According to Zacks, “Prospect Capital Corporation is a closed-end investment company that lends to and invests in private and microcap public businesses. Prospect Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments. “
A number of other brokerages have also recently weighed in on PSEC. BidaskClub raised shares of Zogenix from a sell rating to a hold rating in a research report on Thursday, May 9th. ValuEngine cut shares of Zosano Pharma from a buy rating to a hold rating in a research report on Wednesday, May 1st. Finally, National Securities reissued a sell rating and issued a $4.00 price target on shares of Prospect Capital in a research report on Monday, May 13th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Prospect Capital currently has an average rating of Hold and a consensus price target of $6.00.
Shares of PSEC stock opened at $6.69 on Wednesday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.68. The stock’s fifty day moving average price is $6.53. The firm has a market capitalization of $2.46 billion, a P/E ratio of 7.60 and a beta of 0.72. Prospect Capital has a 12 month low of $5.70 and a 12 month high of $7.60.
Prospect Capital (NASDAQ:PSEC) last announced its quarterly earnings results on Wednesday, May 8th. The financial services provider reported $0.21 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.21. Prospect Capital had a net margin of 30.82% and a return on equity of 9.58%. The firm had revenue of $171.10 million during the quarter, compared to analysts’ expectations of $173.48 million. During the same period in the previous year, the company earned $0.19 earnings per share. Prospect Capital’s quarterly revenue was up 5.1% compared to the same quarter last year. As a group, equities analysts expect that Prospect Capital will post 0.86 earnings per share for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Thursday, July 18th. Investors of record on Friday, June 28th will be given a $0.06 dividend. The ex-dividend date is Thursday, June 27th. This represents a $0.72 dividend on an annualized basis and a yield of 10.76%. Prospect Capital’s dividend payout ratio (DPR) is presently 91.14%.
In related news, CEO John F. Barry purchased 408,911 shares of Prospect Capital stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average cost of $6.38 per share, with a total value of $2,608,852.18. Following the completion of the transaction, the chief executive officer now directly owns 38,938,445 shares in the company, valued at $248,427,279.10. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John F. Barry purchased 137,839 shares of Prospect Capital stock in a transaction that occurred on Monday, June 17th. The stock was bought at an average cost of $6.34 per share, with a total value of $873,899.26. Following the completion of the transaction, the insider now owns 39,218,728 shares of the company’s stock, valued at $248,646,735.52. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 610,246 shares of company stock valued at $3,882,141. 10.20% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the company. California Public Employees Retirement System boosted its holdings in shares of Prospect Capital by 3.6% in the 4th quarter. California Public Employees Retirement System now owns 731,900 shares of the financial services provider’s stock valued at $4,618,000 after buying an additional 25,300 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Prospect Capital by 273.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 146,536 shares of the financial services provider’s stock worth $924,000 after acquiring an additional 107,334 shares in the last quarter. Raymond James & Associates increased its position in shares of Prospect Capital by 4.6% in the fourth quarter. Raymond James & Associates now owns 144,508 shares of the financial services provider’s stock worth $912,000 after acquiring an additional 6,381 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in shares of Prospect Capital in the fourth quarter worth approximately $27,000. Finally, Great West Life Assurance Co. Can increased its position in shares of Prospect Capital by 10.8% in the fourth quarter. Great West Life Assurance Co. Can now owns 91,113 shares of the financial services provider’s stock worth $556,000 after acquiring an additional 8,858 shares in the last quarter. 12.21% of the stock is owned by institutional investors and hedge funds.
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.
Featured Story: Momentum Indicators
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Prospect Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prospect Capital and related companies with MarketBeat.com's FREE daily email newsletter.