Blackrock Tcp Capital Corp. $TCPC Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp increased its position in Blackrock Tcp Capital Corp. (NASDAQ:TCPC) by 26.8% during the second quarter, Holdings Channel reports. The fund owned 2,096,604 shares of the investment management company’s stock after purchasing an additional 442,735 shares during the quarter. Van ECK Associates Corp’s holdings in Blackrock Tcp Capital were worth $7,045,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in Blackrock Tcp Capital by 230.1% during the 2nd quarter. Bank of America Corp DE now owns 398,785 shares of the investment management company’s stock valued at $1,340,000 after purchasing an additional 277,993 shares during the period. Legal & General Group Plc acquired a new stake in shares of Blackrock Tcp Capital in the second quarter valued at approximately $2,245,000. Van Hulzen Asset Management LLC acquired a new stake in shares of Blackrock Tcp Capital in the second quarter valued at approximately $160,000. BlackRock Inc. bought a new stake in shares of Blackrock Tcp Capital during the second quarter valued at approximately $1,540,000. Finally, IMC Chicago LLC acquired a new position in shares of Blackrock Tcp Capital during the second quarter worth approximately $45,000.

Blackrock Tcp Capital Price Performance

Shares of NASDAQ:TCPC opened at $4.08 on Wednesday. The stock has a market cap of $342.31 million, a price-to-earnings ratio of -3.19 and a beta of 0.98. The company has a debt-to-equity ratio of 1.65, a current ratio of 33.70 and a quick ratio of 33.70. Blackrock Tcp Capital Corp. has a 12 month low of $3.08 and a 12 month high of $7.28. The stock’s 50 day moving average price is $3.57 and its 200 day moving average price is $3.82.

Blackrock Tcp Capital (NASDAQ:TCPC) last issued its quarterly earnings results on Thursday, August 6th. The investment management company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.02. Blackrock Tcp Capital had a positive return on equity of 13.85% and a negative net margin of 61.27%.The company had revenue of $40.02 million for the quarter, compared to analysts’ expectations of $38.36 million. Equities research analysts anticipate that Blackrock Tcp Capital Corp. will post 0.68 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 Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 16.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Blackrock Tcp Capital’s payout ratio is presently -53.12%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on TCPC shares. Keefe, Bruyette & Woods raised Blackrock Tcp Capital from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $3.50 to $4.00 in a report on Friday, August 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Blackrock Tcp Capital in a research report on Friday. Finally, Wall Street Zen raised Blackrock Tcp Capital from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Blackrock Tcp Capital presently has a consensus rating of “Reduce” and a consensus target price of $3.75.

About Blackrock Tcp Capital

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.