Wells Fargo & Company Cuts BlackRock TCP Capital (NASDAQ:TCPC) Price Target to $7.50

BlackRock TCP Capital (NASDAQ:TCPC) had its price objective reduced by Wells Fargo & Company from $8.00 to $7.50 in a research note released on Tuesday morning, Benzinga reports. They currently have an underweight rating on the investment management company’s stock.

TCPC has been the subject of several other reports. StockNews.com lowered BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. LADENBURG THALM/SH SH cut shares of BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a research report on Thursday, August 8th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.83.

BlackRock TCP Capital Trading Down 1.7 %

Shares of NASDAQ:TCPC opened at $8.02 on Tuesday. BlackRock TCP Capital has a 52 week low of $8.01 and a 52 week high of $12.43. The company has a quick ratio of 44.47, a current ratio of 44.47 and a debt-to-equity ratio of 1.51. The business has a fifty day simple moving average of $8.55 and a 200-day simple moving average of $9.82.

BlackRock TCP Capital (NASDAQ:TCPC) last issued its quarterly earnings results on Wednesday, August 7th. The investment management company reported $0.42 EPS for the quarter, hitting the consensus estimate of $0.42. BlackRock TCP Capital had a negative net margin of 20.11% and a positive return on equity of 14.42%. The firm had revenue of $71.53 million during the quarter, compared to analyst estimates of $70.39 million. During the same quarter in the prior year, the business posted $0.48 earnings per share. On average, sell-side analysts predict that BlackRock TCP Capital will post 1.66 EPS for the current year.

BlackRock TCP Capital Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 16.96%. The ex-dividend date was Monday, September 16th. BlackRock TCP Capital’s dividend payout ratio (DPR) is -256.60%.

Insiders Place Their Bets

In other BlackRock TCP Capital news, CEO Rajneesh Vig bought 25,000 shares of BlackRock TCP Capital stock in a transaction dated Thursday, August 29th. The stock was bought at an average cost of $9.09 per share, for a total transaction of $227,250.00. Following the purchase, the chief executive officer now owns 130,930 shares in the company, valued at $1,190,153.70. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Philip M. Tseng bought 5,000 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was bought at an average price of $9.07 per share, with a total value of $45,350.00. Following the transaction, the director now owns 17,481 shares of the company’s stock, valued at approximately $158,552.67. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Rajneesh Vig purchased 25,000 shares of BlackRock TCP Capital stock in a transaction dated Thursday, August 29th. The shares were bought at an average cost of $9.09 per share, for a total transaction of $227,250.00. Following the transaction, the chief executive officer now directly owns 130,930 shares of the company’s stock, valued at approximately $1,190,153.70. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 42,000 shares of company stock worth $381,875 in the last three months. 0.16% of the stock is owned by insiders.

Institutional Trading of BlackRock TCP Capital

Institutional investors and hedge funds have recently bought and sold shares of the company. Future Financial Wealth Managment LLC bought a new stake in shares of BlackRock TCP Capital in the 3rd quarter valued at approximately $25,000. International Assets Investment Management LLC bought a new position in shares of BlackRock TCP Capital in the 2nd quarter worth about $60,000. Pathway Financial Advisers LLC boosted its holdings in shares of BlackRock TCP Capital by 729.0% in the 3rd quarter. Pathway Financial Advisers LLC now owns 7,254 shares of the investment management company’s stock valued at $60,000 after buying an additional 6,379 shares during the period. SteelPeak Wealth LLC bought a new stake in shares of BlackRock TCP Capital during the 1st quarter valued at about $104,000. Finally, Accel Wealth Management acquired a new stake in BlackRock TCP Capital during the second quarter worth about $108,000.

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.