BlackRock TCP Capital (NASDAQ:TCPC) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

BlackRock TCP Capital (NASDAQ:TCPC) posted its quarterly earnings data on Wednesday. The investment management company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.04), Zacks reports. The business had revenue of $70.93 million for the quarter, compared to the consensus estimate of $69.13 million. BlackRock TCP Capital had a negative net margin of 20.11% and a positive return on equity of 14.42%. During the same period in the prior year, the business posted $0.49 EPS.

BlackRock TCP Capital Trading Up 1.9 %

NASDAQ TCPC traded up $0.16 on Thursday, hitting $8.71. The company’s stock had a trading volume of 1,090,442 shares, compared to its average volume of 500,794. BlackRock TCP Capital has a 52-week low of $7.71 and a 52-week high of $12.43. The company has a current ratio of 44.47, a quick ratio of 44.47 and a debt-to-equity ratio of 1.51. The company’s 50-day simple moving average is $8.44 and its 200 day simple moving average is $9.74. The firm has a market cap of $745.49 million, a P/E ratio of -16.57 and a beta of 1.47.

BlackRock TCP Capital Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $1.76 annualized dividend and a yield of 20.21%. This is a boost from BlackRock TCP Capital’s previous quarterly dividend of $0.34. BlackRock TCP Capital’s dividend payout ratio (DPR) is -256.60%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TCPC. StockNews.com lowered BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. Keefe, Bruyette & Woods dropped their price target on BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating for the company in a research note on Thursday, August 8th. LADENBURG THALM/SH SH lowered BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a research note on Thursday, August 8th. Finally, Wells Fargo & Company lifted their price objective on BlackRock TCP Capital from $7.50 to $8.00 and gave the stock an “underweight” rating in a report on Thursday. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat, BlackRock TCP Capital has an average rating of “Hold” and a consensus target price of $9.00.

Insiders Place Their Bets

In other BlackRock TCP Capital news, CEO Rajneesh Vig acquired 25,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was acquired at an average price of $9.09 per share, for a total transaction of $227,250.00. Following the acquisition, the chief executive officer now owns 130,930 shares in the company, valued at $1,190,153.70. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Philip M. Tseng bought 10,000 shares of the stock in a transaction dated Tuesday, September 10th. The stock was bought at an average price of $9.10 per share, for a total transaction of $91,000.00. Following the purchase, the director now directly owns 27,481 shares in the company, valued at $250,077.10. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rajneesh Vig bought 25,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was purchased at an average price of $9.09 per share, with a total value of $227,250.00. Following the purchase, the chief executive officer now owns 130,930 shares in the company, valued at $1,190,153.70. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 42,000 shares of company stock worth $381,875. 0.16% of the stock is currently owned by company insiders.

BlackRock TCP Capital Company Profile

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.