Prospect Capital (NASDAQ:PSEC) Sets New 1-Year Low – Here’s What Happened

Prospect Capital Corporation (NASDAQ:PSEC) hit a new 52-week low on Monday . The company traded as low as $3.14 and last traded at $3.16, with a volume of 560143 shares. The stock had previously closed at $3.19.

Analyst Ratings Changes

Several research firms recently commented on PSEC. Wall Street Zen upgraded Prospect Capital from a “sell” rating to a “hold” rating in a research note on Saturday, April 12th. Wells Fargo & Company decreased their target price on Prospect Capital from $3.50 to $3.00 and set an “underweight” rating on the stock in a research note on Monday, May 12th.

Prospect Capital Price Performance

The firm has a market cap of $1.40 billion, a PE ratio of -3.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a 50-day simple moving average of $3.44 and a 200 day simple moving average of $3.95.

Prospect Capital (NASDAQ:PSEC) last posted its earnings results on Thursday, May 8th. The financial services provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.05. The business had revenue of $170.72 million during the quarter, compared to the consensus estimate of $174.29 million. Prospect Capital had a negative net margin of 36.07% and a positive return on equity of 12.43%.

Prospect Capital Announces Dividend

The firm also recently disclosed a dividend, which was paid on Wednesday, June 18th. Shareholders of record on Thursday, May 29th were given a dividend of $0.045 per share. The ex-dividend date of this dividend was Wednesday, May 28th. This represents a yield of 16.46%. Prospect Capital’s dividend payout ratio (DPR) is currently -62.79%.

Insider Buying and Selling at Prospect Capital

In other news, CEO John F. Barry acquired 623,300 shares of Prospect Capital stock in a transaction dated Friday, June 20th. The stock was purchased at an average cost of $3.19 per share, for a total transaction of $1,988,327.00. Following the completion of the purchase, the chief executive officer now directly owns 83,266,026 shares in the company, valued at $265,618,622.94. This trade represents a 0.75% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 28.25% of the company’s stock.

Institutional Trading of Prospect Capital

Institutional investors and hedge funds have recently made changes to their positions in the business. Palogic Value Management L.P. lifted its position in Prospect Capital by 3.9% during the first quarter. Palogic Value Management L.P. now owns 365,066 shares of the financial services provider’s stock worth $1,497,000 after buying an additional 13,772 shares in the last quarter. Empowered Funds LLC grew its position in Prospect Capital by 140.0% in the 1st quarter. Empowered Funds LLC now owns 88,397 shares of the financial services provider’s stock valued at $362,000 after acquiring an additional 51,562 shares in the last quarter. Caxton Associates LLP purchased a new position in Prospect Capital in the 1st quarter valued at approximately $1,517,000. Goldman Sachs Group Inc. raised its position in Prospect Capital by 29.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 393,034 shares of the financial services provider’s stock valued at $1,611,000 after purchasing an additional 89,139 shares in the last quarter. Finally, Concorde Asset Management LLC grew its holdings in Prospect Capital by 149.2% during the 1st quarter. Concorde Asset Management LLC now owns 72,900 shares of the financial services provider’s stock worth $299,000 after acquiring an additional 43,650 shares in the last quarter. 9.06% of the stock is currently owned by hedge funds and other 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.