Legal & General Group Plc Purchases New Position in Prospect Capital Corporation $PSEC

Legal & General Group Plc purchased a new position in Prospect Capital Corporation (NASDAQ:PSEC) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,032,811 shares of the financial services provider’s stock, valued at approximately $9,336,000. Legal & General Group Plc owned 0.80% of Prospect Capital at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. increased its position in shares of Prospect Capital by 0.5% in the second quarter. Raymond James Financial Inc. now owns 844,465 shares of the financial services provider’s stock valued at $2,685,000 after buying an additional 3,880 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Prospect Capital by 55.5% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 16,970 shares of the financial services provider’s stock valued at $39,000 after buying an additional 6,056 shares in the last quarter. Private Advisor Group LLC grew its stake in Prospect Capital by 0.4% in the 1st quarter. Private Advisor Group LLC now owns 1,711,638 shares of the financial services provider’s stock valued at $4,467,000 after acquiring an additional 6,262 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its stake in Prospect Capital by 1.3% in the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 520,592 shares of the financial services provider’s stock valued at $1,655,000 after acquiring an additional 6,516 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in Prospect Capital by 1.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 504,342 shares of the financial services provider’s stock worth $1,387,000 after acquiring an additional 9,008 shares in the last quarter. Hedge funds and other institutional investors own 9.06% of the company’s stock.

Wall Street Analyst Weigh In

PSEC has been the topic of several recent analyst reports. Wells Fargo & Company decreased their price objective on shares of Prospect Capital from $2.50 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, May 12th. Wall Street Zen cut shares of Prospect Capital from a “buy” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Weiss Ratings downgraded shares of Prospect Capital from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, August 26th. Two analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the company currently has a consensus rating of “Sell” and a consensus price target of $2.00.

Insiders Place Their Bets

In other Prospect Capital news, CEO John F. Barry acquired 1,067,648 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was bought at an average price of $2.27 per share, with a total value of $2,423,560.96. Following the purchase, the chief executive officer owned 89,213,725 shares in the company, valued at approximately $202,515,155.75. The trade was a 1.21% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.03% of the company’s stock.

Prospect Capital Stock Down 3.1%

NASDAQ PSEC opened at $2.21 on Wednesday. The business has a fifty day moving average price of $2.25 and a 200 day moving average price of $2.45. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.87 and a current ratio of 0.87. The company has a market cap of $1.16 billion, a P/E ratio of 44.20 and a beta of 0.79. Prospect Capital Corporation has a one year low of $2.11 and a one year high of $3.13.

Prospect Capital (NASDAQ:PSEC) last announced its earnings results on Thursday, August 20th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.04. Prospect Capital had a net margin of 19.33% and a return on equity of 12.15%. The company had revenue of $155.76 million for the quarter, compared to analysts’ expectations of $149.80 million.

Prospect Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, November 18th. Investors of record on Wednesday, October 28th will be given a dividend of $0.035 per share. The ex-dividend date is Wednesday, October 28th. This represents a c) dividend on an annualized basis and a yield of 19.0%. Prospect Capital’s payout ratio is presently 840.00%.

About Prospect Capital

Prospect Capital Corporation is a publicly traded business development company listed on the Nasdaq stock exchange that specializes in providing private debt and equity financing solutions to middle-market companies across the United States. Structured as a closed-end, non-diversified management investment company under the Investment Company Act of 1940, Prospect Capital offers investors access to a diversified portfolio of senior secured loans, subordinated debt and selective equity interests in privately held businesses.

Since its founding in 2004, Prospect Capital has focused on tailoring financing structures to meet the growth, acquisition and recapitalization needs of its portfolio companies.