BlackRock TCP Capital (NASDAQ:TCPC) Shares Gap Down – Should You Sell?

BlackRock TCP Capital Corp. (NASDAQ:TCPC)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $9.34, but opened at $8.81. BlackRock TCP Capital shares last traded at $8.53, with a volume of 409,182 shares traded.

Wall Street Analyst Weigh In

Several research firms have commented on TCPC. Keefe, Bruyette & Woods dropped 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 report on Friday. StockNews.com raised BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research report on Monday, November 18th. Finally, Wells Fargo & Company cut their price objective on BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.67.

BlackRock TCP Capital Price Performance

The stock’s 50-day moving average price is $8.97 and its two-hundred day moving average price is $8.81. 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 has a market capitalization of $722.39 million, a P/E ratio of -16.88 and a beta of 1.50.

BlackRock TCP Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 11.85%. The ex-dividend date of this dividend is Monday, March 17th. BlackRock TCP Capital’s dividend payout ratio (DPR) is -272.00%.

Institutional Trading of BlackRock TCP Capital

Hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC increased its holdings in BlackRock TCP Capital by 729.0% in the 3rd quarter. International Assets Investment Management LLC now owns 46,374 shares of the investment management company’s stock worth $3,840,000 after acquiring an additional 40,780 shares during the last quarter. J.W. Cole Advisors Inc. bought a new position in BlackRock TCP Capital during the third quarter worth about $431,000. Van ECK Associates Corp increased its stake in shares of BlackRock TCP Capital by 7.3% in the third quarter. Van ECK Associates Corp now owns 2,107,130 shares of the investment management company’s stock worth $17,257,000 after purchasing an additional 143,667 shares in the last quarter. Global Wealth Management Investment Advisory Inc. raised its position in shares of BlackRock TCP Capital by 51.9% in the third quarter. Global Wealth Management Investment Advisory Inc. now owns 85,514 shares of the investment management company’s stock valued at $709,000 after purchasing an additional 29,209 shares during the period. Finally, Verdence Capital Advisors LLC purchased a new stake in shares of BlackRock TCP Capital during the 3rd quarter valued at approximately $100,000.

About BlackRock TCP Capital

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.