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In a challenging economic climate, TCP Capital Corp (TCPC) stock has recorded a new 52-week low, dipping to $7.62. The company, with a market capitalization of $630 million, currently offers an impressive 26.66% dividend yield, though InvestingPro analysis indicates significant price volatility. This latest price level reflects a significant downturn from the company’s performance over the past year, with TCP Capital Corp witnessing a 1-year change of -25.85%. Despite challenges, the company has achieved 23.94% revenue growth in the last twelve months. Investors are closely monitoring the stock as it navigates through the current market conditions, which have seen the company’s valuation adjust to this new low point. The 52-week low serves as a critical indicator for both the company’s resilience in a volatile market and the potential for future recovery. InvestingPro subscribers can access 7 additional key insights and a comprehensive analysis report for deeper understanding of TCPC’s market position.
In other recent news, BlackRock TCP Capital (NASDAQ:TCPC) Corp reported its Q4 2024 earnings, which showed an earnings per share (EPS) of $0.36, slightly below the forecast of $0.37. The company’s revenue also missed expectations, coming in at $61.25 million against the anticipated $66.73 million. This disappointing financial performance was accompanied by a reduction in the regular dividend to $0.25 per share. The company also plans to issue special dividends of $0.04 in the first quarter of 2025, followed by $0.02 in both the second and third quarters. Keefe, Bruyette & Woods recently downgraded the price target for TCP Capital to $8.50 from $9.00, citing significant credit issues and a decline in net asset value (NAV). The company’s book value decreased by 8.8%, largely due to credit write-downs, with Razor, a portfolio holding, accounting for over 70% of the NAV decline. Despite these challenges, TCP Capital’s net investment income slightly exceeded expectations, aided by a temporary boost from waived incentive fees. The company’s management is focused on middle market lending and aims to maintain a diversified portfolio.
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