BlackRock TCP Capital (NASDAQ:TCPC) Announces Earnings Results, Meets Estimates

BlackRock TCP Capital (NASDAQ:TCPC) posted its earnings results on Wednesday. The investment management company reported $0.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.45, Zacks reports. The business had revenue of $55.73 million for the quarter, compared to analysts’ expectations of $50.99 million. BlackRock TCP Capital had a net margin of 18.38% and a return on equity of 14.59%. During the same quarter in the prior year, the business earned $0.44 EPS.

BlackRock TCP Capital Stock Performance

BlackRock TCP Capital stock traded down $0.08 during midday trading on Thursday, hitting $10.34. The stock had a trading volume of 416,826 shares, compared to its average volume of 477,015. The firm’s fifty day moving average is $10.34 and its two-hundred day moving average is $11.06. The company has a market capitalization of $597.34 million, a PE ratio of 15.91 and a beta of 1.42. BlackRock TCP Capital has a 52-week low of $9.80 and a 52-week high of $13.00. The company has a current ratio of 30.47, a quick ratio of 30.47 and a debt-to-equity ratio of 1.43.

BlackRock TCP Capital Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 14th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 13.15%. The ex-dividend date of this dividend was Wednesday, March 13th. BlackRock TCP Capital’s dividend payout ratio is 206.06%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of BlackRock TCP Capital from $11.50 to $10.50 and set a “market perform” rating on the stock in a research note on Friday, March 22nd. Wells Fargo & Company increased their price objective on shares of BlackRock TCP Capital from $11.00 to $11.50 and gave the stock an “equal weight” rating in a research note on Monday, January 29th. Raymond James cut shares of BlackRock TCP Capital from an “outperform” rating to a “market perform” rating in a research note on Friday, March 1st. Oppenheimer lowered their price objective on shares of BlackRock TCP Capital from $11.00 to $10.00 and set a “market perform” rating on the stock in a research note on Thursday. Finally, JMP Securities reiterated a “market perform” rating on shares of BlackRock TCP Capital in a research note on Friday, March 1st. Six investment analysts have rated the stock with a hold rating, According to MarketBeat.com, BlackRock TCP Capital currently has a consensus rating of “Hold” and an average target price of $11.00.

About BlackRock TCP Capital

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.