BidaskClub upgraded shares of Prospect Capital (NASDAQ:PSEC) from a sell rating to a hold rating in a research report sent to investors on Thursday.
Other equities research analysts also recently issued reports about the stock. ValuEngine downgraded shares of Prospect Capital from a hold rating to a sell rating in a research note on Tuesday, December 18th. Zacks Investment Research downgraded shares of Prospect Capital from a buy rating to a hold rating in a research note on Wednesday, October 31st. Finally, National Securities reaffirmed a sell rating and issued a $4.00 price target on shares of Prospect Capital in a research note on Monday, November 12th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a strong buy rating to the stock. Prospect Capital presently has a consensus rating of Hold and a consensus target price of $6.00.
PSEC opened at $6.74 on Thursday. Prospect Capital has a 1-year low of $5.70 and a 1-year high of $7.60. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 8.53 and a beta of 0.64.
Prospect Capital (NASDAQ:PSEC) last posted its quarterly earnings results on Tuesday, November 6th. The financial services provider reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.02. Prospect Capital had a net margin of 54.69% and a return on equity of 9.11%. The firm had revenue of $159.40 million during the quarter, compared to the consensus estimate of $166.71 million. During the same period in the previous year, the firm posted $0.18 earnings per share. The business’s revenue was up 7.6% compared to the same quarter last year. On average, equities analysts predict that Prospect Capital will post 0.95 earnings per share for the current year.
The business also recently declared a monthly dividend, which will be paid on Thursday, January 24th. Shareholders of record on Wednesday, January 2nd will be paid a $0.06 dividend. This represents a $0.72 annualized dividend and a yield of 10.68%. The ex-dividend date of this dividend is Monday, December 31st. Prospect Capital’s dividend payout ratio (DPR) is currently 91.14%.
In other Prospect Capital news, COO M Grier Eliasek bought 50,000 shares of the firm’s stock in a transaction dated Thursday, December 20th. The stock was bought at an average cost of $5.81 per share, with a total value of $290,500.00. Following the completion of the transaction, the chief operating officer now directly owns 1,204,196 shares in the company, valued at approximately $6,996,378.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John F. Barry bought 1,000,000 shares of the firm’s stock in a transaction dated Friday, December 21st. The shares were acquired at an average cost of $5.87 per share, with a total value of $5,870,000.00. Following the completion of the transaction, the chief executive officer now owns 37,288,278 shares of the company’s stock, valued at $218,882,191.86. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 1,963,706 shares of company stock valued at $11,775,947. Insiders own 10.20% of the company’s stock.
Several large investors have recently bought and sold shares of PSEC. Millennium Management LLC increased its position in shares of Prospect Capital by 571.6% during the second quarter. Millennium Management LLC now owns 1,026,816 shares of the financial services provider’s stock worth $6,890,000 after acquiring an additional 873,922 shares in the last quarter. Bank of Montreal Can increased its position in shares of Prospect Capital by 879.1% during the third quarter. Bank of Montreal Can now owns 445,500 shares of the financial services provider’s stock worth $3,266,000 after acquiring an additional 400,000 shares in the last quarter. LSV Asset Management increased its position in shares of Prospect Capital by 7.8% during the third quarter. LSV Asset Management now owns 5,323,765 shares of the financial services provider’s stock worth $39,023,000 after acquiring an additional 386,110 shares in the last quarter. Strategic Wealth Advisors Group LLC bought a new stake in shares of Prospect Capital during the third quarter worth about $1,817,000. Finally, Mackenzie Financial Corp increased its position in shares of Prospect Capital by 73.1% during the third quarter. Mackenzie Financial Corp now owns 320,869 shares of the financial services provider’s stock worth $2,352,000 after acquiring an additional 135,529 shares in the last quarter. 14.18% of the stock is owned by institutional investors.
About Prospect Capital
Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, buyouts, recapitalizations, turnaround, growth capital, development, subordinated debt tranches of collateralized loan obligations, cash flow term loans, and bridge transactions.
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