D.A. Davidson & CO. Trims Stock Position in Blackrock Tcp Capital Corp. $TCPC

D.A. Davidson & CO. cut its stake in shares of Blackrock Tcp Capital Corp. (NASDAQ:TCPC) by 54.7% in the 4th quarter, Holdings Channel reports. The fund owned 188,272 shares of the investment management company’s stock after selling 226,937 shares during the quarter. D.A. Davidson & CO.’s holdings in Blackrock Tcp Capital were worth $1,030,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TCPC. State of Alaska Department of Revenue purchased a new stake in Blackrock Tcp Capital during the 3rd quarter valued at approximately $25,000. Sound Income Strategies LLC raised its stake in shares of 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 worth $29,000 after buying an additional 3,315 shares in the last quarter. Blue Trust Inc. purchased a new position in shares of Blackrock Tcp Capital during the 4th quarter worth approximately $59,000. CIBC Bancorp USA Inc. purchased a new position in shares of Blackrock Tcp Capital during the 3rd quarter worth approximately $65,000. Finally, Significant Wealth Partners LLC purchased a new position in shares of Blackrock Tcp Capital during the 3rd quarter worth approximately $71,000.

Insiders Place Their Bets

In other news, COO Patrick Wolfe acquired 6,850 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was purchased at an average cost of $3.65 per share, with a total value of $25,002.50. Following the purchase, the chief operating officer directly owned 16,086 shares of the company’s stock, valued at approximately $58,713.90. This trade represents a 74.17% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 0.37% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on TCPC shares. Wells Fargo & Company cut their target price 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. Keefe, Bruyette & Woods reissued 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. Wall Street Zen downgraded Blackrock Tcp Capital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Zacks Research downgraded Blackrock Tcp Capital from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Strong Sell” and a consensus target price of $3.50.

Blackrock Tcp Capital Stock Performance

Shares of TCPC stock opened at $4.39 on Monday. The company has a market cap of $369.77 million, a price-to-earnings ratio of -4.18 and a beta of 0.98. The stock has a 50 day simple moving average of $3.94 and a 200-day simple moving average of $5.00. Blackrock Tcp Capital Corp. has a 12-month low of $3.43 and a 12-month high of $8.06. 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 released its quarterly earnings data on Friday, February 27th. The investment management company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.03). Blackrock Tcp Capital had a negative net margin of 44.07% and a positive return on equity of 15.06%. The firm had revenue of $43.92 million during the quarter, compared to analysts’ expectations of $46.99 million. On average, equities analysts forecast that Blackrock Tcp Capital Corp. will post 0.77 EPS for the current year.

Blackrock Tcp Capital Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 15.5%. The ex-dividend date of this dividend was Tuesday, March 17th. Blackrock Tcp Capital’s dividend payout ratio (DPR) is presently -64.76%.

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.