Zacks Investment Research Lowers Prospect Capital Corporation (PSEC) to Sell

Zacks Investment Research cut shares of Prospect Capital Corporation (NASDAQ:PSEC) from a hold rating to a sell rating in a research note issued to investors on Saturday.

According to Zacks, “Prospect Capital Corporation is a closed-end investment company that lends to and invests in private and microcap public businesses. Prospect Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments. “

PSEC has been the topic of a number of other reports. BidaskClub cut shares of Prospect Capital Corporation from a hold rating to a sell rating in a report on Tuesday, August 15th. National Securities dropped their target price on shares of Prospect Capital Corporation from $7.00 to $6.00 and set a sell rating on the stock in a report on Wednesday, August 30th. Raymond James Financial, Inc. raised shares of Prospect Capital Corporation from an underperform rating to a market perform rating in a report on Wednesday, August 30th. BMO Capital Markets dropped their target price on shares of Prospect Capital Corporation from $7.00 to $6.00 and set a market perform rating on the stock in a report on Friday, November 10th. Finally, TheStreet cut shares of Prospect Capital Corporation from a b- rating to a c+ rating in a report on Wednesday, September 27th. Three research analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Prospect Capital Corporation presently has an average rating of Hold and an average price target of $6.17.

Shares of Prospect Capital Corporation (NASDAQ PSEC) opened at $6.16 on Friday. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt-to-equity ratio of 0.78. The stock has a market cap of $2,250.00, a PE ratio of 7.36 and a beta of 0.51. Prospect Capital Corporation has a fifty-two week low of $5.51 and a fifty-two week high of $9.58.

Prospect Capital Corporation (NASDAQ:PSEC) last issued its earnings results on Wednesday, November 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.01). The firm had revenue of $158.58 million during the quarter, compared to the consensus estimate of $161.00 million. Prospect Capital Corporation had a net margin of 27.00% and a return on equity of 8.63%. The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 earnings per share. analysts predict that Prospect Capital Corporation will post 0.74 earnings per share for the current year.

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The business also recently declared a monthly dividend, which will be paid on Thursday, February 15th. Investors of record on Wednesday, January 31st will be paid a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $0.72 dividend on an annualized basis and a yield of 11.69%. Prospect Capital Corporation’s dividend payout ratio (DPR) is currently 141.18%.

In other Prospect Capital Corporation news, CFO Brian H. Oswald bought 35,000 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were purchased at an average price of $5.75 per share, for a total transaction of $201,250.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brian H. Oswald bought 50,000 shares of the firm’s stock in a transaction on Friday, September 1st. The shares were acquired at an average price of $6.73 per share, for a total transaction of $336,500.00. Following the transaction, the chief financial officer now owns 493,373 shares in the company, valued at $3,320,400.29. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 151,000 shares of company stock worth $911,750. 7.10% of the stock is owned by company insiders.

Several large investors have recently made changes to their positions in PSEC. Atria Investments LLC acquired a new position in shares of Prospect Capital Corporation during the 2nd quarter worth approximately $104,000. Trexquant Investment LP acquired a new position in shares of Prospect Capital Corporation during the 3rd quarter worth approximately $108,000. Jane Street Group LLC acquired a new position in shares of Prospect Capital Corporation during the 3rd quarter worth approximately $127,000. Nwam LLC grew its position in shares of Prospect Capital Corporation by 19.1% during the 2nd quarter. Nwam LLC now owns 16,825 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 2,700 shares in the last quarter. Finally, Regal Investment Advisors LLC grew its position in shares of Prospect Capital Corporation by 19.3% during the 2nd quarter. Regal Investment Advisors LLC now owns 16,819 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 2,720 shares in the last quarter. Hedge funds and other institutional investors own 15.07% of the company’s stock.

Prospect Capital Corporation Company Profile

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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