BlackRock TCP Capital Corp. (NASDAQ:TCPC) Short Interest Up 57.4% in March

BlackRock TCP Capital Corp. (NASDAQ:TCPC) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,590,000 shares, an increase of 57.4% from the February 28th total of 1,010,000 shares. Based on an average trading volume of 647,500 shares, the days-to-cover ratio is currently 2.5 days. Currently, 1.9% of the shares of the company are sold short.

Insider Buying and Selling

In other news, COO Patrick Wolfe acquired 6,100 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were purchased at an average cost of $8.12 per share, for a total transaction of $49,532.00. Following the transaction, the chief operating officer now directly owns 8,003 shares in the company, valued at $64,984.36. This trade represents a 320.55 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Philip M. Tseng bought 10,000 shares of the firm’s stock in a transaction on Friday, March 21st. The stock was purchased at an average price of $7.74 per share, with a total value of $77,400.00. Following the transaction, the chief executive officer now owns 38,587 shares in the company, valued at $298,663.38. The trade was a 34.98 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 18,500 shares of company stock worth $146,444 over the last quarter. 0.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On BlackRock TCP Capital

Several hedge funds and other institutional investors have recently bought and sold shares of TCPC. Avior Wealth Management LLC bought a new stake in shares of BlackRock TCP Capital in the 4th quarter worth approximately $38,000. McIlrath & Eck LLC acquired a new stake in shares of BlackRock TCP Capital during the third quarter valued at approximately $46,000. Tower Research Capital LLC TRC lifted its holdings in shares of BlackRock TCP Capital by 177.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,488 shares of the investment management company’s stock valued at $48,000 after purchasing an additional 3,508 shares in the last quarter. Transce3nd LLC purchased a new stake in BlackRock TCP Capital in the 4th quarter worth about $70,000. Finally, Quantbot Technologies LP acquired a new stake in shares of BlackRock TCP Capital during the 3rd quarter valued at $79,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TCPC. StockNews.com raised BlackRock TCP Capital from a “sell” rating to a “hold” rating in a report on Thursday. Wells Fargo & Company lowered their price target on BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating on the stock in a report on Friday, February 28th. Finally, Keefe, Bruyette & Woods reduced 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 report on Friday, February 28th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to MarketBeat, BlackRock TCP Capital presently has an average rating of “Hold” and a consensus target price of $8.67.

BlackRock TCP Capital Price Performance

NASDAQ TCPC traded down $0.05 on Monday, reaching $7.95. 329,040 shares of the stock traded hands, compared to its average volume of 547,521. BlackRock TCP Capital has a 12 month low of $7.67 and a 12 month high of $11.52. The company has a market cap of $675.94 million, a price-to-earnings ratio of -15.87 and a beta of 1.55. The firm’s fifty day simple moving average is $8.69 and its 200 day simple moving average is $8.66. The company has a quick ratio of 39.37, a current ratio of 39.37 and a debt-to-equity ratio of 1.34.

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 issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 12.59%. The ex-dividend date of this dividend is Monday, March 17th. BlackRock TCP Capital’s payout ratio is currently -133.33%.

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.