Blackrock Tcp Capital (NASDAQ:TCPC) Rating Increased to Market Perform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Blackrock Tcp Capital (NASDAQ:TCPC) from an underperform rating to a market perform rating in a research note released on Friday morning, MarketBeat.com reports.

Other equities analysts also recently issued reports about the company. Wall Street Zen upgraded Blackrock Tcp Capital from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a “sell (d)” rating on shares of Blackrock Tcp Capital in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $3.50.

Blackrock Tcp Capital Stock Up 5.4%

TCPC stock opened at $4.11 on Friday. The company has a debt-to-equity ratio of 1.64, a current ratio of 21.44 and a quick ratio of 21.44. Blackrock Tcp Capital has a 1-year low of $3.08 and a 1-year high of $7.28. The firm has a fifty day moving average price of $3.42 and a two-hundred day moving average price of $3.97. The firm has a market cap of $344.83 million, a price-to-earnings ratio of -3.21 and a beta of 0.94.

Blackrock Tcp Capital (NASDAQ:TCPC) last posted its quarterly earnings results on Thursday, August 6th. The investment management company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.02. Blackrock Tcp Capital had a negative net margin of 61.27% and a positive return on equity of 13.40%. The company had revenue of $40.02 million for the quarter, compared to the consensus estimate of $38.36 million. Research analysts predict that Blackrock Tcp Capital will post 0.83 EPS for the current year.

Blackrock Tcp Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 16.5%. The ex-dividend date of this dividend is Wednesday, September 16th. Blackrock Tcp Capital’s payout ratio is presently -45.64%.

Institutional Investors Weigh In On Blackrock Tcp Capital

Several large investors have recently made changes to their positions in the company. Sound Income Strategies LLC raised its holdings in shares of Blackrock Tcp Capital by 188.7% during the fourth quarter. Sound Income Strategies LLC now owns 5,072 shares of the investment management company’s stock valued at $29,000 after buying an additional 3,315 shares during the last quarter. IMC Chicago LLC bought a new position in Blackrock Tcp Capital in the 2nd quarter worth approximately $45,000. Blue Trust Inc. bought a new position in Blackrock Tcp Capital in the 4th quarter worth approximately $59,000. CIBC Bancorp USA Inc. acquired a new stake in Blackrock Tcp Capital in the 3rd quarter valued at approximately $65,000. Finally, Cerity Partners LLC acquired a new stake in Blackrock Tcp Capital in the 4th quarter valued at approximately $70,000.

Key Headlines Impacting Blackrock Tcp Capital

Here are the key news stories impacting Blackrock Tcp Capital this week:

• Positive Sentiment: TCPC reported second-quarter earnings of $0.22 per share, above the $0.20 analyst consensus, while revenue of $40.02 million also exceeded estimates of $38.36 million. The earnings beat provides a near-term fundamental catalyst. BlackRock TCP Beats Q2 Earnings and Revenue Estimates
• Positive Sentiment: The company announced a strategic sale of approximately $523 million of investments, reportedly representing nearly half of its loan portfolio. Management said the transaction should materially strengthen liquidity and reduce leverage, with pro forma net leverage targeted at roughly 0.4 times. BlackRock TCP Announces Second Quarter Results and Portfolio Sale
• Positive Sentiment: Keefe, Bruyette & Woods upgraded TCPC from “underperform” to “market perform,” reducing a source of analyst pressure and signaling a more balanced view of the stock’s outlook. TickerReport
• Positive Sentiment: TCPC declared a quarterly dividend of $0.17 per share, payable September 30 to shareholders of record September 16. The distribution equates to an annualized yield of approximately 16.6%, which may appeal to income-focused investors.
• Neutral Sentiment: The portfolio sale and strategic review could improve the balance sheet, but selling a large portion of the loan portfolio may reduce future investment income and leaves the company’s post-transaction strategy to be evaluated.
• Negative Sentiment: Although TCPC beat estimates, quarterly earnings of $0.22 per share were below $0.32 per share a year earlier, and the company continues to report a negative net margin.

Blackrock Tcp Capital Company Profile

BlackRock TCP Capital Corp is a publicly traded business development company (BDC) listed on the NASDAQ under the ticker TCPC. Externally managed by BlackRock, the firm provides customized financing solutions to U.S. middle-market companies, with a focus on sponsor-backed transactions. Its core strategy centers on delivering current income and capital appreciation through a diversified portfolio of debt and equity investments across a variety of sectors, including consumer products, healthcare, business services and industrials.

Since its initial public offering in 2013, BlackRock TCP Capital has partnered with private equity sponsors to underwrite and structure senior secured first-lien loans, second-lien loans, mezzanine debt and select equity co-investments.