Wells Fargo & Co Lowers BlackRock TCP Capital (TCPC) Price Target to $16.00

BlackRock TCP Capital (NASDAQ:TCPC) had its price target reduced by Wells Fargo & Co from $17.00 to $16.00 in a report issued on Thursday. They currently have an outperform rating on the investment management company’s stock.

Several other research analysts also recently commented on TCPC. Zacks Investment Research downgraded shares of BlackRock TCP Capital from a hold rating to a sell rating in a research report on Thursday, July 12th. BidaskClub upgraded shares of BlackRock TCP Capital from a sell rating to a hold rating in a research report on Friday, June 22nd. Keefe, Bruyette & Woods restated a buy rating and set a $17.00 price objective on shares of BlackRock TCP Capital in a research report on Wednesday, August 8th. National Securities restated a buy rating and set a $19.00 price objective on shares of BlackRock TCP Capital in a research report on Monday, August 13th. Finally, JMP Securities lowered their price objective on shares of BlackRock TCP Capital from $17.00 to $16.50 and set a market outperform rating for the company in a research report on Tuesday, August 28th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $16.92.

NASDAQ TCPC opened at $14.32 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 6.38 and a quick ratio of 6.38. BlackRock TCP Capital has a 1-year low of $13.72 and a 1-year high of $16.71. The company has a market capitalization of $836.81 million, a PE ratio of 7.20, a price-to-earnings-growth ratio of 1.81 and a beta of 0.76.

BlackRock TCP Capital (NASDAQ:TCPC) last released its quarterly earnings results on Wednesday, August 8th. The investment management company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. BlackRock TCP Capital had a net margin of 32.55% and a return on equity of 11.22%. The company had revenue of $48.42 million during the quarter, compared to the consensus estimate of $47.46 million. On average, sell-side analysts anticipate that BlackRock TCP Capital will post 1.57 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Friday, September 14th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $1.44 annualized dividend and a yield of 10.06%. BlackRock TCP Capital’s dividend payout ratio is currently 72.36%.

A number of institutional investors and hedge funds have recently made changes to their positions in TCPC. 6 Meridian acquired a new position in shares of BlackRock TCP Capital during the second quarter worth $5,305,000. Bank of Montreal Can acquired a new position in shares of BlackRock TCP Capital during the second quarter worth $1,418,000. Fort Washington Investment Advisors Inc. OH increased its holdings in shares of BlackRock TCP Capital by 49.3% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 210,743 shares of the investment management company’s stock worth $3,045,000 after buying an additional 69,600 shares in the last quarter. GSA Capital Partners LLP increased its holdings in shares of BlackRock TCP Capital by 70.2% during the second quarter. GSA Capital Partners LLP now owns 153,386 shares of the investment management company’s stock worth $2,216,000 after buying an additional 63,286 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of BlackRock TCP Capital by 16.2% during the second quarter. Bank of America Corp DE now owns 376,946 shares of the investment management company’s stock worth $5,447,000 after buying an additional 52,591 shares in the last quarter. Institutional investors and hedge funds own 48.38% 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.

Further Reading: What are Closed-End Mutual Funds?

Analyst Recommendations for BlackRock TCP Capital (NASDAQ:TCPC)

Receive News & Ratings for BlackRock TCP Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackRock TCP Capital and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply