BlackRock TCP Capital (NASDAQ:TCPC) Downgraded to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of BlackRock TCP Capital (NASDAQ:TCPC) from a hold rating to a sell rating in a research report sent to investors on Friday.

TCPC has been the topic of a number of other reports. Wells Fargo & Company decreased their price target on BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating on the stock in a research note on Friday, February 28th. Keefe, Bruyette & Woods decreased their target price on shares of BlackRock TCP Capital from $9.00 to $8.50 and set a “market perform” rating on the stock in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, BlackRock TCP Capital currently has an average rating of “Hold” and an average target price of $8.67.

BlackRock TCP Capital Stock Down 9.7 %

Shares of NASDAQ:TCPC opened at $7.08 on Friday. BlackRock TCP Capital has a 12-month low of $7.07 and a 12-month 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. The stock’s 50-day moving average price is $8.56 and its 200-day moving average price is $8.62. The stock has a market capitalization of $602.35 million, a P/E ratio of -14.16 and a beta of 1.21.

BlackRock TCP Capital Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 14.12%. The ex-dividend date of this dividend was Monday, March 17th. BlackRock TCP Capital’s payout ratio is -133.33%.

Insiders Place Their Bets

In related news, CEO Philip M. Tseng bought 10,000 shares of the company’s stock in a transaction dated Friday, March 21st. The stock was purchased at an average cost of $7.74 per share, with a total value of $77,400.00. Following the transaction, the chief executive officer now owns 38,587 shares in the company, valued at approximately $298,663.38. This trade represents a 34.98 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Patrick Wolfe purchased 6,100 shares of BlackRock TCP Capital stock in a transaction that occurred on Friday, March 14th. The shares were bought at an average price of $8.12 per share, for a total transaction of $49,532.00. Following the transaction, the chief operating officer now directly owns 8,003 shares of the company’s stock, valued at $64,984.36. This trade represents a 320.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 18,500 shares of company stock worth $146,444. 0.16% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TCPC. CF Capital LLC purchased a new stake in BlackRock TCP Capital in the fourth quarter worth $243,000. Balyasny Asset Management L.P. bought a new stake in shares of BlackRock TCP Capital during the 4th quarter valued at $177,000. Jane Street Group LLC grew its position in shares of BlackRock TCP Capital by 291.5% in the 4th quarter. Jane Street Group LLC now owns 142,714 shares of the investment management company’s stock worth $1,243,000 after buying an additional 106,257 shares during the period. Talon Private Wealth LLC bought a new position in shares of BlackRock TCP Capital in the 4th quarter worth about $276,000. Finally, Aquatic Capital Management LLC lifted its position in BlackRock TCP Capital by 146.4% during the 4th quarter. Aquatic Capital Management LLC now owns 34,000 shares of the investment management company’s stock valued at $296,000 after acquiring an additional 20,200 shares during the period.

BlackRock TCP Capital Company Profile

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.