Incannex Healthcare stock tumbles after filing $100M offering
Philip M. Tseng, the Director and CEO of BlackRock TCP Capital Corp . (NASDAQ:TCPC), recently made a significant purchase of the company’s stock. On March 21, Tseng acquired 10,000 shares at a price of $7.74 per share, totaling $77,400. The purchase comes as the stock trades near its 52-week low of $7.67, with a market capitalization of $658 million. InvestingPro data shows the stock has experienced significant volatility recently. Following this transaction, Tseng now holds 38,587.047 shares directly. This figure includes an additional 1,106.4972 shares acquired through the company’s dividend reinvestment plan, as stated in the filing. Notably, InvestingPro reveals TCPC has maintained dividend payments for 14 consecutive years, with a current dividend yield of 27%. Discover more insights about TCPC’s dividend sustainability and growth potential with a comprehensive Pro Research Report.
In other recent news, BlackRock TCP Capital Corp reported its Q4 2024 earnings, which showed an earnings per share (EPS) of $0.36, slightly missing the forecast of $0.37. Revenue also fell short, coming in at $61.25 million against an expected $66.73 million. These results were part of a challenging quarter marked by a decrease in net asset value (NAV) per share to $9.23 from $10.11, reflecting broader market pressures and portfolio markdowns. Keefe, Bruyette & Woods adjusted the price target for TCP Capital to $8.50 from $9.00 due to credit issues and a decline in net asset value, maintaining a Market Perform rating. The firm’s analyst noted a significant decrease in book value due to credit write-downs, with a substantial portion attributed to issues with Razor, a holding in TCP Capital’s portfolio. Despite these challenges, TCP Capital’s net investment income slightly exceeded expectations, partly due to a temporary boost from waived incentive fees. The company also reduced its base dividend by 26% to $0.25 per share and announced special dividends for upcoming quarters. These developments reflect the company’s ongoing efforts to navigate financial strains and market conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.