Prospect Capital (PSEC) Sees Unusually-High Trading Volume Following Insider Buying Activity

Prospect Capital Co. (NASDAQ:PSEC) shares saw an uptick in trading volume on Friday after an insider bought additional shares in the company. 1,206,806 shares changed hands during trading, a decline of 42% from the previous session’s volume of 2,069,155 shares.The stock last traded at $6.66 and had previously closed at $6.76.

Specifically, insider John F. Barry purchased 467,178 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were acquired at an average price of $6.73 per share, with a total value of $3,144,107.94. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John F. Barry purchased 48,117 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The shares were purchased at an average cost of $6.70 per share, for a total transaction of $322,383.90. Following the purchase, the insider now directly owns 33,671,688 shares in the company, valued at $225,600,309.60. The disclosure for this purchase can be found here. Insiders have bought a total of 954,870 shares of company stock worth $6,357,884 in the last three months. Corporate insiders own 7.10% of the company’s stock.

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Several research analysts recently issued reports on the company. ValuEngine upgraded Prospect Capital from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 22nd. BidaskClub upgraded Prospect Capital from a “hold” rating to a “buy” rating in a research report on Friday, December 22nd. BMO Capital Markets restated a “hold” rating and set a $7.00 price objective on shares of Prospect Capital in a research report on Monday, January 8th. Zacks Investment Research downgraded Prospect Capital from a “buy” rating to a “hold” rating in a research report on Saturday, January 20th. Finally, National Securities restated a “sell” rating and set a $4.00 price objective on shares of Prospect Capital in a research report on Monday, February 12th. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the company. Prospect Capital presently has an average rating of “Hold” and an average target price of $6.81.

The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 0.73. The firm has a market cap of $2,443.93, a PE ratio of 11.80 and a beta of 0.42.

Prospect Capital (NASDAQ:PSEC) last issued its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.02. The firm had revenue of $162.40 million during the quarter, compared to the consensus estimate of $153.94 million. Prospect Capital had a return on equity of 8.36% and a net margin of 31.02%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 EPS. analysts anticipate that Prospect Capital Co. will post 0.74 earnings per share for the current fiscal year.

The firm also recently declared a monthly dividend, which will be paid on Thursday, April 19th. Shareholders of record on Friday, March 30th will be issued a $0.06 dividend. The ex-dividend date is Wednesday, March 28th. This represents a $0.72 annualized dividend and a yield of 10.89%. Prospect Capital’s dividend payout ratio (DPR) is presently 128.57%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its holdings in Prospect Capital by 13.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,921 shares of the financial services provider’s stock valued at $235,000 after acquiring an additional 3,437 shares during the last quarter. Suntrust Banks Inc. raised its holdings in Prospect Capital by 9.5% in the 4th quarter. Suntrust Banks Inc. now owns 88,800 shares of the financial services provider’s stock valued at $598,000 after acquiring an additional 7,679 shares during the last quarter. Global X Management Co. LLC raised its holdings in Prospect Capital by 33.6% in the 4th quarter. Global X Management Co. LLC now owns 35,334 shares of the financial services provider’s stock valued at $238,000 after acquiring an additional 8,878 shares during the last quarter. Archford Capital Strategies LLC raised its holdings in Prospect Capital by 16.3% in the 3rd quarter. Archford Capital Strategies LLC now owns 68,399 shares of the financial services provider’s stock valued at $460,000 after acquiring an additional 9,569 shares during the last quarter. Finally, Atria Investments LLC raised its holdings in Prospect Capital by 64.3% in the 4th quarter. Atria Investments LLC now owns 32,832 shares of the financial services provider’s stock valued at $221,000 after acquiring an additional 12,843 shares during the last quarter. Institutional investors own 14.17% of the company’s stock.

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About Prospect Capital

Prospect Capital Corporation is a financial services company. The Company primarily lends to and invests in middle market privately held companies. The Company is a closed-end investment company. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

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