post 1.61 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $1.44 dividend on an annualized basis and a yield of 10.06%. BlackRock TCP Capital’s payout ratio is 90.57%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC raised its position in BlackRock TCP Capital by 82.7% during the first quarter. Acadian Asset Management LLC now owns 1,412,570 shares of the investment management company’s stock valued at $20,030,000 after purchasing an additional 639,240 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in BlackRock TCP Capital by 3.5% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,056,953 shares of the investment management company’s stock valued at $14,988,000 after purchasing an additional 36,175 shares in the last quarter. Confluence Investment Management LLC raised its position in BlackRock TCP Capital by 4.8% during the first quarter. Confluence Investment Management LLC now owns 855,825 shares of the investment management company’s stock valued at $12,135,000 after purchasing an additional 39,556 shares in the last quarter. LSV Asset Management purchased a new stake in BlackRock TCP Capital during the first quarter valued at about $8,053,000. Finally, Millennium Management LLC raised its position in BlackRock TCP Capital by 31.8% during the fourth quarter. Millennium Management LLC now owns 484,972 shares of the investment management company’s stock valued at $6,324,000 after purchasing an additional 117,106 shares in the last quarter. Institutional investors and hedge funds own 42.78% of the company’s stock.

BlackRock TCP Capital Company Profile

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It seeks to invest in the United States.

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