Oppenheimer & Co. Inc. Trims Position in Prospect Capital Corporation (PSEC)
Oppenheimer & Co. Inc. reduced its position in Prospect Capital Corporation (NASDAQ:PSEC) by 3.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 57,401 shares of the financial services provider’s stock after selling 1,936 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Prospect Capital Corporation were worth $466,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Green Square Capital LLC lifted its position in Prospect Capital Corporation by 3.8% in the first quarter. Green Square Capital LLC now owns 42,777 shares of the financial services provider’s stock worth $390,000 after purchasing an additional 1,577 shares during the period. Caxton Associates LP bought a new position in Prospect Capital Corporation in the first quarter worth $539,000. Karp Capital Management Corp bought a new position in Prospect Capital Corporation in the first quarter worth $506,000. Legal & General Group Plc lifted its position in Prospect Capital Corporation by 13.2% in the second quarter. Legal & General Group Plc now owns 963,173 shares of the financial services provider’s stock worth $7,816,000 after purchasing an additional 112,354 shares during the period. Finally, Gotham Asset Management LLC bought a new position in Prospect Capital Corporation in the first quarter worth $481,000. 15.32% of the stock is owned by hedge funds and other institutional investors.
Prospect Capital Corporation (NASDAQ:PSEC) opened at 6.72 on Friday. Prospect Capital Corporation has a one year low of $6.54 and a one year high of $9.58. The firm’s 50 day moving average price is $7.42 and its 200-day moving average price is $8.34.
Prospect Capital Corporation (NASDAQ:PSEC) last released its earnings results on Monday, August 28th. The financial services provider reported $0.19 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). The company had revenue of $166.70 million for the quarter, compared to the consensus estimate of $177.21 million. Prospect Capital Corporation had a net margin of 36.08% and a return on equity of 8.98%. The business’s revenue was down 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. On average, analysts anticipate that Prospect Capital Corporation will post $0.78 EPS for the current fiscal year.
The business also recently announced a monthly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Tuesday, October 31st will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 10.71%. Prospect Capital Corporation’s payout ratio is 142.86%.
In related news, CFO Brian H. Oswald bought 50,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was purchased at an average cost of $6.73 per share, for a total transaction of $336,500.00. Following the transaction, the chief financial officer now owns 493,373 shares in the company, valued at approximately $3,320,400.29. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 6.60% of the company’s stock.
Several research analysts recently commented on PSEC shares. UBS AG raised Prospect Capital Corporation from an “underperform” rating to a “market perform” rating in a research report on Wednesday, August 30th. BMO Capital Markets reaffirmed a “hold” rating and issued a $7.00 target price on shares of Prospect Capital Corporation in a research report on Thursday, June 1st. BidaskClub raised Prospect Capital Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, June 28th. Raymond James Financial, Inc. raised Prospect Capital Corporation from an “underperform” rating to a “market perform” rating in a research report on Wednesday, August 30th. Finally, National Securities reduced their target price on Prospect Capital Corporation from $7.00 to $6.00 and set a “sell” rating for the company in a research report on Wednesday, August 30th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $8.04.
Prospect Capital Corporation 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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