Blackrock Tcp Capital Corp. (NASDAQ:TCPC) Short Interest Update

Blackrock Tcp Capital Corp. (NASDAQ:TCPC) was the target of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 5,144,286 shares, an increase of 22.0% from the February 26th total of 4,216,422 shares. Based on an average trading volume of 1,692,220 shares, the days-to-cover ratio is currently 3.0 days. Approximately 6.1% of the company’s shares are short sold.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TCPC. Weiss Ratings reissued a “sell (d+)” rating on shares of Blackrock Tcp Capital in a research report on Monday, December 29th. Wall Street Zen lowered Blackrock Tcp Capital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $3.50 target price (down from $7.00) on shares of Blackrock Tcp Capital in a research note on Tuesday, March 3rd. Zacks Research downgraded Blackrock Tcp Capital from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. Finally, Wells Fargo & Company decreased their price target on Blackrock Tcp Capital from $5.50 to $3.50 and set an “underweight” rating for the company in a research note on Monday, March 2nd. One research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Blackrock Tcp Capital presently has an average rating of “Strong Sell” and a consensus price target of $3.50.

Blackrock Tcp Capital Trading Up 2.9%

Shares of NASDAQ TCPC traded up $0.10 during mid-day trading on Monday, reaching $3.54. The company had a trading volume of 1,354,614 shares, compared to its average volume of 1,281,827. The stock has a market cap of $298.53 million, a price-to-earnings ratio of -3.37 and a beta of 0.91. Blackrock Tcp Capital has a 52 week low of $3.44 and a 52 week high of $8.11. The business’s 50-day moving average is $4.49 and its 200-day moving average is $5.38. The company has a current ratio of 17.66, a quick ratio of 17.66 and a debt-to-equity ratio of 1.73.

Blackrock Tcp Capital (NASDAQ:TCPC) last announced its quarterly earnings data on Friday, February 27th. The investment management company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.03). The company had revenue of $43.92 million for the quarter, compared to the consensus estimate of $46.99 million. Blackrock Tcp Capital had a negative net margin of 44.07% and a positive return on equity of 15.06%. Equities analysts expect that Blackrock Tcp Capital will post 1.65 earnings per share for the current year.

Blackrock Tcp Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 19.2%. Blackrock Tcp Capital’s dividend payout ratio (DPR) is -64.76%.

Insider Activity

In other news, COO Patrick Wolfe bought 6,850 shares of the stock in a transaction dated Friday, March 13th. The stock was purchased at an average price of $3.65 per share, for a total transaction of $25,002.50. Following the acquisition, the chief operating officer owned 16,086 shares of the company’s stock, valued at $58,713.90. The trade was a 74.17% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.16% of the company’s stock.

Institutional Trading of Blackrock Tcp Capital

Large investors have recently modified their holdings of the company. Samalin Investment Counsel LLC grew its stake in Blackrock Tcp Capital by 4.2% in the third quarter. Samalin Investment Counsel LLC now owns 68,357 shares of the investment management company’s stock worth $424,000 after purchasing an additional 2,746 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its position in Blackrock Tcp Capital by 2.9% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 105,870 shares of the investment management company’s stock valued at $577,000 after purchasing an additional 2,943 shares in the last quarter. Sound Income Strategies LLC raised its position in Blackrock Tcp Capital by 188.7% during the 4th quarter. Sound Income Strategies LLC now owns 5,072 shares of the investment management company’s stock valued at $29,000 after purchasing an additional 3,315 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Blackrock Tcp Capital in the 3rd quarter worth $25,000. Finally, Raymond James Financial Inc. lifted its holdings in shares of Blackrock Tcp Capital by 7.7% in the 2nd quarter. Raymond James Financial Inc. now owns 90,675 shares of the investment management company’s stock worth $698,000 after buying an additional 6,509 shares during the period.

Blackrock Tcp Capital Company Profile

BlackRock TCP Capital Corp is a publicly traded business development company (BDC) listed on the NASDAQ under the ticker TCPC. Externally managed by BlackRock, the firm provides customized financing solutions to U.S. middle-market companies, with a focus on sponsor-backed transactions. Its core strategy centers on delivering current income and capital appreciation through a diversified portfolio of debt and equity investments across a variety of sectors, including consumer products, healthcare, business services and industrials.

Since its initial public offering in 2013, BlackRock TCP Capital has partnered with private equity sponsors to underwrite and structure senior secured first-lien loans, second-lien loans, mezzanine debt and select equity co-investments.