Prospect Capital (PSEC) Rating Reiterated by BMO Capital Markets
BMO Capital Markets reaffirmed their hold rating on shares of Prospect Capital (NASDAQ:PSEC) in a report published on Monday. They currently have a $7.00 price target on the financial services provider’s stock.
A number of other research firms have also recently commented on PSEC. ValuEngine raised Prospect Capital from a buy rating to a strong-buy rating in a report on Friday, December 22nd. BidaskClub raised Prospect Capital from a hold rating to a buy rating in a report on Friday, December 22nd. TheStreet cut Prospect Capital from a b- rating to a c+ rating in a report on Wednesday, September 27th. Zacks Investment Research cut Prospect Capital from a hold rating to a sell rating in a report on Saturday, November 11th. Finally, National Securities lowered their price target on Prospect Capital from $6.00 to $5.00 and set a sell rating for the company in a report on Thursday, October 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a strong buy rating to the stock. Prospect Capital presently has a consensus rating of Hold and an average target price of $6.50.
Prospect Capital (PSEC) remained flat at $$6.85 during trading on Monday. The company’s stock had a trading volume of 1,384,841 shares, compared to its average volume of 2,870,000. The company has a debt-to-equity ratio of 0.78, a quick ratio of 2.63 and a current ratio of 2.63. Prospect Capital has a fifty-two week low of $5.51 and a fifty-two week high of $9.58. The company has a market cap of $2,470.00, a price-to-earnings ratio of 13.42 and a beta of 0.56.
Prospect Capital (NASDAQ:PSEC) last posted its quarterly earnings results on Wednesday, November 8th. The financial services provider reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Prospect Capital had a return on equity of 8.63% and a net margin of 27.00%. The business had revenue of $158.58 million for the quarter, compared to analyst estimates of $161.00 million. During the same period last year, the firm posted $0.22 EPS. Prospect Capital’s quarterly revenue was down 11.8% on a year-over-year basis. equities analysts anticipate that Prospect Capital will post 0.72 EPS for the current year.
The company also recently announced a monthly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $0.72 dividend on an annualized basis and a yield of 10.52%. Prospect Capital’s payout ratio is presently 141.18%.
In other news, insider John F. Barry bought 993,900 shares of the stock in a transaction on Friday, December 22nd. The stock was acquired at an average price of $7.21 per share, with a total value of $7,166,019.00. Following the acquisition, the insider now directly owns 32,187,564 shares in the company, valued at $232,072,336.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider M Grier Eliasek bought 65,000 shares of the stock in a transaction on Friday, November 10th. The stock was purchased at an average cost of $5.65 per share, with a total value of $367,250.00. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 4,604,521 shares of company stock valued at $31,784,051. Insiders own 7.10% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of PSEC. Arrowstreet Capital Limited Partnership acquired a new position in Prospect Capital in the 2nd quarter worth about $7,697,000. Penn Mutual Life Insurance Co acquired a new position in Prospect Capital in the 3rd quarter worth about $3,992,000. Cowen Inc. increased its holdings in Prospect Capital by 200.0% in the 3rd quarter. Cowen Inc. now owns 248,000 shares of the financial services provider’s stock worth $1,667,000 after purchasing an additional 496,000 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Prospect Capital by 21.6% in the second quarter. Van ECK Associates Corp now owns 2,307,637 shares of the financial services provider’s stock valued at $18,738,000 after buying an additional 410,614 shares during the period. Finally, Engineers Gate Manager LP acquired a new stake in shares of Prospect Capital in the third quarter valued at about $1,385,000. 15.60% of the stock is owned by institutional investors and hedge funds.
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About Prospect Capital
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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