BlackRock TCP Capital Corp (NASDAQ:TCPC) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 410,500 shares, a growth of 57.8% from the September 30th total of 260,200 shares. Based on an average trading volume of 272,200 shares, the days-to-cover ratio is currently 1.5 days. Currently, 0.7% of the shares of the stock are short sold.
In related news, CEO Howard Levkowitz acquired 10,000 shares of BlackRock TCP Capital stock in a transaction dated Thursday, September 5th. The shares were acquired at an average cost of $13.29 per share, for a total transaction of $132,900.00. Following the completion of the transaction, the chief executive officer now directly owns 135,905 shares of the company’s stock, valued at $1,806,177.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael E. Leitner acquired 15,000 shares of BlackRock TCP Capital stock in a transaction dated Wednesday, September 4th. The stock was bought at an average price of $13.31 per share, for a total transaction of $199,650.00. Following the completion of the transaction, the insider now directly owns 15,065 shares of the company’s stock, valued at $200,515.15. The disclosure for this purchase can be found here. 0.63% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in TCPC. Dubuque Bank & Trust Co. increased its stake in BlackRock TCP Capital by 5.0% during the second quarter. Dubuque Bank & Trust Co. now owns 137,808 shares of the investment management company’s stock worth $1,964,000 after acquiring an additional 6,515 shares during the last quarter. Truvestments Capital LLC acquired a new stake in BlackRock TCP Capital during the second quarter worth about $33,000. Sound Income Strategies LLC acquired a new stake in BlackRock TCP Capital during the second quarter worth about $365,000. NEXT Financial Group Inc acquired a new stake in BlackRock TCP Capital during the second quarter worth about $47,000. Finally, Jag Capital Management LLC acquired a new stake in BlackRock TCP Capital during the second quarter worth about $815,000. Institutional investors own 41.44% of the company’s stock.
BlackRock TCP Capital stock traded down $0.10 during trading on Friday, hitting $14.09. The company’s stock had a trading volume of 14,939 shares, compared to its average volume of 212,060. The stock has a market capitalization of $843.29 million, a price-to-earnings ratio of 8.86, a P/E/G ratio of 2.95 and a beta of 0.68. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.87 and a current ratio of 21.24. The stock’s fifty day moving average is $13.68 and its 200 day moving average is $13.98. BlackRock TCP Capital has a 1-year low of $12.52 and a 1-year high of $14.88.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a dividend of $0.36 per share. The ex-dividend date is Monday, December 16th. This represents a $1.44 annualized dividend and a yield of 10.22%. BlackRock TCP Capital’s dividend payout ratio is presently 90.57%.
Several equities analysts recently commented on TCPC shares. BidaskClub upgraded BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Oppenheimer set a $16.00 target price on BlackRock TCP Capital and gave the company a “buy” rating in a research note on Friday, August 9th. ValuEngine lowered BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. TheStreet lowered BlackRock TCP Capital from a “b-” rating to a “c” rating in a research note on Friday, August 30th. Finally, Zacks Investment Research lowered BlackRock TCP Capital from a “hold” rating to a “sell” rating in a research note on Saturday, November 9th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $16.33.
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.
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