Prospect Capital Corp. (PSEC) Sees Strong Trading Volume
Prospect Capital Corp. (NASDAQ:PSEC) saw strong trading volume on Monday . 3,218,882 shares were traded during mid-day trading, an increase of 73% from the previous session’s volume of 1,862,347 shares.The stock last traded at $8.25 and had previously closed at $8.29.
A number of equities analysts have recently commented on the company. Vetr upgraded Prospect Capital Corp. from a “sell” rating to a “hold” rating and set a $8.11 price objective on the stock in a report on Wednesday, August 3rd. FBR & Co restated a “buy” rating on shares of Prospect Capital Corp. in a report on Thursday, May 12th. Zacks Investment Research upgraded Prospect Capital Corp. from a “sell” rating to a “hold” rating in a report on Thursday, May 19th. National Securities restated a “neutral” rating and issued a $7.00 price objective on shares of Prospect Capital Corp. in a report on Thursday, May 12th. Finally, Deutsche Bank AG downgraded Prospect Capital Corp. from a “buy” rating to a “hold” rating and cut their price objective for the stock from $8.50 to $7.00 in a report on Thursday, April 28th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $7.79.
The company’s 50 day moving average is $8.08 and its 200 day moving average is $7.35. The company has a market cap of $2.94 billion and a price-to-earnings ratio of 28.58.
The business also recently declared a monthly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Wednesday, August 31st will be paid a dividend of $0.0833 per share. The ex-dividend date is Monday, August 29th. This represents a $1.00 annualized dividend and a dividend yield of 12.11%.
Other hedge funds recently added to or reduced their stakes in the company. Trust & Fiduciary Management Services Inc. increased its stake in Prospect Capital Corp. by 1.3% in the fourth quarter. Trust & Fiduciary Management Services Inc. now owns 416,550 shares of the company’s stock valued at $2,908,000 after buying an additional 5,143 shares during the period. Cambria Investment Management L.P. bought a new stake in Prospect Capital Corp. during the fourth quarter valued at about $1,234,000. Finally, Robeco Institutional Asset Management B.V. increased its stake in Prospect Capital Corp. by 344,815.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 155,212 shares of the company’s stock valued at $1,083,000 after buying an additional 155,167 shares during the period.
Prospect Capital Corporation is a financial services company. The Company is a non-diversified closed-end investment company. The Company’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. It invests primarily in senior and subordinated debt and equity of private companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes.
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