Next Capital Management LLC Grows Stake in Blackrock Tcp Capital Corp. $TCPC

Next Capital Management LLC grew its holdings in shares of Blackrock Tcp Capital Corp. (NASDAQ:TCPC) by 11.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,683,539 shares of the investment management company’s stock after buying an additional 282,123 shares during the period. Blackrock Tcp Capital accounts for about 4.7% of Next Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Next Capital Management LLC’s holdings in Blackrock Tcp Capital were worth $14,679,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Sound Income Strategies LLC raised its holdings in shares of Blackrock Tcp Capital by 188.7% during the fourth quarter. Sound Income Strategies LLC now owns 5,072 shares of the investment management company’s stock valued at $29,000 after buying an additional 3,315 shares during the last quarter. Blue Trust Inc. bought a new stake in shares of Blackrock Tcp Capital during the fourth quarter valued at approximately $59,000. CIBC Bancorp USA Inc. bought a new stake in shares of Blackrock Tcp Capital during the third quarter valued at approximately $65,000. Equitable Trust Co. bought a new stake in shares of Blackrock Tcp Capital during the fourth quarter valued at approximately $75,000. Finally, Creative Planning bought a new stake in shares of Blackrock Tcp Capital during the second quarter valued at approximately $85,000.

Blackrock Tcp Capital Price Performance

NASDAQ TCPC opened at $3.68 on Monday. Blackrock Tcp Capital Corp. has a 12 month low of $3.43 and a 12 month high of $8.06. The company has a debt-to-equity ratio of 1.64, a current ratio of 21.44 and a quick ratio of 21.44. The firm has a market capitalization of $308.75 million, a PE ratio of -2.47 and a beta of 0.93. The company’s 50 day simple moving average is $3.96 and its 200 day simple moving average is $4.70.

Blackrock Tcp Capital (NASDAQ:TCPC) last posted its quarterly earnings data on Thursday, May 7th. The investment management company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01. Blackrock Tcp Capital had a negative net margin of 66.92% and a positive return on equity of 14.30%. The business had revenue of $42.58 million for the quarter, compared to analyst estimates of $40.10 million. As a group, equities research analysts forecast that Blackrock Tcp Capital Corp. will post 0.83 EPS for the current fiscal year.

Blackrock Tcp Capital Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 18.5%. The ex-dividend date is Tuesday, June 16th. Blackrock Tcp Capital’s dividend payout ratio (DPR) is currently -45.64%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company cut their price target on Blackrock Tcp Capital from $5.50 to $3.50 and set an “underweight” rating on the stock in a report on Monday, March 2nd. Wall Street Zen raised Blackrock Tcp Capital from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Blackrock Tcp Capital in a report on Tuesday, June 2nd. Finally, Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $3.50 price target (down from $7.00) on shares of Blackrock Tcp Capital in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Strong Sell” and an average price target of $3.50.

Insider Activity at Blackrock Tcp Capital

In related news, COO Patrick Wolfe acquired 6,850 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average price of $3.65 per share, for a total transaction of $25,002.50. Following the completion of the purchase, the chief operating officer directly 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 purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.37% of the stock is owned by corporate insiders.

Blackrock Tcp Capital 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.