United Services Automobile Association lowered its position in shares of Prospect Capital Corporation (NASDAQ:PSEC) by 40.1% during the first quarter, Holdings Channel reports. The fund owned 404,000 shares of the financial services provider’s stock after selling 270,000 shares during the period. United Services Automobile Association’s holdings in Prospect Capital Corporation were worth $3,652,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Van ECK Associates Corp boosted its stake in Prospect Capital Corporation by 28.1% in the first quarter. Van ECK Associates Corp now owns 1,897,023 shares of the financial services provider’s stock worth $17,149,000 after buying an additional 415,831 shares during the last quarter. Boston Private Wealth LLC boosted its stake in Prospect Capital Corporation by 11.0% in the first quarter. Boston Private Wealth LLC now owns 101,200 shares of the financial services provider’s stock worth $915,000 after buying an additional 10,000 shares during the last quarter. Muzinich & Co. Inc. boosted its stake in Prospect Capital Corporation by 58.7% in the first quarter. Muzinich & Co. Inc. now owns 12,063,718 shares of the financial services provider’s stock worth $109,056,000 after buying an additional 4,460,250 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Prospect Capital Corporation during the first quarter worth approximately $164,000. Finally, Bridgeworth LLC boosted its stake in Prospect Capital Corporation by 13.2% in the first quarter. Bridgeworth LLC now owns 34,200 shares of the financial services provider’s stock worth $311,000 after buying an additional 4,000 shares during the last quarter. Hedge funds and other institutional investors own 16.30% of the company’s stock.
Shares of Prospect Capital Corporation (PSEC) traded up 0.186% during midday trading on Monday, reaching $8.075. 309,890 shares of the company traded hands. Prospect Capital Corporation has a 1-year low of $7.07 and a 1-year high of $9.58. The company has a 50 day moving average price of $8.38 and a 200 day moving average price of $8.72.
Prospect Capital Corporation (NASDAQ:PSEC) last issued its quarterly earnings results on Tuesday, May 9th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.04. Prospect Capital Corporation had a net margin of 40.82% and a return on equity of 9.56%. The company had revenue of $171 million for the quarter, compared to analyst estimates of $185.36 million. During the same quarter in the previous year, the company posted $0.25 EPS. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. Analysts expect that Prospect Capital Corporation will post $0.88 EPS for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Thursday, July 20th. Shareholders of record on Friday, June 30th will be paid a dividend of $0.0833 per share. The ex-dividend date is Wednesday, June 28th. This represents a $1.00 dividend on an annualized basis and a yield of 12.41%. Prospect Capital Corporation’s payout ratio is 120.48%.
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PSEC has been the topic of several research reports. BMO Capital Markets restated a “hold” rating and issued a $7.00 target price on shares of Prospect Capital Corporation in a report on Thursday, June 1st. National Securities restated a “sell” rating and issued a $7.00 target price on shares of Prospect Capital Corporation in a report on Monday, May 15th. Zacks Investment Research cut shares of Prospect Capital Corporation from a “hold” rating to a “strong sell” rating in a report on Saturday, May 13th. Finally, FBR & Co cut shares of Prospect Capital Corporation from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $9.50 to $8.50 in a report on Thursday, May 11th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $8.04.
In other Prospect Capital Corporation news, CFO Brian H. Oswald acquired 10,547 shares of the company’s stock in a transaction dated Thursday, May 11th. The shares were acquired at an average cost of $8.07 per share, with a total value of $85,114.29. Following the acquisition, the chief financial officer now directly owns 480,000 shares of the company’s stock, valued at $3,873,600. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brian H. Oswald acquired 4,453 shares of the company’s stock in a transaction dated Friday, May 12th. The stock was acquired at an average cost of $8.05 per share, for a total transaction of $35,846.65. Following the completion of the acquisition, the chief financial officer now directly owns 490,000 shares in the company, valued at $3,944,500. The disclosure for this purchase can be found here. Insiders have acquired a total of 20,000 shares of company stock worth $162,361 in the last 90 days. 6.60% of the stock is currently owned by company insiders.
About Prospect Capital Corporation
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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