Blackrock Tcp Capital Corp. (NASDAQ:TCPC) Short Interest Up 22.4% in April

Blackrock Tcp Capital Corp. (NASDAQ:TCPC) saw a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 5,844,754 shares, an increase of 22.4% from the March 31st total of 4,774,069 shares. Based on an average trading volume of 1,189,854 shares, the short-interest ratio is presently 4.9 days. Currently, 7.0% of the shares of the company are short sold.

Insider Buying and Selling

In other news, COO Patrick Wolfe purchased 6,850 shares of the stock in a transaction on Friday, March 13th. The shares were acquired at an average price of $3.65 per share, with a total value of $25,002.50. Following the completion of the acquisition, the chief operating officer directly owned 16,086 shares of the company’s stock, valued at $58,713.90. This trade represents a 74.17% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On Blackrock Tcp Capital

Several large investors have recently bought and sold shares of the business. State of Alaska Department of Revenue bought a new position in Blackrock Tcp Capital during the third quarter valued at $25,000. Sound Income Strategies LLC raised its position in shares of Blackrock Tcp Capital by 188.7% during the 4th quarter. Sound Income Strategies LLC now owns 5,072 shares of the investment management company’s stock valued at $29,000 after buying an additional 3,315 shares in the last quarter. Blue Trust Inc. purchased a new position in Blackrock Tcp Capital in the fourth quarter worth about $59,000. CIBC Bancorp USA Inc. bought a new stake in Blackrock Tcp Capital during the third quarter worth approximately $65,000. Finally, Cerity Partners LLC purchased a new stake in Blackrock Tcp Capital during the fourth quarter valued at approximately $70,000.

Blackrock Tcp Capital Price Performance

Shares of Blackrock Tcp Capital stock traded up $0.11 during trading on Thursday, reaching $4.28. 229,206 shares of the stock traded hands, compared to its average volume of 1,185,241. Blackrock Tcp Capital has a 52-week low of $3.43 and a 52-week high of $8.06. The company has a debt-to-equity ratio of 1.73, a current ratio of 17.66 and a quick ratio of 17.66. The business has a fifty day simple moving average of $3.95 and a two-hundred day simple moving average of $5.01. The company has a market capitalization of $360.17 million, a price-to-earnings ratio of -4.08 and a beta of 0.90.

Blackrock Tcp Capital (NASDAQ:TCPC) last posted its earnings results on Friday, February 27th. The investment management company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.03). The firm had revenue of $43.92 million during the quarter, compared to analysts’ expectations of $46.99 million. Blackrock Tcp Capital had a positive return on equity of 15.06% and a negative net margin of 44.07%. Sell-side analysts expect that Blackrock Tcp Capital will post 0.77 EPS for the current year.

Blackrock Tcp Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 15.9%. The ex-dividend date was Tuesday, March 17th. Blackrock Tcp Capital’s dividend payout ratio is currently -64.76%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $3.50 price target (down from $7.00) on shares of Blackrock Tcp Capital in a report on Tuesday, March 3rd. Wall Street Zen cut Blackrock Tcp Capital from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Wells Fargo & Company decreased their target price on Blackrock Tcp Capital from $5.50 to $3.50 and set an “underweight” rating on the stock in a research note on Monday, March 2nd. Finally, Zacks Research cut Blackrock Tcp Capital from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. One analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Strong Sell” and an average price target of $3.50.

Blackrock Tcp Capital Company Profile

BlackRock TCP Capital Corp is a publicly traded business development company (BDC) listed on the NASDAQ under the ticker TCPC. Externally managed by BlackRock, the firm provides customized financing solutions to U.S. middle-market companies, with a focus on sponsor-backed transactions. Its core strategy centers on delivering current income and capital appreciation through a diversified portfolio of debt and equity investments across a variety of sectors, including consumer products, healthcare, business services and industrials.

Since its initial public offering in 2013, BlackRock TCP Capital has partnered with private equity sponsors to underwrite and structure senior secured first-lien loans, second-lien loans, mezzanine debt and select equity co-investments.