Zacks Investment Research upgraded shares of Prospect Capital Co. (NASDAQ:PSEC) from a hold rating to a buy rating in a research report report published on Wednesday. They currently have $10.00 price objective on the stock.
According to Zacks, “Prospect Capital Corporation is a closed-end investment company that lends to and invests in private and microcap public businesses. Prospect Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments. “
A number of other brokerages have also commented on PSEC. TheStreet raised shares of Prospect Capital from a c+ rating to a b rating in a report on Monday, February 13th. National Securities reissued a sell rating and issued a $7.00 price target on shares of Prospect Capital in a report on Monday, February 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $7.96.
Prospect Capital (NASDAQ:PSEC) traded down 0.65% during trading on Wednesday, reaching $9.11. 944,631 shares of the company traded hands. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 9.22 and a beta of 0.43. Prospect Capital has a 12-month low of $7.07 and a 12-month high of $9.58. The firm’s 50 day moving average price is $9.18 and its 200 day moving average price is $8.52.
Prospect Capital (NASDAQ:PSEC) last issued its quarterly earnings results on Wednesday, February 8th. The company reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.01. Prospect Capital had a net margin of 47.32% and a return on equity of 9.96%. During the same period last year, the business posted $0.28 EPS. Equities research analysts expect that Prospect Capital will post $0.94 earnings per share for the current year.
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The business also recently declared a monthly dividend, which will be paid on Thursday, April 20th. Stockholders of record on Friday, March 31st will be issued a $0.0833 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 10.90%. The ex-dividend date of this dividend is Wednesday, March 29th. Prospect Capital’s payout ratio is 101.01%.
In related news, CFO Brian H. Oswald purchased 25,000 shares of the firm’s stock in a transaction dated Monday, March 20th. The shares were purchased at an average price of $9.31 per share, with a total value of $232,750.00. Following the acquisition, the chief financial officer now directly owns 475,000 shares of the company’s stock, valued at $4,422,250. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 6.60% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can raised its position in Prospect Capital by 6.0% in the first quarter. Bank of Montreal Can now owns 5,635,500 shares of the company’s stock valued at $50,946,000 after buying an additional 319,500 shares in the last quarter. Sowell Financial Services LLC acquired a new position in Prospect Capital during the fourth quarter valued at approximately $188,000. Independent Advisor Alliance acquired a new position in Prospect Capital during the fourth quarter valued at approximately $178,000. Bridgeworth LLC acquired a new position in Prospect Capital during the fourth quarter valued at approximately $260,000. Finally, Guggenheim Capital LLC raised its position in Prospect Capital by 13.4% in the fourth quarter. Guggenheim Capital LLC now owns 492,815 shares of the company’s stock valued at $4,115,000 after buying an additional 58,105 shares in the last quarter. 13.23% of the stock is currently owned by institutional investors.
Prospect Capital Company Profile
Prospect Capital Corporation is a financial services company. The Company primarily lends to and invests in middle market privately held companies. The Company is a closed-end investment company. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
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