BlackRock TCP Capital Corp. (NASDAQ:TCPC) Declares $0.34 Quarterly Dividend

BlackRock TCP Capital Corp. (NASDAQ:TCPC) declared a quarterly dividend on Wednesday, August 7th, Zacks reports. Shareholders of record on Monday, September 16th will be given a dividend of 0.34 per share by the investment management company on Monday, September 30th. This represents a $1.36 annualized dividend and a yield of 15.16%. The ex-dividend date of this dividend is Monday, September 16th.

BlackRock TCP Capital has raised its dividend payment by an average of 6.0% annually over the last three years. BlackRock TCP Capital has a payout ratio of 91.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect BlackRock TCP Capital to earn $1.57 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 86.6%.

BlackRock TCP Capital Price Performance

Shares of TCPC opened at $8.97 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 44.47 and a current ratio of 44.47. BlackRock TCP Capital has a 52-week low of $8.59 and a 52-week high of $12.43. The stock has a 50 day simple moving average of $9.77 and a 200 day simple moving average of $10.30. The firm has a market capitalization of $767.74 million, a PE ratio of 25.63 and a beta of 1.48.

BlackRock TCP Capital (NASDAQ:TCPC) last announced its earnings results on Wednesday, August 7th. The investment management company reported $0.42 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.42. The firm had revenue of $71.53 million during the quarter, compared to analyst estimates of $70.39 million. BlackRock TCP Capital had a negative net margin of 20.11% and a positive return on equity of 14.42%. During the same period in the prior year, the business earned $0.48 EPS. Sell-side analysts predict that BlackRock TCP Capital will post 1.68 EPS for the current fiscal year.

Insider Buying and Selling

In other BlackRock TCP Capital news, Director Philip M. Tseng purchased 10,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was acquired at an average price of $9.10 per share, with a total value of $91,000.00. Following the acquisition, the director now directly owns 27,481 shares of the company’s stock, valued at approximately $250,077.10. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Philip M. Tseng purchased 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were acquired at an average price of $9.10 per share, for a total transaction of $91,000.00. Following the purchase, the director now owns 27,481 shares in the company, valued at $250,077.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rajneesh Vig acquired 25,000 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were bought at an average price of $9.09 per share, with a total value of $227,250.00. Following the completion of the transaction, the chief executive officer now directly owns 130,930 shares of the company’s stock, valued at $1,190,153.70. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 42,000 shares of company stock worth $381,875. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TCPC shares. Keefe, Bruyette & Woods decreased their price objective on BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating for the company in a report on Thursday, August 8th. StockNews.com cut shares of BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. LADENBURG THALM/SH SH lowered shares of BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Company cut shares of BlackRock TCP Capital from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $8.50 to $8.00 in a report on Monday, August 26th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $9.00.

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.