BlackRock TCP Capital (NASDAQ:TCPC) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of BlackRock TCP Capital (NASDAQ:TCPC) from a hold rating to a buy rating in a report issued on Thursday.

TCPC has been the subject of several other research reports. Wells Fargo & Company dropped their price target on shares of BlackRock TCP Capital from $7.50 to $6.50 and set an “underweight” rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods dropped their price target on shares of BlackRock TCP Capital from $8.50 to $7.50 and set a “market perform” rating for the company in a research note on Tuesday, April 8th.

BlackRock TCP Capital Trading Up 1.9%

TCPC opened at $7.69 on Thursday. The company’s 50 day moving average is $7.24 and its 200-day moving average is $8.31. The company has a market cap of $653.94 million, a P/E ratio of -15.38 and a beta of 1.03. BlackRock TCP Capital has a 1-year low of $6.27 and a 1-year high of $11.52. The company has a current ratio of 39.37, a quick ratio of 39.37 and a debt-to-equity ratio of 1.34.

BlackRock TCP Capital (NASDAQ:TCPC) last announced its quarterly earnings results on Thursday, May 8th. The investment management company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.02. The firm had revenue of $55.89 million during the quarter, compared to analysts’ expectations of $57.95 million. BlackRock TCP Capital had a negative net margin of 15.22% and a positive return on equity of 14.16%. Equities research analysts predict that BlackRock TCP Capital will post 1.65 earnings per share for the current fiscal year.

BlackRock TCP Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 13.00%. The ex-dividend date is Monday, June 16th. BlackRock TCP Capital’s dividend payout ratio is presently -172.41%.

Insider Buying and Selling

In other news, CEO Philip M. Tseng bought 10,000 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was acquired at an average price of $7.74 per share, with a total value of $77,400.00. Following the completion of the purchase, the chief executive officer now directly owns 38,587 shares of the company’s stock, valued at approximately $298,663.38. This represents a 34.98% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, COO Patrick Wolfe bought 6,100 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were purchased at an average cost of $8.12 per share, with a total value of $49,532.00. Following the purchase, the chief operating officer now directly owns 8,003 shares of the company’s stock, valued at $64,984.36. The trade was a 320.55% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 18,500 shares of company stock valued at $146,444 over the last quarter. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On BlackRock TCP Capital

A number of hedge funds have recently bought and sold shares of TCPC. Avior Wealth Management LLC bought a new position in BlackRock TCP Capital during the fourth quarter worth $38,000. Tower Research Capital LLC TRC increased its stake in BlackRock TCP Capital by 177.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,488 shares of the investment management company’s stock valued at $48,000 after purchasing an additional 3,508 shares in the last quarter. Transce3nd LLC bought a new stake in BlackRock TCP Capital in the fourth quarter valued at $70,000. Kingswood Wealth Advisors LLC bought a new stake in BlackRock TCP Capital in the first quarter valued at $81,000. Finally, PNC Financial Services Group Inc. increased its stake in BlackRock TCP Capital by 27.5% in the first quarter. PNC Financial Services Group Inc. now owns 10,200 shares of the investment management company’s stock valued at $82,000 after purchasing an additional 2,200 shares in the last quarter.

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.