BlackRock TCP Capital (NASDAQ:TCPC) Shares Gap Down – Here’s Why

BlackRock TCP Capital Corp. (NASDAQ:TCPC)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $9.34, but opened at $8.81. BlackRock TCP Capital shares last traded at $8.53, with a volume of 409,182 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods decreased 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. StockNews.com upgraded BlackRock TCP Capital from a “sell” rating to a “hold” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company dropped their price objective on BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.67.

BlackRock TCP Capital Price Performance

The company has a debt-to-equity ratio of 1.34, a current ratio of 39.37 and a quick ratio of 39.37. The firm has a market capitalization of $722.39 million, a price-to-earnings ratio of -16.88 and a beta of 1.50. The business’s fifty day simple moving average is $8.97 and its 200 day simple moving average is $8.81.

BlackRock TCP Capital Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 11.85%. The ex-dividend date is Monday, March 17th. BlackRock TCP Capital’s payout ratio is -272.00%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CF Capital LLC acquired a new position in shares of BlackRock TCP Capital during the fourth quarter worth approximately $243,000. Balyasny Asset Management L.P. bought a new stake in BlackRock TCP Capital during the 4th quarter valued at $177,000. Jane Street Group LLC raised its holdings in BlackRock TCP Capital by 291.5% during the fourth quarter. Jane Street Group LLC now owns 142,714 shares of the investment management company’s stock worth $1,243,000 after buying an additional 106,257 shares during the last quarter. Talon Private Wealth LLC bought a new position in shares of BlackRock TCP Capital in the fourth quarter valued at $276,000. Finally, Aquatic Capital Management LLC grew its holdings in shares of BlackRock TCP Capital by 146.4% during the fourth quarter. Aquatic Capital Management LLC now owns 34,000 shares of the investment management company’s stock valued at $296,000 after buying an additional 20,200 shares during the last quarter.

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.