BT Wealth Management LLC purchased a new position in Prospect Capital Co. (NASDAQ:PSEC) in the fourth quarter, HoldingsChannel reports. The firm purchased 21,600 shares of the financial services provider’s stock, valued at approximately $140,000.
A number of other hedge funds have also modified their holdings of PSEC. Rhumbline Advisers bought a new stake in Prospect Capital during the third quarter worth $103,000. Quantbot Technologies LP lifted its stake in Prospect Capital by 225.9% during the third quarter. Quantbot Technologies LP now owns 37,986 shares of the financial services provider’s stock worth $278,000 after purchasing an additional 26,329 shares during the last quarter. Standard Life Aberdeen plc lifted its stake in Prospect Capital by 33.3% during the third quarter. Standard Life Aberdeen plc now owns 100,000 shares of the financial services provider’s stock worth $734,000 after purchasing an additional 25,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Prospect Capital during the third quarter worth about $287,000. Finally, GAM Holding AG lifted its stake in Prospect Capital by 109.6% during the third quarter. GAM Holding AG now owns 177,718 shares of the financial services provider’s stock worth $1,303,000 after purchasing an additional 92,947 shares during the last quarter. Institutional investors and hedge funds own 12.97% of the company’s stock.
A number of research firms have recently weighed in on PSEC. BidaskClub raised Prospect Capital from a “sell” rating to a “hold” rating in a research note on Wednesday, February 27th. ValuEngine raised Prospect Capital from a “sell” rating to a “hold” rating in a research note on Saturday, February 23rd. Barclays lowered Prospect Capital from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $7.00 to $6.00 in a research note on Tuesday, January 22nd. Zacks Investment Research lowered Prospect Capital from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 15th. Finally, National Securities reissued a “sell” rating and issued a $4.00 target price on shares of Prospect Capital in a research note on Monday, February 11th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Sell” and an average target price of $6.00.
Prospect Capital (NASDAQ:PSEC) last released its quarterly earnings results on Wednesday, February 6th. The financial services provider reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. The business had revenue of $187.88 million during the quarter, compared to analyst estimates of $182.09 million. Prospect Capital had a return on equity of 9.37% and a net margin of 25.89%. Prospect Capital’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.20 EPS. Equities research analysts forecast that Prospect Capital Co. will post 0.95 earnings per share for the current year.
The firm also recently declared a monthly dividend, which was paid on Thursday, March 21st. Shareholders of record on Thursday, February 28th were given a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a yield of 10.89%. The ex-dividend date was Wednesday, February 27th. Prospect Capital’s payout ratio is 91.14%.
In other Prospect Capital news, insider John F. Barry purchased 100,000 shares of the stock in a transaction on Monday, February 11th. The stock was acquired at an average price of $6.39 per share, with a total value of $639,000.00. Following the transaction, the insider now directly owns 38,335,551 shares of the company’s stock, valued at approximately $244,964,170.89. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John F. Barry purchased 299,707 shares of the stock in a transaction on Monday, December 31st. The shares were acquired at an average cost of $6.31 per share, with a total value of $1,891,151.17. Following the transaction, the chief executive officer now directly owns 37,892,777 shares in the company, valued at $239,103,422.87. The disclosure for this purchase can be found here. Insiders have acquired a total of 703,914 shares of company stock valued at $4,449,032 in the last ninety days. 10.20% of the stock is currently owned by corporate insiders.
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.
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