Sumitomo Mitsui Trust Group Inc. Trims Stock Holdings in BlackRock TCP Capital Corp. (NASDAQ:TCPC)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in BlackRock TCP Capital Corp. (NASDAQ:TCPC) by 2.7% in the third quarter, HoldingsChannel reports. The firm owned 212,872 shares of the investment management company’s stock after selling 6,009 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in BlackRock TCP Capital were worth $1,765,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Future Financial Wealth Managment LLC bought a new position in BlackRock TCP Capital during the 3rd quarter worth approximately $25,000. International Assets Investment Management LLC bought a new position in BlackRock TCP Capital during the 2nd quarter worth approximately $60,000. Pathway Financial Advisers LLC lifted its holdings in BlackRock TCP Capital by 729.0% during the 3rd quarter. Pathway Financial Advisers LLC now owns 7,254 shares of the investment management company’s stock worth $60,000 after buying an additional 6,379 shares during the last quarter. Ignite Planners LLC lifted its holdings in BlackRock TCP Capital by 10.6% during the 2nd quarter. Ignite Planners LLC now owns 73,376 shares of the investment management company’s stock worth $805,000 after buying an additional 7,017 shares during the last quarter. Finally, Accel Wealth Management bought a new position in BlackRock TCP Capital during the 2nd quarter worth approximately $108,000.

BlackRock TCP Capital Stock Up 0.2 %

TCPC opened at $9.02 on Wednesday. BlackRock TCP Capital Corp. has a 12 month low of $7.71 and a 12 month high of $12.43. The company has a debt-to-equity ratio of 1.34, a current ratio of 39.37 and a quick ratio of 39.37. The stock has a market cap of $772.02 million, a P/E ratio of -18.04 and a beta of 1.47. The stock’s 50 day moving average price is $8.39 and its 200 day moving average price is $9.66.

BlackRock TCP Capital (NASDAQ:TCPC) last posted its earnings results on Wednesday, November 6th. The investment management company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.04). BlackRock TCP Capital had a negative net margin of 15.22% and a positive return on equity of 14.16%. The business had revenue of $70.93 million during the quarter, compared to analyst estimates of $69.13 million. During the same quarter in the prior year, the business earned $0.49 earnings per share. As a group, research analysts predict that BlackRock TCP Capital Corp. will post 1.65 earnings per share for the current year.

BlackRock TCP Capital Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a $0.44 dividend. This is a boost from BlackRock TCP Capital’s previous quarterly dividend of $0.34. This represents a $1.76 annualized dividend and a yield of 19.51%. The ex-dividend date is Tuesday, December 17th. BlackRock TCP Capital’s dividend payout ratio (DPR) is currently -271.99%.

Analyst Ratings Changes

TCPC has been the topic of a number of research analyst reports. LADENBURG THALM/SH SH downgraded BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a report on Thursday, August 8th. Keefe, Bruyette & Woods dropped their price target on BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. StockNews.com upgraded BlackRock TCP Capital from a “sell” rating to a “hold” rating in a research report on Monday. Finally, Wells Fargo & Company increased their price target on BlackRock TCP Capital from $7.50 to $8.00 and gave the stock an “underweight” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, BlackRock TCP Capital currently has an average rating of “Hold” and an average price target of $9.00.

Insider Activity at BlackRock TCP Capital

In other news, Director Philip M. Tseng purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was purchased at an average cost of $9.10 per share, with a total value of $91,000.00. Following the purchase, the director now owns 27,481 shares in the company, valued at $250,077.10. This trade represents a 57.20 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Rajneesh Vig purchased 25,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The shares were purchased at an average cost of $9.09 per share, with a total value of $227,250.00. Following the completion of the purchase, the chief executive officer now owns 130,930 shares in the company, valued at $1,190,153.70. This represents a 23.60 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 42,000 shares of company stock worth $381,875 in the last three months. 0.16% of the stock is owned by company insiders.

BlackRock TCP Capital 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.