Prospect Capital Co. (PSEC) To Go Ex-Dividend on August 27th

Prospect Capital Co. (NASDAQ:PSEC) announced a monthly dividend on Monday, May 12th, Wall Street Journal reports. Investors of record on Wednesday, August 27th will be paid a dividend of 0.045 per share by the financial services provider on Thursday, September 18th. This represents a $0.54 dividend on an annualized basis and a yield of 14.71%. The ex-dividend date of this dividend is Wednesday, August 27th.

Prospect Capital has decreased its dividend payment by an average of 2.1% annually over the last three years. Prospect Capital has a dividend payout ratio of 101.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Prospect Capital Stock Performance

NASDAQ PSEC opened at $3.67 on Wednesday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.60. Prospect Capital has a twelve month low of $3.39 and a twelve month high of $5.72. The stock has a 50-day moving average of $3.84 and a 200 day moving average of $4.25. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -18.35 and a beta of 0.93.

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

Insider Buying and Selling at Prospect Capital

In other news, Director William Gremp bought 19,100 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The shares were purchased at an average cost of $4.29 per share, for a total transaction of $81,939.00. Following the completion of the purchase, the director now owns 75,153 shares of the company’s stock, valued at approximately $322,406.37. This represents a 34.07% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John F. Barry purchased 240,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The stock was purchased at an average price of $4.20 per share, with a total value of $1,008,000.00. Following the purchase, the chief executive officer now directly owns 81,981,933 shares of the company’s stock, valued at $344,324,118.60. The trade was a 0.29% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 2,548,000 shares of company stock worth $10,970,715 over the last three months. Insiders own 28.25% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Prospect Capital from $3.50 to $3.00 and set an “underweight” rating for the company in a research report on Monday. StockNews.com upgraded shares of Prospect Capital from a “sell” rating to a “hold” rating in a report on Saturday, April 12th.

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.