Wells Fargo & Company Cuts Prospect Capital (NASDAQ:PSEC) Price Target to $3.00

Prospect Capital (NASDAQ:PSEC) had its price target decreased by Wells Fargo & Company from $3.50 to $3.00 in a research note released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

Separately, StockNews.com upgraded shares of Prospect Capital from a “sell” rating to a “hold” rating in a report on Saturday, April 12th.

Prospect Capital Stock Down 0.5%

PSEC stock opened at $3.65 on Monday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.60. Prospect Capital has a fifty-two week low of $3.39 and a fifty-two week high of $5.72. The firm’s 50-day simple moving average is $3.83 and its 200 day simple moving average is $4.24. The stock has a market cap of $1.63 billion, a PE ratio of -18.25 and a beta of 0.93.

Prospect Capital (NASDAQ:PSEC) last released its quarterly earnings data on Thursday, May 8th. The financial services provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.05. Prospect Capital had a net margin of 1.18% and a return on equity of 12.31%. The business had revenue of $170.72 million for the quarter, compared to analysts’ expectations of $174.29 million.

Prospect Capital Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, May 28th will be paid a dividend of $0.045 per share. The ex-dividend date is Wednesday, May 28th. Prospect Capital’s dividend payout ratio is presently -62.79%.

Insider Activity at Prospect Capital

In other Prospect Capital news, CEO John F. Barry bought 24,000 shares of Prospect Capital stock in a transaction that occurred on Monday, March 24th. The stock was purchased at an average cost of $4.24 per share, for a total transaction of $101,760.00. Following the completion of the acquisition, the chief executive officer now owns 82,594,540 shares of the company’s stock, valued at approximately $350,200,849.60. This represents a 0.03% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William Gremp bought 19,100 shares of Prospect Capital stock in a transaction that occurred on Tuesday, March 18th. The shares were acquired at an average price of $4.29 per share, with a total value of $81,939.00. Following the completion of the acquisition, the director now directly owns 75,153 shares of the company’s stock, valued at $322,406.37. This represents a 34.07% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 2,548,000 shares of company stock worth $10,970,715 over the last quarter. 28.25% of the stock is currently owned by company insiders.

Institutional Trading of Prospect Capital

Large investors have recently added to or reduced their stakes in the business. Navis Wealth Advisors LLC bought a new stake in Prospect Capital during the fourth quarter worth approximately $263,000. Cerity Partners LLC bought a new stake in Prospect Capital during the fourth quarter worth approximately $304,000. Envestnet Asset Management Inc. boosted its holdings in Prospect Capital by 4,160.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 946,648 shares of the financial services provider’s stock worth $4,080,000 after buying an additional 924,428 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Prospect Capital by 732.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 14,560 shares of the financial services provider’s stock worth $63,000 after buying an additional 12,810 shares in the last quarter. Finally, Thomas J. Herzfeld Advisors Inc. bought a new stake in Prospect Capital during the fourth quarter worth approximately $7,880,000. 9.06% of the stock is currently owned by institutional investors.

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.