Prospect Capital Corporation $PSEC Shares Bought by Private Management Group Inc.

Private Management Group Inc. increased its stake in Prospect Capital Corporation (NASDAQ:PSEC) by 51.7% during the second quarter, HoldingsChannel reports. The firm owned 20,534,804 shares of the financial services provider’s stock after acquiring an additional 6,999,513 shares during the period. Prospect Capital accounts for approximately 1.3% of Private Management Group Inc.’s holdings, making the stock its 10th biggest position. Private Management Group Inc.’s holdings in Prospect Capital were worth $47,435,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC raised its stake in Prospect Capital by 356.3% during the 3rd quarter. Millennium Management LLC now owns 6,231,987 shares of the financial services provider’s stock valued at $17,138,000 after purchasing an additional 4,866,312 shares during the period. Legal & General Group Plc purchased a new position in shares of Prospect Capital during the second quarter valued at $9,336,000. Independent Financial Group LLC acquired a new position in Prospect Capital during the first quarter valued at $8,644,000. Marshall Wace LLP raised its position in Prospect Capital by 70.7% during the third quarter. Marshall Wace LLP now owns 6,668,376 shares of the financial services provider’s stock valued at $18,338,000 after buying an additional 2,761,351 shares during the period. Finally, Balyasny Asset Management L.P. lifted its stake in Prospect Capital by 73.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 5,661,121 shares of the financial services provider’s stock worth $18,002,000 after acquiring an additional 2,405,299 shares in the last quarter. 9.06% of the stock is currently owned by hedge funds and other institutional investors.

Prospect Capital Stock Down 1.3%

Prospect Capital stock opened at $2.25 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.64. Prospect Capital Corporation has a 1-year low of $2.11 and a 1-year high of $3.13. The firm’s fifty day simple moving average is $2.25 and its 200-day simple moving average is $2.46. The company has a market capitalization of $1.18 billion, a P/E ratio of 45.00 and a beta of 0.79.

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

Prospect Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, November 18th. Stockholders of record on Wednesday, October 28th will be issued a dividend of $0.035 per share. The ex-dividend date of this dividend is Wednesday, October 28th. This represents a c) dividend on an annualized basis and a dividend yield of 18.7%. Prospect Capital’s dividend payout ratio is currently 840.00%.

Insider Buying and Selling at Prospect Capital

In related news, CEO John F. Barry acquired 1,067,648 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average cost 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 of the company’s stock, valued at approximately $202,515,155.75. The trade was a 1.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.03% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PSEC. Weiss Ratings lowered Prospect Capital from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday. Wells Fargo & Company dropped their target price on Prospect Capital from $2.50 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, May 12th. Finally, Wall Street Zen lowered shares of Prospect Capital from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Two investment analysts have rated the stock with a Sell rating, According to MarketBeat, the stock presently has a consensus rating of “Sell” and an average target price of $2.00.

Prospect Capital Profile

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.