BlackRock TCP Capital (NASDAQ:TCPC) Reaches New 12-Month Low – Time to Sell?

BlackRock TCP Capital Corp. (NASDAQ:TCPC)’s stock price hit a new 52-week low on Friday . The stock traded as low as $7.35 and last traded at $7.31, with a volume of 242517 shares. The stock had previously closed at $7.84.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TCPC. Wells Fargo & Company cut their target price on shares of BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating for the company in a research report on Friday, February 28th. Keefe, Bruyette & Woods cut their price objective on shares of BlackRock TCP Capital from $9.00 to $8.50 and set a “market perform” rating for the company in a research report on Friday, February 28th. Finally, StockNews.com cut BlackRock TCP Capital from a “hold” rating to a “sell” rating in a report on Friday. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, BlackRock TCP Capital currently has a consensus rating of “Hold” and a consensus price target of $8.67.

BlackRock TCP Capital Price Performance

The firm’s fifty day simple moving average is $8.56 and its two-hundred day simple moving average is $8.62. The company has a quick ratio of 39.37, a current ratio of 39.37 and a debt-to-equity ratio of 1.34. The firm has a market cap of $602.35 million, a PE ratio of -14.16 and a beta of 1.21.

BlackRock TCP Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 14.12%. The ex-dividend date was Monday, March 17th. BlackRock TCP Capital’s dividend payout ratio is currently -133.33%.

Insider Buying and Selling at BlackRock TCP Capital

In related news, COO Patrick Wolfe bought 6,100 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was bought at an average cost of $8.12 per share, with a total value of $49,532.00. Following the completion of the purchase, the chief operating officer now owns 8,003 shares of the company’s stock, valued at approximately $64,984.36. The trade was a 320.55 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Philip M. Tseng purchased 10,000 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was bought at an average price of $7.74 per share, for a total transaction of $77,400.00. Following the purchase, the chief executive officer now owns 38,587 shares in the company, valued at approximately $298,663.38. This represents a 34.98 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 18,500 shares of company stock valued at $146,444 over the last ninety days. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackRock TCP Capital

A number of hedge funds have recently made changes to their positions in the company. Avior Wealth Management LLC bought a new stake in BlackRock TCP Capital in the 4th quarter worth approximately $38,000. McIlrath & Eck LLC purchased a new stake in BlackRock TCP Capital during the third quarter valued at $46,000. Tower Research Capital LLC TRC lifted its position in BlackRock TCP Capital by 177.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,488 shares of the investment management company’s stock valued at $48,000 after purchasing an additional 3,508 shares during the last quarter. Transce3nd LLC purchased a new position in shares of BlackRock TCP Capital in the 4th quarter worth $70,000. Finally, Quantbot Technologies LP bought a new stake in shares of BlackRock TCP Capital in the 3rd quarter worth about $79,000.

BlackRock TCP Capital Company Profile

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.