BlackRock TCP Capital (NASDAQ:TCPC) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research downgraded shares of BlackRock TCP Capital (NASDAQ:TCPC) from a hold rating to a sell rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “BlackRock TCP Capital Corp. is an externally-managed non-diversified closed-end management investment company. It focused on middle-market lending. BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., is headquartered in Santa Monica, CA. “

TCPC has been the topic of several other reports. National Securities restated a buy rating and issued a $18.00 price objective on shares of BlackRock TCP Capital in a research report on Monday, May 13th. TheStreet upgraded BlackRock TCP Capital from a c+ rating to a b rating in a research report on Tuesday, May 28th. BidaskClub upgraded BlackRock TCP Capital from a strong sell rating to a sell rating in a research report on Friday, August 2nd. Oppenheimer set a $16.00 price objective on BlackRock TCP Capital and gave the company a buy rating in a research report on Friday, August 9th. Finally, ValuEngine downgraded BlackRock TCP Capital from a hold rating to a sell rating in a research report on Wednesday, July 24th. Three research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. BlackRock TCP Capital has an average rating of Hold and an average target price of $16.30.

BlackRock TCP Capital stock opened at $13.32 on Tuesday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 3.75 and a current ratio of 2.87. The firm has a market capitalization of $782.76 million, a price-to-earnings ratio of 8.38, a price-to-earnings-growth ratio of 2.78 and a beta of 0.70. BlackRock TCP Capital has a fifty-two week low of $12.52 and a fifty-two week high of $14.88. The stock’s fifty day moving average is $14.03 and its two-hundred day moving average is $14.33.

BlackRock TCP Capital (NASDAQ:TCPC) last issued its quarterly earnings data on Thursday, August 8th. The investment management company reported $0.41 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.01. BlackRock TCP Capital had a return on equity of 11.45% and a net margin of 14.19%. The business had revenue of $48.18 million for the quarter, compared to the consensus estimate of $47.17 million. As a group, sell-side analysts forecast that BlackRock TCP Capital will post 1.6 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a $0.36 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.44 annualized dividend and a dividend yield of 10.81%. BlackRock TCP Capital’s dividend payout ratio is currently 90.57%.

Several large investors have recently modified their holdings of TCPC. Acadian Asset Management LLC lifted its position in shares of BlackRock TCP Capital by 82.7% in the first quarter. Acadian Asset Management LLC now owns 1,412,570 shares of the investment management company’s stock valued at $20,030,000 after acquiring an additional 639,240 shares in the last quarter. LSV Asset Management purchased a new position in BlackRock TCP Capital during the first quarter worth about $8,053,000. Advisors Capital Management LLC purchased a new position in BlackRock TCP Capital during the second quarter worth about $5,481,000. Virtus ETF Advisers LLC purchased a new position in BlackRock TCP Capital during the second quarter worth about $3,527,000. Finally, Bank of Montreal Can lifted its position in BlackRock TCP Capital by 153.2% during the first quarter. Bank of Montreal Can now owns 308,900 shares of the investment management company’s stock worth $4,380,000 after buying an additional 186,900 shares during the period. Institutional investors and hedge funds own 41.93% of the company’s stock.

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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