BlackRock TCP Capital Corp. (NASDAQ:TCPC) to Issue Dividend Increase – $0.44 Per Share

BlackRock TCP Capital Corp. (NASDAQ:TCPC) declared a quarterly dividend on Wednesday, November 6th, Zacks reports. Shareholders of record on Tuesday, December 17th will be given a dividend of 0.44 per share by the investment management company on Tuesday, December 31st. This represents a $1.76 dividend on an annualized basis and a yield of 20.37%. The ex-dividend date of this dividend is Tuesday, December 17th. This is a positive change from BlackRock TCP Capital’s previous quarterly dividend of $0.34.

BlackRock TCP Capital has raised its dividend payment by an average of 6.0% per year over the last three years. BlackRock TCP Capital has a payout ratio of 95.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect BlackRock TCP Capital to earn $1.48 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 91.9%.

BlackRock TCP Capital Trading Up 1.1 %

Shares of NASDAQ:TCPC traded up $0.09 during mid-day trading on Thursday, reaching $8.64. The stock had a trading volume of 118,176 shares, compared to its average volume of 496,293. The firm has a 50 day simple moving average of $8.44 and a two-hundred day simple moving average of $9.74. BlackRock TCP Capital has a twelve month low of $7.71 and a twelve month high of $12.43. The company has a current ratio of 44.47, a quick ratio of 44.47 and a debt-to-equity ratio of 1.51. The firm has a market cap of $739.50 million, a PE ratio of -16.13 and a beta of 1.47.

BlackRock TCP Capital (NASDAQ:TCPC) last released its quarterly earnings data on Wednesday, August 7th. The investment management company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. BlackRock TCP Capital had a positive return on equity of 14.42% and a negative net margin of 20.11%. The company had revenue of $71.53 million during the quarter, compared to the consensus estimate of $70.39 million. During the same quarter in the prior year, the firm posted $0.48 EPS. On average, research analysts predict that BlackRock TCP Capital will post 1.66 EPS for the current fiscal year.

Insider Activity

In related news, CEO Rajneesh Vig purchased 25,000 shares of BlackRock TCP Capital stock in a transaction that occurred on Thursday, August 29th. The shares were acquired at an average cost of $9.09 per share, for a total transaction of $227,250.00. Following the transaction, the chief executive officer now directly owns 130,930 shares in the company, valued at $1,190,153.70. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other BlackRock TCP Capital news, Director Philip M. Tseng bought 5,000 shares of BlackRock TCP Capital stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $9.07 per share, with a total value of $45,350.00. Following the acquisition, the director now owns 17,481 shares in the company, valued at approximately $158,552.67. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Rajneesh Vig acquired 25,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was purchased at an average cost of $9.09 per share, with a total value of $227,250.00. Following the acquisition, the chief executive officer now directly owns 130,930 shares of the company’s stock, valued at $1,190,153.70. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 42,000 shares of company stock worth $381,875. 0.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TCPC has been the subject of a number of research reports. Keefe, Bruyette & Woods dropped their target price on BlackRock TCP Capital from $10.50 to $9.00 and set a “market perform” rating for the company in a report on Thursday, August 8th. Wells Fargo & Company cut their price objective on BlackRock TCP Capital from $8.00 to $7.50 and set an “underweight” rating on the stock in a research note on Tuesday, October 29th. LADENBURG THALM/SH SH lowered BlackRock TCP Capital from a “buy” rating to a “neutral” rating in a research note on Thursday, August 8th. Finally, StockNews.com downgraded BlackRock TCP Capital from a “hold” rating to a “sell” rating in a report on Thursday, August 15th. Two research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, BlackRock TCP Capital has a consensus rating of “Hold” and an average price target of $8.83.

BlackRock TCP Capital Company 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.