Prospect Capital Co. (NASDAQ:PSEC) saw a large decline in short interest in the month of July. As of July 15th, there was short interest totalling 18,774,500 shares, a decline of 6.0% from the June 15th total of 19,969,600 shares. Currently, 6.2% of the shares of the company are short sold. Based on an average daily trading volume, of 1,470,000 shares, the days-to-cover ratio is presently 12.8 days.
In other news, CEO John F. Barry acquired 63,496 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were bought at an average cost of $6.29 per share, with a total value of $399,389.84. Following the purchase, the chief executive officer now owns 38,364,480 shares of the company’s stock, valued at approximately $241,312,579.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John F. Barry acquired 408,911 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was purchased at an average cost of $6.38 per share, for a total transaction of $2,608,852.18. Following the completion of the purchase, the chief executive officer now directly owns 38,938,445 shares in the company, valued at approximately $248,427,279.10. The disclosure for this purchase can be found here. Insiders acquired a total of 610,246 shares of company stock worth $3,882,141 over the last three months. 10.20% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Montreal Can boosted its holdings in Prospect Capital by 3,775.8% in the 1st quarter. Bank of Montreal Can now owns 1,763,500 shares of the financial services provider’s stock worth $11,497,000 after acquiring an additional 1,718,000 shares during the period. Legal & General Group Plc boosted its stake in shares of Prospect Capital by 16.1% during the 4th quarter. Legal & General Group Plc now owns 1,685,044 shares of the financial services provider’s stock valued at $10,675,000 after buying an additional 234,288 shares during the last quarter. Unigestion Holding SA purchased a new position in shares of Prospect Capital during the 2nd quarter valued at approximately $1,003,000. LSV Asset Management boosted its stake in shares of Prospect Capital by 1.6% during the 1st quarter. LSV Asset Management now owns 5,700,600 shares of the financial services provider’s stock valued at $37,167,000 after buying an additional 87,235 shares during the last quarter. Finally, Rational Advisors LLC purchased a new position in shares of Prospect Capital during the 1st quarter valued at approximately $475,000. 12.22% of the stock is owned by institutional investors.
Prospect Capital (NASDAQ:PSEC) last released its quarterly earnings data on Wednesday, May 8th. The financial services provider reported $0.21 EPS for the quarter, hitting the consensus estimate of $0.21. Prospect Capital had a net margin of 30.82% and a return on equity of 9.58%. The business had revenue of $171.10 million for the quarter, compared to analyst estimates of $173.48 million. During the same period in the previous year, the firm earned $0.19 EPS. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities research analysts forecast that Prospect Capital will post 0.86 earnings per share for the current year.
The business also recently disclosed a monthly dividend, which was paid on Thursday, July 18th. Stockholders of record on Friday, June 28th were paid a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 10.85%. The ex-dividend date of this dividend was Thursday, June 27th. Prospect Capital’s dividend payout ratio is currently 91.14%.
Several brokerages have commented on PSEC. Zacks Investment Research lowered shares of ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday, July 10th. ValuEngine lowered shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. National Securities restated a “sell” rating and set a $4.00 target price on shares of Prospect Capital in a research report on Monday, May 13th. BidaskClub upgraded shares of Zogenix from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th. Finally, TheStreet upgraded shares of Prospect Capital from a “f” rating to a “b-” rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $6.00.
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.
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