BlackRock TCP Capital Corp (NASDAQ:TCPC) Short Interest Update

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BlackRock TCP Capital Corp (NASDAQ:TCPC) saw a large growth in short interest in the month of March. As of March 13th, there was short interest totalling 569,600 shares, a growth of 139.4% from the February 27th total of 237,900 shares. Currently, 1.0% of the company’s shares are sold short. Based on an average trading volume of 584,300 shares, the days-to-cover ratio is currently 1.0 days.

In other news, COO Rajneesh Vig bought 10,000 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was bought at an average cost of $8.31 per share, for a total transaction of $83,100.00. Following the acquisition, the chief operating officer now directly owns 59,750 shares of the company’s stock, valued at approximately $496,522.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian F. Wruble bought 5,000 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were purchased at an average price of $12.96 per share, with a total value of $64,800.00. Following the completion of the acquisition, the director now directly owns 30,000 shares in the company, valued at $388,800. The disclosure for this purchase can be found here. Insiders have purchased a total of 24,500 shares of company stock valued at $249,175 over the last 90 days. 0.63% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. boosted its position in BlackRock TCP Capital by 7,020.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 197,103 shares of the investment management company’s stock worth $2,769,000 after purchasing an additional 194,335 shares in the last quarter. Marshall Wace LLP acquired a new position in BlackRock TCP Capital in the fourth quarter valued at $2,134,000. Van ECK Associates Corp increased its stake in BlackRock TCP Capital by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 650,097 shares of the investment management company’s stock valued at $9,134,000 after purchasing an additional 115,536 shares during the last quarter. Cliffwater LLC increased its stake in BlackRock TCP Capital by 15.0% in the fourth quarter. Cliffwater LLC now owns 781,155 shares of the investment management company’s stock valued at $10,975,000 after purchasing an additional 101,676 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in BlackRock TCP Capital by 17.0% in the fourth quarter. Bank of America Corp DE now owns 413,134 shares of the investment management company’s stock valued at $5,805,000 after purchasing an additional 60,006 shares during the last quarter. 31.04% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have recently issued reports on TCPC shares. Wells Fargo & Co cut BlackRock TCP Capital to a “hold” rating in a research note on Wednesday. Deutsche Bank decreased their price objective on BlackRock TCP Capital from $15.00 to $14.50 and set a “buy” rating for the company in a research note on Thursday, February 27th. BidaskClub cut BlackRock TCP Capital from a “sell” rating to a “strong sell” rating in a research note on Wednesday, March 4th. TheStreet cut BlackRock TCP Capital from a “b” rating to a “c+” rating in a research note on Friday, March 6th. Finally, Zacks Investment Research upgraded BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research note on Friday, March 13th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $15.60.

Shares of NASDAQ TCPC opened at $7.20 on Friday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 3.78 and a current ratio of 3.78. BlackRock TCP Capital has a fifty-two week low of $4.02 and a fifty-two week high of $14.80. The firm has a market capitalization of $348.48 million, a PE ratio of 13.85 and a beta of 0.68. The stock’s 50-day simple moving average is $11.91 and its 200-day simple moving average is $13.44.

BlackRock TCP Capital (NASDAQ:TCPC) last issued its earnings results on Wednesday, February 26th. The investment management company reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.02). The business had revenue of $47.81 million for the quarter, compared to analyst estimates of $48.62 million. BlackRock TCP Capital had a return on equity of 11.80% and a net margin of 15.67%. On average, sell-side analysts forecast that BlackRock TCP Capital will post 1.57 earnings per share for the current fiscal year.

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 issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 20.00%. The ex-dividend date of this dividend is Monday, March 16th. BlackRock TCP Capital’s payout ratio is currently 89.44%.

About BlackRock TCP Capital

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It seeks to invest in the United States.

See Also: Understanding Price to Earnings Ratio (PE)

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