BlackRock TCP Capital Corp (NASDAQ:TCPC) Sees Significant Increase in Short Interest

BlackRock TCP Capital Corp (NASDAQ:TCPC) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 410,500 shares, an increase of 57.8% from the September 30th total of 260,200 shares. Approximately 0.7% of the company’s stock are sold short. Based on an average trading volume of 272,200 shares, the days-to-cover ratio is currently 1.5 days.

A number of research analysts recently issued reports on TCPC shares. Zacks Investment Research downgraded BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Saturday, November 9th. Oppenheimer set a $16.00 price target on BlackRock TCP Capital and gave the stock a “buy” rating in a research note on Friday, August 9th. BidaskClub upgraded BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. TheStreet downgraded BlackRock TCP Capital from a “b-” rating to a “c” rating in a research note on Friday, August 30th. Finally, ValuEngine downgraded BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. BlackRock TCP Capital presently has a consensus rating of “Hold” and an average target price of $16.33.

In other BlackRock TCP Capital news, insider Michael E. Leitner acquired 15,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were acquired at an average price of $13.31 per share, for a total transaction of $199,650.00. Following the acquisition, the insider now owns 15,065 shares in the company, valued at approximately $200,515.15. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Howard Levkowitz acquired 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was acquired at an average price of $13.29 per share, for a total transaction of $132,900.00. Following the acquisition, the chief executive officer now owns 135,905 shares in the company, valued at approximately $1,806,177.45. The disclosure for this purchase can be found here. Corporate insiders own 0.63% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. State of Michigan Retirement System grew its stake in BlackRock TCP Capital by 6,339.7% during the 3rd quarter. State of Michigan Retirement System now owns 1,548,039 shares of the investment management company’s stock worth $20,984,000 after buying an additional 1,524,000 shares during the last quarter. Cliffwater LLC grew its stake in BlackRock TCP Capital by 8.1% during the 2nd quarter. Cliffwater LLC now owns 639,211 shares of the investment management company’s stock worth $9,109,000 after buying an additional 48,018 shares during the last quarter. LSV Asset Management grew its stake in BlackRock TCP Capital by 3.0% during the 2nd quarter. LSV Asset Management now owns 585,130 shares of the investment management company’s stock worth $8,338,000 after buying an additional 17,200 shares during the last quarter. Van ECK Associates Corp grew its stake in BlackRock TCP Capital by 4.3% during the 2nd quarter. Van ECK Associates Corp now owns 490,498 shares of the investment management company’s stock worth $6,990,000 after buying an additional 20,120 shares during the last quarter. Finally, Advisors Capital Management LLC purchased a new position in shares of BlackRock TCP Capital in the 2nd quarter valued at approximately $5,481,000. Hedge funds and other institutional investors own 41.44% of the company’s stock.

NASDAQ:TCPC opened at $14.26 on Thursday. The stock’s 50 day moving average price is $13.67 and its 200 day moving average price is $13.99. The company has a market capitalization of $839.18 million, a PE ratio of 8.97, a P/E/G ratio of 2.94 and a beta of 0.68. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 1.13. BlackRock TCP Capital has a 52-week low of $12.52 and a 52-week high of $14.88.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a dividend of $0.36 per share. The ex-dividend date is Monday, December 16th. This represents a $1.44 dividend on an annualized basis and a yield of 10.10%. BlackRock TCP Capital’s dividend payout ratio is presently 90.57%.

About BlackRock TCP Capital

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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