Wells Fargo & Company Lowers BlackRock TCP Capital (NASDAQ:TCPC) to Underweight

Wells Fargo & Company downgraded shares of BlackRock TCP Capital (NASDAQ:TCPC) from an equal weight rating to an underweight rating in a report released on Monday, MarketBeat Ratings reports. The brokerage currently has $8.00 target price on the investment management company’s stock, down from their prior target price of $8.50.

Several other analysts have also recently issued reports on TCPC. Oppenheimer dropped their target price on BlackRock TCP Capital from $11.00 to $10.00 and set a market perform rating for the company in a report on Thursday, May 2nd. LADENBURG THALM/SH SH cut BlackRock TCP Capital from a buy rating to a neutral rating in a report on Thursday, August 8th. StockNews.com cut BlackRock TCP Capital from a hold rating to a sell rating in a report on Thursday, August 15th. Finally, Keefe, Bruyette & Woods lowered their price target on BlackRock TCP Capital from $10.50 to $9.00 and set a market perform rating for the company in a report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, BlackRock TCP Capital currently has a consensus rating of Hold and an average price target of $9.00.

BlackRock TCP Capital Stock Up 0.6 %

NASDAQ TCPC opened at $9.05 on Monday. The business has a fifty day moving average price of $10.15 and a 200 day moving average price of $10.45. BlackRock TCP Capital has a one year low of $8.59 and a one year high of $12.59. The company has a debt-to-equity ratio of 1.51, a quick ratio of 44.47 and a current ratio of 44.47. The company has a market cap of $774.59 million, a P/E ratio of 25.86 and a beta of 1.49.

BlackRock TCP Capital (NASDAQ:TCPC) last issued its earnings results on Wednesday, August 7th. The investment management company reported $0.42 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.42. The company had revenue of $71.53 million during the quarter, compared to analysts’ expectations of $70.39 million. BlackRock TCP Capital had a positive return on equity of 14.42% and a negative net margin of 20.11%. During the same period in the prior year, the business earned $0.48 EPS. Research analysts anticipate that BlackRock TCP Capital will post 1.68 EPS for the current fiscal year.

BlackRock TCP Capital Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 15.03%. The ex-dividend date is Monday, September 16th. BlackRock TCP Capital’s dividend payout ratio (DPR) is 388.58%.

Hedge Funds Weigh In On BlackRock TCP Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of TCPC. Barings LLC boosted its holdings in BlackRock TCP Capital by 3,878.9% during the 2nd quarter. Barings LLC now owns 17,492,789 shares of the investment management company’s stock valued at $188,922,000 after acquiring an additional 17,053,151 shares during the period. Van ECK Associates Corp boosted its holdings in BlackRock TCP Capital by 58.5% during the 1st quarter. Van ECK Associates Corp now owns 1,678,661 shares of the investment management company’s stock valued at $17,508,000 after acquiring an additional 619,519 shares during the period. Confluence Investment Management LLC purchased a new position in BlackRock TCP Capital during the 1st quarter valued at about $4,172,000. International Assets Investment Management LLC boosted its holdings in BlackRock TCP Capital by 1,054.0% during the 4th quarter. International Assets Investment Management LLC now owns 411,978 shares of the investment management company’s stock valued at $4,754,000 after acquiring an additional 376,278 shares during the period. Finally, Condor Capital Management purchased a new position in BlackRock TCP Capital during the 1st quarter valued at about $3,887,000.

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.