6 Meridian Invests $5.31 Million in BlackRock TCP Capital Corp (TCPC)
6 Meridian bought a new stake in BlackRock TCP Capital Corp (NASDAQ:TCPC) in the 2nd quarter, HoldingsChannel reports. The firm bought 367,111 shares of the investment management company’s stock, valued at approximately $5,305,000.
Several other institutional investors also recently modified their holdings of TCPC. PNC Financial Services Group Inc. acquired a new position in shares of BlackRock TCP Capital in the 1st quarter valued at $114,000. Punch & Associates Investment Management Inc. acquired a new position in shares of BlackRock TCP Capital in the 1st quarter valued at $151,000. Financial Counselors Inc. acquired a new position in shares of BlackRock TCP Capital in the 2nd quarter valued at $201,000. Great West Life Assurance Co. Can acquired a new position in shares of BlackRock TCP Capital in the 1st quarter valued at $222,000. Finally, Oppenheimer & Co. Inc. boosted its holdings in shares of BlackRock TCP Capital by 39.2% in the 1st quarter. Oppenheimer & Co. Inc. now owns 28,200 shares of the investment management company’s stock valued at $401,000 after buying an additional 7,937 shares in the last quarter. Institutional investors and hedge funds own 51.71% of the company’s stock.
TCPC has been the subject of several research analyst reports. National Securities restated a “buy” rating and issued a $19.00 target price on shares of BlackRock TCP Capital in a report on Monday, August 13th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $17.00 price target on shares of BlackRock TCP Capital in a research note on Wednesday, August 8th. BidaskClub upgraded shares of BlackRock TCP Capital from a “hold” rating to a “buy” rating in a research note on Saturday, July 21st. Zacks Investment Research upgraded shares of BlackRock TCP Capital from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research note on Saturday, May 12th. Finally, JMP Securities decreased their price target on shares of BlackRock TCP Capital from $17.00 to $16.50 and set a “market outperform” rating for the company in a research note on Tuesday, August 28th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $17.08.
BlackRock TCP Capital (NASDAQ:TCPC) last issued its quarterly earnings results on Wednesday, August 8th. The investment management company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.02. The firm had revenue of $48.42 million during the quarter, compared to analysts’ expectations of $47.46 million. BlackRock TCP Capital had a net margin of 32.55% and a return on equity of 11.22%. equities analysts forecast that BlackRock TCP Capital Corp will post 1.57 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 9.90%. The ex-dividend date is Thursday, September 13th. BlackRock TCP Capital’s dividend payout ratio is currently 72.36%.
BlackRock TCP Capital Company Profile
TCP Capital Corp. is an externally managed, closed-end, non-diversified management investment company. The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. It invests in the debt of middle-market companies, as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds.
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