StockNews.com Downgrades BlackRock TCP Capital (NASDAQ:TCPC) to Sell

StockNews.com downgraded shares of BlackRock TCP Capital (NASDAQ:TCPC) from a hold rating to a sell rating in a research note published on Tuesday morning.

TCPC has been the topic of a number of other reports. Keefe, Bruyette & Woods lowered their target price on 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. Wells Fargo & Company lowered their target price 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. 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 data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.67.

BlackRock TCP Capital Price Performance

Shares of NASDAQ:TCPC opened at $8.13 on Tuesday. The stock has a market cap of $695.85 million, a PE ratio of -16.26 and a beta of 1.50. BlackRock TCP Capital has a 1-year low of $7.71 and a 1-year 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 fifty day simple moving average is $8.94 and its two-hundred day simple moving average is $8.79.

BlackRock TCP Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 12.30%. The ex-dividend date of this dividend is Monday, March 17th. BlackRock TCP Capital’s dividend payout ratio is currently -133.33%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC grew its holdings in BlackRock TCP Capital by 189.3% during the 3rd quarter. Jane Street Group LLC now owns 36,457 shares of the investment management company’s stock valued at $302,000 after buying an additional 23,857 shares in the last quarter. Columbus Macro LLC purchased a new position in shares of BlackRock TCP Capital during the fourth quarter worth about $4,177,000. GraniteShares Advisors LLC purchased a new position in shares of BlackRock TCP Capital during the fourth quarter worth about $2,453,000. EP Wealth Advisors LLC purchased a new position in shares of BlackRock TCP Capital during the third quarter worth about $526,000. Finally, Paloma Partners Management Co purchased a new position in shares of BlackRock TCP Capital during the third quarter worth about $608,000.

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.