Essex Financial Services Inc. Increases Stake in Prospect Capital Corp. (PSEC)
Essex Financial Services Inc. increased its stake in shares of Prospect Capital Corp. (NASDAQ:PSEC) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 28,742 shares of the company’s stock after buying an additional 385 shares during the period. Essex Financial Services Inc.’s holdings in Prospect Capital Corp. were worth $225,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in PSEC. Paragon Capital Management Ltd increased its position in shares of Prospect Capital Corp. by 25.9% in the second quarter. Paragon Capital Management Ltd now owns 13,410 shares of the company’s stock valued at $105,000 after buying an additional 2,759 shares during the period. Arete Wealth Advisors LLC increased its position in shares of Prospect Capital Corp. by 12.0% in the first quarter. Arete Wealth Advisors LLC now owns 23,400 shares of the company’s stock valued at $170,000 after buying an additional 2,500 shares during the period. Green Square Capital LLC bought a new position in shares of Prospect Capital Corp. during the second quarter valued at approximately $196,000. First Midwest Bank Trust Division increased its position in shares of Prospect Capital Corp. by 46.9% in the second quarter. First Midwest Bank Trust Division now owns 40,817 shares of the company’s stock valued at $319,000 after buying an additional 13,034 shares during the period. Finally, Bayesian Capital Management LP bought a new position in shares of Prospect Capital Corp. during the first quarter valued at approximately $343,000. Institutional investors own 11.00% of the company’s stock.
Shares of Prospect Capital Corp. (NASDAQ:PSEC) traded up 0.9467% on Thursday, reaching $8.1464. The company had a trading volume of 951,234 shares. Prospect Capital Corp. has a 52-week low of $5.21 and a 52-week high of $8.68. The company’s 50-day moving average price is $8.21 and its 200-day moving average price is $7.88. The firm has a market capitalization of $2.91 billion, a price-to-earnings ratio of 28.0910 and a beta of 0.64.
Prospect Capital Corp. (NASDAQ:PSEC) last announced its quarterly earnings data on Monday, August 29th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. Prospect Capital Corp. had a return on equity of 10.47% and a net margin of 13.05%. The company had revenue of $193.04 million for the quarter. During the same quarter in the prior year, the company earned $0.25 EPS. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts predict that Prospect Capital Corp. will post $0.99 earnings per share for the current year.
The business also recently disclosed a monthly dividend, which will be paid on Thursday, October 20th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.0833 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 12.39%. The ex-dividend date is Wednesday, September 28th. Prospect Capital Corp.’s dividend payout ratio is currently 344.83%.
Several equities analysts have commented on PSEC shares. Vetr upgraded Prospect Capital Corp. from a “hold” rating to a “buy” rating and set a $8.29 price target on the stock in a report on Tuesday, September 13th. Barclays PLC restated an “equal weight” rating and issued a $7.00 price objective on shares of Prospect Capital Corp. in a research note on Wednesday, August 31st. Zacks Investment Research upgraded shares of Prospect Capital Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, July 26th. BMO Capital Markets restated a “market perform” rating and issued a $7.00 price objective on shares of Prospect Capital Corp. in a research note on Thursday, September 1st. Finally, FBR & Co restated an “outperform” rating and issued a $10.00 price objective (up previously from $9.00) on shares of Prospect Capital Corp. in a research note on Wednesday, August 31st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Prospect Capital Corp. currently has a consensus rating of “Hold” and a consensus target price of $7.60.
In related news, CFO Brian H. Oswald acquired 4,000 shares of the company’s stock in a transaction dated Tuesday, September 13th. The shares were bought at an average price of $7.85 per share, for a total transaction of $31,400.00. Following the purchase, the chief financial officer now directly owns 480,000 shares in the company, valued at approximately $3,768,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 6.60% of the company’s stock.
About Prospect Capital Corp.
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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