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In a recent transaction reported to the Securities and Exchange Commission, Worrell August Daniel, Co-Chief Investment Officer of BlackRock TCP Capital Corp . (NASDAQ:TCPC), acquired 10,000 shares of the company’s common stock. The shares were bought at a price of approximately $8.0568 each, totaling $80,568. The purchase comes as TCPC trades near its 52-week low of $7.71, with the stock currently at $7.96. InvestingPro data shows the company offers an impressive 25.74% dividend yield.
Following this transaction, Daniel’s direct ownership of BlackRock TCP Capital Corp. increased to 33,500 shares. This purchase reflects Daniel’s continued investment in the company, further aligning his interests with those of the shareholders. For deeper insights into insider trading patterns and comprehensive analysis, InvestingPro subscribers can access detailed research reports covering 1,400+ stocks, including TCPC.
Additionally, Daniel holds 20,402 phantom shares, which are tied to the company’s common stock and are payable in cash upon meeting specific vesting requirements. These phantom shares are part of BlackRock TCP Capital Corp.’s Involuntary Deferred Compensation Plan, which vests in equal installments over three years from the grant date. The company, with a market capitalization of $680 million, has maintained dividend payments for 14 consecutive years despite recent market volatility.
In other recent news, BlackRock TCP Capital Corp reported its Q4 2024 earnings, revealing an earnings per share (EPS) of $0.36, which fell short of the forecasted $0.37. Revenue also missed expectations, coming in at $61.25 million compared to the anticipated $66.73 million. The company has faced a challenging interest rate environment, contributing to a reduction in its regular dividend to $0.25 per share. In light of these results, Keefe, Bruyette & Woods adjusted their price target for TCP Capital to $8.50, down from $9.00, while maintaining a Market Perform rating. The adjustment reflects TCP Capital’s recent credit issues and a decline in net asset value, with Razor, a portfolio holding, accounting for a significant portion of the markdowns. Despite these setbacks, TCP Capital’s net investment income slightly exceeded expectations, aided by a temporary boost due to waived incentive fees. Additionally, the company has announced plans to issue special dividends in the upcoming quarters. These developments highlight the ongoing financial challenges and strategic adjustments faced by BlackRock TCP Capital Corp.
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