Cypress Capital Group Purchases Shares of 56,400 Prospect Capital Corporation $PSEC

Cypress Capital Group purchased a new stake in Prospect Capital Corporation (NASDAQ:PSEC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 56,400 shares of the financial services provider’s stock, valued at approximately $179,000.

Several other institutional investors have also added to or reduced their stakes in PSEC. Kingstone Capital Partners Texas LLC bought a new stake in Prospect Capital in the 2nd quarter valued at $75,680,000. PFG Investments LLC boosted its stake in Prospect Capital by 3,430.6% in the 1st quarter. PFG Investments LLC now owns 624,419 shares of the financial services provider’s stock valued at $2,560,000 after purchasing an additional 606,733 shares during the period. Trexquant Investment LP boosted its stake in Prospect Capital by 176.1% in the 1st quarter. Trexquant Investment LP now owns 915,452 shares of the financial services provider’s stock valued at $3,753,000 after purchasing an additional 583,844 shares during the period. Thomas J. Herzfeld Advisors Inc. boosted its stake in Prospect Capital by 26.6% in the 1st quarter. Thomas J. Herzfeld Advisors Inc. now owns 2,315,582 shares of the financial services provider’s stock valued at $9,494,000 after purchasing an additional 487,171 shares during the period. Finally, Caxton Associates LLP bought a new stake in Prospect Capital in the 1st quarter valued at $1,517,000. 9.06% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Prospect Capital

In other Prospect Capital news, CEO John F. Barry acquired 925,000 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The stock was acquired at an average cost of $2.72 per share, for a total transaction of $2,516,000.00. Following the transaction, the chief executive officer directly owned 86,067,158 shares in the company, valued at $234,102,669.76. This represents a 1.09% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, COO M Grier Eliasek acquired 370,000 shares of the company’s stock in a transaction that occurred on Thursday, September 25th. The shares were acquired at an average price of $2.71 per share, with a total value of $1,002,700.00. Following the completion of the transaction, the chief operating officer owned 2,501,130 shares in the company, valued at $6,778,062.30. The trade was a 17.36% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 2,797,158 shares of company stock valued at $7,485,119. 27.98% of the stock is owned by corporate insiders.

Prospect Capital Stock Performance

NASDAQ:PSEC opened at $2.78 on Tuesday. The stock has a fifty day moving average price of $2.80 and a 200-day moving average price of $3.21. The company has a market cap of $1.29 billion, a price-to-earnings ratio of -2.07 and a beta of 0.85. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.16 and a current ratio of 1.16. Prospect Capital Corporation has a fifty-two week low of $2.57 and a fifty-two week high of $5.41.

Prospect Capital (NASDAQ:PSEC) last released its earnings results on Tuesday, August 26th. The financial services provider reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.04. Prospect Capital had a positive return on equity of 12.14% and a negative net margin of 69.68%.The firm had revenue of $166.95 million during the quarter, compared to the consensus estimate of $167.08 million.

Prospect Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, November 18th. Investors of record on Wednesday, October 29th will be given a dividend of $0.045 per share. This represents a c) annualized dividend and a dividend yield of 19.4%. The ex-dividend date is Wednesday, October 29th. Prospect Capital’s dividend payout ratio is currently -40.30%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PSEC shares. Weiss Ratings restated a “sell (d)” rating on shares of Prospect Capital in a research note on Wednesday, October 8th. Wall Street Zen upgraded Prospect Capital from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Finally, Wells Fargo & Company cut their target price on Prospect Capital from $3.00 to $2.50 and set an “underweight” rating for the company in a research report on Thursday, August 28th. Two equities research analysts have rated the stock with a Sell rating, According to data from MarketBeat, Prospect Capital presently has a consensus rating of “Sell” and an average price target of $2.50.

About Prospect Capital

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.