Blackrock Tcp Capital Target of Unusually High Options Trading (NASDAQ:TCPC)

Blackrock Tcp Capital Corp. (NASDAQ:TCPC) was the target of some unusual options trading activity on Monday. Investors bought 6,269 put options on the company. This is an increase of 4,510% compared to the typical volume of 136 put options.

Blackrock Tcp Capital Stock Performance

NASDAQ:TCPC traded up $0.12 during mid-day trading on Monday, reaching $3.63. The stock had a trading volume of 607,194 shares, compared to its average volume of 1,286,269. Blackrock Tcp Capital has a twelve month low of $3.46 and a twelve month high of $8.11. The business has a 50 day simple moving average of $4.70 and a 200 day simple moving average of $5.50. The firm has a market capitalization of $305.70 million, a price-to-earnings ratio of -3.46 and a beta of 0.91. The company has a debt-to-equity ratio of 1.73, a quick ratio of 17.66 and a current ratio of 17.66.

Blackrock Tcp Capital (NASDAQ:TCPC) last released its earnings results on Friday, February 27th. The investment management company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.03). The business had revenue of $27.13 million for the quarter, compared to analyst estimates of $46.99 million. Blackrock Tcp Capital had a positive return on equity of 15.06% and a negative net margin of 44.07%. On average, analysts expect that Blackrock Tcp Capital will post 1.65 earnings per share for the current fiscal year.

Blackrock Tcp Capital Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.17 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.68 annualized dividend and a yield of 18.8%. Blackrock Tcp Capital’s dividend payout ratio is presently -64.76%.

Wall Street Analyst Weigh In

Several research firms have commented on TCPC. Wall Street Zen downgraded Blackrock Tcp Capital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $3.50 target price (down from $7.00) on shares of Blackrock Tcp Capital in a report on Tuesday, March 3rd. Zacks Research lowered Blackrock Tcp Capital from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. Wells Fargo & Company decreased their price target on Blackrock Tcp Capital from $5.50 to $3.50 and set an “underweight” rating for the company in a report on Monday, March 2nd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Blackrock Tcp Capital in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Strong Sell” and an average price target of $3.50.

Insider Buying and Selling at Blackrock Tcp Capital

In other Blackrock Tcp Capital news, COO Patrick Wolfe bought 6,850 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was acquired at an average price of $3.65 per share, for a total transaction of $25,002.50. Following the completion of the purchase, the chief operating officer owned 16,086 shares of the company’s stock, valued at approximately $58,713.90. This represents a 74.17% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Blackrock Tcp Capital

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue acquired a new position in shares of Blackrock Tcp Capital during the 3rd quarter worth $25,000. Sound Income Strategies LLC lifted its stake in shares of Blackrock Tcp Capital by 188.7% in the fourth quarter. Sound Income Strategies LLC now owns 5,072 shares of the investment management company’s stock valued at $29,000 after purchasing an additional 3,315 shares during the period. Nomura Asset Management Co. Ltd. purchased a new stake in Blackrock Tcp Capital during the second quarter worth about $30,000. Blue Trust Inc. purchased a new stake in Blackrock Tcp Capital during the fourth quarter worth about $59,000. Finally, CIBC Bancorp USA Inc. acquired a new position in Blackrock Tcp Capital during the third quarter worth about $65,000.

About Blackrock Tcp Capital

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.