Zacks Investment Research Downgrades BlackRock TCP Capital (TCPC) to Sell

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BlackRock TCP Capital (NASDAQ:TCPC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “BlackRock TCP Capital Corp. is an externally-managed non-diversified closed-end management investment company. It focused on middle-market lending. BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., is headquartered in Santa Monica, CA. “

Several other equities research analysts have also recently weighed in on the company. BidaskClub upgraded BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research note on Monday. National Securities reduced their price objective on BlackRock TCP Capital from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, March 4th. Finally, ValuEngine upgraded BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research note on Wednesday, December 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $16.50.

TCPC stock opened at $14.16 on Wednesday. The company has a market cap of $844.53 million, a P/E ratio of 8.91, a price-to-earnings-growth ratio of 2.93 and a beta of 0.80. BlackRock TCP Capital has a fifty-two week low of $12.52 and a fifty-two week high of $14.98. The company has a debt-to-equity ratio of 0.97, a current ratio of 12.33 and a quick ratio of 12.33.

In other news, CFO Paul L. Davis acquired 3,000 shares of BlackRock TCP Capital stock in a transaction on Friday, December 21st. The stock was bought at an average price of $12.88 per share, for a total transaction of $38,640.00. Following the completion of the purchase, the chief financial officer now owns 15,900 shares in the company, valued at $204,792. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rajneesh Vig acquired 10,000 shares of BlackRock TCP Capital stock in a transaction on Friday, December 21st. The stock was purchased at an average price of $12.92 per share, with a total value of $129,200.00. Following the purchase, the insider now owns 49,750 shares of the company’s stock, valued at approximately $642,770. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 19,000 shares of company stock valued at $245,200. 11.40% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC raised its stake in shares of BlackRock TCP Capital by 31.8% during the fourth quarter. Millennium Management LLC now owns 484,972 shares of the investment management company’s stock worth $6,324,000 after purchasing an additional 117,106 shares during the last quarter. Cetera Advisor Networks LLC purchased a new stake in shares of BlackRock TCP Capital during the fourth quarter worth approximately $329,000. Legal & General Group Plc raised its stake in shares of BlackRock TCP Capital by 18.5% during the fourth quarter. Legal & General Group Plc now owns 267,986 shares of the investment management company’s stock worth $3,499,000 after purchasing an additional 41,777 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of BlackRock TCP Capital during the fourth quarter worth approximately $240,000. Finally, Bank of America Corp DE raised its stake in shares of BlackRock TCP Capital by 8.9% during the fourth quarter. Bank of America Corp DE now owns 405,430 shares of the investment management company’s stock worth $5,287,000 after purchasing an additional 33,119 shares during the last quarter. Institutional investors and hedge funds own 45.16% of the company’s stock.

BlackRock TCP Capital Company Profile

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.

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