Prospect Capital Corp. (NASDAQ:PSEC) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 30,560,303 shares, a decrease of 6.3% from the August 31st total of 32,623,018 shares. Approximately 9.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,164,055 shares, the days-to-cover ratio is presently 9.7 days.
A number of equities research analysts recently issued reports on PSEC shares. Vetr raised Prospect Capital Corp. from a “hold” rating to a “buy” rating and set a $7.97 price target on the stock in a research report on Monday, June 13th. Barclays PLC reissued an “equal weight” rating and set a $7.00 price target on shares of Prospect Capital Corp. in a research report on Wednesday, August 31st. Zacks Investment Research raised Prospect Capital Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $7.00 target price on shares of Prospect Capital Corp. in a report on Thursday, September 1st. Finally, FBR & Co reaffirmed an “outperform” rating and issued a $10.00 target price (up previously from $9.00) on shares of Prospect Capital Corp. in a report on Wednesday, August 31st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Prospect Capital Corp. presently has a consensus rating of “Hold” and a consensus target price of $7.60.
In related news, CFO Brian H. Oswald purchased 4,000 shares of Prospect Capital Corp. stock in a transaction that occurred on Tuesday, September 13th. The shares were acquired at an average price of $7.85 per share, with a total value of $31,400.00. Following the completion of the transaction, the chief financial officer now directly owns 480,000 shares of the company’s stock, valued at approximately $3,768,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 6.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. First Foundation Advisors increased its position in Prospect Capital Corp. by 6.6% in the second quarter. First Foundation Advisors now owns 48,133 shares of the company’s stock worth $376,000 after buying an additional 3,000 shares during the last quarter. Archford Capital Strategies LLC increased its position in shares of Prospect Capital Corp. by 11.4% in the second quarter. Archford Capital Strategies LLC now owns 74,343 shares of the company’s stock worth $581,000 after buying an additional 7,608 shares in the last quarter. First Allied Advisory Services Inc. increased its position in shares of Prospect Capital Corp. by 87.8% in the second quarter. First Allied Advisory Services Inc. now owns 77,500 shares of the company’s stock worth $606,000 after buying an additional 36,226 shares in the last quarter. Eagle Global Advisors LLC increased its position in shares of Prospect Capital Corp. by 6.9% in the second quarter. Eagle Global Advisors LLC now owns 77,550 shares of the company’s stock worth $606,000 after buying an additional 4,990 shares in the last quarter. Finally, Guggenheim Capital LLC increased its position in shares of Prospect Capital Corp. by 5.0% in the second quarter. Guggenheim Capital LLC now owns 358,065 shares of the company’s stock worth $2,800,000 after buying an additional 16,991 shares in the last quarter. 11.00% of the stock is owned by institutional investors.
Shares of Prospect Capital Corp. (NASDAQ:PSEC) opened at 8.21 on Thursday. The company’s 50 day moving average price is $8.31 and its 200 day moving average price is $7.81. The firm has a market cap of $2.94 billion, a P/E ratio of 28.31 and a beta of 0.62. Prospect Capital Corp. has a 12-month low of $5.21 and a 12-month high of $8.68.
Prospect Capital Corp. (NASDAQ:PSEC) last released its quarterly earnings results on Monday, August 29th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.01. Prospect Capital Corp. had a net margin of 13.05% and a return on equity of 10.47%. The company earned $193.04 million during the quarter. During the same period in the previous year, the company earned $0.25 earnings per share. Prospect Capital Corp.’s quarterly revenue was down 2.9% on a year-over-year basis. Equities research analysts forecast that Prospect Capital Corp. will post $0.99 EPS for the current year.
The business also recently declared a monthly dividend, which will be paid on Thursday, October 20th. Investors of record on Friday, September 30th will be paid a $0.0833 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 12.19%. The ex-dividend date of this dividend is Wednesday, September 28th. Prospect Capital Corp.’s payout ratio is currently 344.83%.
About Prospect Capital Corp.
Prospect Capital Corporation is a financial services company. The Company is a non-diversified closed-end investment company. The Company’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. It invests primarily in senior and subordinated debt and equity of private companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes.
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