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Eric John Draut, a director at BlackRock TCP Capital Corp . (NASDAQ:TCPC), recently purchased 1,468 shares of the company’s common stock. The transaction, which took place on March 7, 2024, was executed at a price of approximately $8.31 per share, totaling $12,192. According to InvestingPro data, this purchase comes as the stock’s RSI indicates oversold territory, potentially signaling a timely entry point. Following this acquisition, Draut’s direct holdings in the company increased to 57,000 shares. This transaction is part of Draut’s ongoing investment activities with BlackRock TCP Capital Corp., a business development company based in Santa Monica, California. The company, currently valued at $707 million, offers a notable 25.71% dividend yield and has maintained dividend payments for 14 consecutive years. For deeper insights into TCPC’s valuation and performance metrics, including exclusive ProTips and comprehensive analysis, check out the detailed research report available on InvestingPro.
In other recent news, BlackRock TCP Capital Corp reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of $0.36, slightly missing the forecast of $0.37. The company’s revenue also fell short, coming in at $61.25 million against an expected $66.73 million. This underperformance was attributed to a challenging interest rate environment and contributed to the decision to reduce its regular dividend to $0.25 per share. Additionally, Keefe, Bruyette & Woods adjusted their price target for TCP Capital to $8.50, down from $9.00, citing significant credit issues and a decline in net asset value (NAV). The firm maintained a Market Perform rating on the company despite these setbacks.
TCP Capital’s net asset value per share decreased to $9.23 from $10.11, reflecting broader market pressures and portfolio markdowns. The company plans to distribute a $0.04 special dividend in the first quarter of 2025, followed by $0.02 special dividends in the second and third quarters. Analysts noted that the company’s adviser has agreed to waive one-third of the base management fee for three consecutive quarters, spanning the first to the third quarter of 2025. The revised price target reflects the analyst’s assessment of the company’s financial health and future prospects following recent difficulties.
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