BlackRock TCP Capital Corp (NASDAQ:TCPC) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totalling 296,300 shares, an increase of 34.0% from the July 31st total of 221,200 shares. Based on an average daily volume of 276,200 shares, the days-to-cover ratio is presently 1.1 days. Currently, 0.5% of the company’s stock are short sold.
In other news, insider Michael E. Leitner purchased 15,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were bought at an average price of $13.31 per share, with a total value of $199,650.00. Following the completion of the transaction, the insider now directly owns 15,065 shares in the company, valued at approximately $200,515.15. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Howard Levkowitz purchased 10,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was purchased at an average cost of $13.29 per share, for a total transaction of $132,900.00. Following the transaction, the chief executive officer now owns 135,905 shares of the company’s stock, valued at $1,806,177.45. The disclosure for this purchase can be found here. Company insiders own 0.63% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp increased its position in shares of BlackRock TCP Capital by 4.3% in the second quarter. Van ECK Associates Corp now owns 490,498 shares of the investment management company’s stock worth $6,990,000 after purchasing an additional 20,120 shares during the period. Punch & Associates Investment Management Inc. lifted its stake in shares of BlackRock TCP Capital by 3.5% in the first quarter. Punch & Associates Investment Management Inc. now owns 264,918 shares of the investment management company’s stock worth $3,757,000 after acquiring an additional 8,958 shares during the period. Oppenheimer & Co. Inc. lifted its stake in shares of BlackRock TCP Capital by 16.1% in the second quarter. Oppenheimer & Co. Inc. now owns 60,743 shares of the investment management company’s stock worth $866,000 after acquiring an additional 8,425 shares during the period. NEXT Financial Group Inc acquired a new position in shares of BlackRock TCP Capital in the second quarter worth approximately $47,000. Finally, Dubuque Bank & Trust Co. lifted its stake in shares of BlackRock TCP Capital by 5.0% in the second quarter. Dubuque Bank & Trust Co. now owns 137,808 shares of the investment management company’s stock worth $1,964,000 after acquiring an additional 6,515 shares during the period. Hedge funds and other institutional investors own 38.90% of the company’s stock.
NASDAQ TCPC traded down $0.29 during trading hours on Friday, reaching $13.46. 1,501 shares of the company’s stock were exchanged, compared to its average volume of 343,948. The company’s 50-day moving average is $13.64 and its two-hundred day moving average is $14.20. BlackRock TCP Capital has a one year low of $12.52 and a one year high of $14.88. The company has a debt-to-equity ratio of 1.13, a quick ratio of 2.87 and a current ratio of 2.87. The company has a market capitalization of $790.46 million, a price-to-earnings ratio of 8.46, a price-to-earnings-growth ratio of 2.84 and a beta of 0.71.
BlackRock TCP Capital (NASDAQ:TCPC) last released its quarterly earnings results on Thursday, August 8th. The investment management company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. The firm had revenue of $48.18 million during the quarter, compared to the consensus estimate of $47.17 million. BlackRock TCP Capital had a return on equity of 11.45% and a net margin of 14.19%. Research analysts predict that BlackRock TCP Capital will post 1.61 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 10.70%. The ex-dividend date of this dividend is Friday, September 13th. BlackRock TCP Capital’s dividend payout ratio is 90.57%.
A number of brokerages recently issued reports on TCPC. Zacks Investment Research lowered shares of BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Oppenheimer set a $16.00 price target on shares of BlackRock TCP Capital and gave the company a “buy” rating in a report on Friday, August 9th. BidaskClub lowered shares of BlackRock TCP Capital from a “sell” rating to a “strong sell” rating in a report on Saturday, September 7th. TheStreet downgraded shares of BlackRock TCP Capital from a “b-” rating to a “c” rating in a research note on Friday, August 30th. Finally, ValuEngine downgraded shares of BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Three analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $16.25.
BlackRock TCP Capital Company Profile
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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