California Public Employees Retirement System Purchases 25,300 Shares of Prospect Capital Co. (PSEC)
California Public Employees Retirement System grew its position in shares of Prospect Capital Co. (NASDAQ:PSEC) by 3.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 731,900 shares of the financial services provider’s stock after buying an additional 25,300 shares during the quarter. California Public Employees Retirement System’s holdings in Prospect Capital were worth $4,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently bought and sold shares of PSEC. LSV Asset Management lifted its holdings in shares of Prospect Capital by 7.8% in the third quarter. LSV Asset Management now owns 5,323,765 shares of the financial services provider’s stock valued at $39,023,000 after purchasing an additional 386,110 shares in the last quarter. Rhumbline Advisers purchased a new stake in shares of Prospect Capital in the third quarter valued at about $103,000. Quantbot Technologies LP lifted its holdings in shares of Prospect Capital by 225.9% in the third quarter. Quantbot Technologies LP now owns 37,986 shares of the financial services provider’s stock valued at $278,000 after purchasing an additional 26,329 shares in the last quarter. Standard Life Aberdeen plc lifted its holdings in shares of Prospect Capital by 33.3% in the third quarter. Standard Life Aberdeen plc now owns 100,000 shares of the financial services provider’s stock valued at $734,000 after purchasing an additional 25,000 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Prospect Capital during the third quarter valued at approximately $287,000. Hedge funds and other institutional investors own 12.96% of the company’s stock.
Shares of PSEC opened at $6.57 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.77. The company has a market cap of $2.41 billion, a P/E ratio of 8.32 and a beta of 0.69. Prospect Capital Co. has a 1 year low of $5.70 and a 1 year high of $7.60.
The company also recently disclosed a monthly dividend, which will be paid on Thursday, March 21st. Investors of record on Thursday, February 28th will be paid a dividend of $0.06 per share. This represents a $0.72 annualized dividend and a dividend yield of 10.96%. The ex-dividend date is Wednesday, February 27th. Prospect Capital’s payout ratio is 91.14%.
Several equities analysts recently issued reports on PSEC shares. BidaskClub downgraded shares of Prospect Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, December 18th. ValuEngine downgraded shares of Prospect Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, December 18th. Zacks Investment Research downgraded shares of Prospect Capital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 15th. Barclays downgraded shares of Prospect Capital from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $7.00 to $6.00 in a research note on Tuesday, January 22nd. Finally, National Securities reissued a “sell” rating and set a $4.00 price objective on shares of Prospect Capital in a research note on Monday, February 11th. Three research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. The company presently has a consensus rating of “Sell” and an average target price of $6.00.
In related news, CEO John F. Barry purchased 1,000,000 shares of the business’s stock in a transaction on Friday, December 21st. The shares were bought at an average price of $5.87 per share, with a total value of $5,870,000.00. Following the completion of the purchase, the chief executive officer now directly owns 37,288,278 shares in the company, valued at approximately $218,882,191.86. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John F. Barry purchased 304,792 shares of the business’s stock in a transaction on Monday, December 24th. The shares were bought at an average cost of $5.82 per share, for a total transaction of $1,773,889.44. Following the purchase, the insider now owns 37,593,070 shares of the company’s stock, valued at $218,791,667.40. The disclosure for this purchase can be found here. Insiders have purchased 2,062,206 shares of company stock worth $12,403,607 in the last three months. Insiders own 10.20% of the company’s stock.
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Prospect Capital Company Profile
Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, leveraged buyouts, refinancing, acquisitions, recapitalizations, turnaround, growth capital, development, capital expenditures and subordinated debt tranches of collateralized loan obligations, cash flow term loans, market place lending and bridge transactions.
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