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

Wells Fargo & Company cut shares of BlackRock TCP Capital (NASDAQ:TCPC) from an equal weight rating to an underweight rating in a research note published on Monday, Marketbeat Ratings reports. The firm currently has $8.00 price objective on the investment management company’s stock, down from their prior price objective of $8.50.

Other equities research analysts have also issued reports about the stock. StockNews.com lowered shares of BlackRock TCP Capital from a hold rating to a sell rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods reduced their price objective on shares of BlackRock TCP Capital from $10.50 to $9.00 and set a market perform rating on the stock in a research note on Thursday, August 8th. LADENBURG THALM/SH SH lowered shares of BlackRock TCP Capital from a buy rating to a neutral rating in a research note on Thursday, August 8th. Finally, Oppenheimer reduced their price objective on shares of BlackRock TCP Capital from $11.00 to $10.00 and set a market perform rating on the stock in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. According to MarketBeat.com, BlackRock TCP Capital has a consensus rating of Hold and a consensus price target of $9.00.

BlackRock TCP Capital Price Performance

TCPC stock opened at $9.05 on Monday. The company has a 50 day simple moving average of $10.15 and a 200 day simple moving average of $10.45. The stock has a market cap of $774.59 million, a price-to-earnings ratio of 25.86 and a beta of 1.49. BlackRock TCP Capital has a 1 year low of $8.59 and a 1 year high of $12.59. The company has a debt-to-equity ratio of 1.51, a current ratio of 44.47 and a quick ratio of 44.47.

BlackRock TCP Capital (NASDAQ:TCPC) last released its quarterly earnings data on Wednesday, August 7th. The investment management company reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.42. BlackRock TCP Capital had a negative net margin of 20.11% and a positive return on equity of 14.42%. The business had revenue of $71.53 million during the quarter, compared to analysts’ expectations of $70.39 million. During the same period in the prior year, the company 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 business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 15.03%. The ex-dividend date is Monday, September 16th. BlackRock TCP Capital’s dividend payout ratio is presently 388.58%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TCPC. International Assets Investment Management LLC boosted its stake in BlackRock TCP Capital by 1,054.0% during the fourth quarter. International Assets Investment Management LLC now owns 411,978 shares of the investment management company’s stock worth $4,754,000 after acquiring an additional 376,278 shares in the last quarter. Signaturefd LLC raised its holdings in BlackRock TCP Capital by 73.2% during the fourth quarter. Signaturefd LLC now owns 13,490 shares of the investment management company’s stock worth $156,000 after buying an additional 5,700 shares during the last quarter. Van ECK Associates Corp raised its holdings in BlackRock TCP Capital by 10.6% during the fourth quarter. Van ECK Associates Corp now owns 1,059,142 shares of the investment management company’s stock worth $12,222,000 after buying an additional 101,513 shares during the last quarter. Global Wealth Management Investment Advisory Inc. raised its holdings in BlackRock TCP Capital by 7.3% during the fourth quarter. Global Wealth Management Investment Advisory Inc. now owns 49,037 shares of the investment management company’s stock worth $566,000 after buying an additional 3,331 shares during the last quarter. Finally, Spire Wealth Management raised its holdings in BlackRock TCP Capital by 15.6% during the fourth quarter. Spire Wealth Management now owns 12,851 shares of the investment management company’s stock worth $149,000 after buying an additional 1,730 shares during the last quarter.

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.