Prospect Capital (PSEC) Given Hold Rating at BMO Capital Markets

BMO Capital Markets restated their hold rating on shares of Prospect Capital (NASDAQ:PSEC) in a report published on Monday morning. The brokerage currently has a $7.00 price target on the financial services provider’s stock.

A number of other research analysts have also weighed in on the company. BidaskClub lowered Prospect Capital from a buy rating to a hold rating in a research note on Thursday, January 4th. ValuEngine raised Prospect Capital from a buy rating to a strong-buy rating in a research note on Friday, December 22nd. National Securities reduced their price target on Prospect Capital from $5.00 to $4.00 and set a sell rating on the stock in a research note on Tuesday, November 14th. Zacks Investment Research lowered Prospect Capital from a hold rating to a sell rating in a research note on Saturday, November 11th. Finally, TheStreet lowered Prospect Capital from a b- rating to a c+ rating in a research note on Wednesday, September 27th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $6.50.

Shares of Prospect Capital (NASDAQ PSEC) traded down $0.10 during trading on Monday, hitting $6.77. The company’s stock had a trading volume of 2,484,617 shares, compared to its average volume of 2,930,000. Prospect Capital has a one year low of $5.51 and a one year high of $9.58. The stock has a market cap of $2,440.00, a price-to-earnings ratio of 13.27 and a beta of 0.56. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.78.

Prospect Capital (NASDAQ:PSEC) last issued its quarterly earnings results on Wednesday, November 8th. The financial services provider reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). Prospect Capital had a return on equity of 8.63% and a net margin of 27.00%. The business had revenue of $158.58 million for the quarter, compared to analysts’ expectations of $161.00 million. During the same period in the prior year, the company earned $0.22 EPS. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. analysts forecast that Prospect Capital will post 0.72 EPS for the current fiscal year.

The company also recently disclosed a monthly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Wednesday, January 31st will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 10.64%. Prospect Capital’s payout ratio is 141.18%.

In other news, COO M Grier Eliasek acquired 10,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was acquired at an average cost of $7.19 per share, for a total transaction of $71,900.00. Following the acquisition, the chief operating officer now directly owns 1,202,196 shares in the company, valued at approximately $8,643,789.24. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John F. Barry acquired 995,883 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were purchased at an average price of $6.98 per share, with a total value of $6,951,263.34. Following the completion of the acquisition, the insider now owns 25,219,413 shares in the company, valued at $176,031,502.74. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 4,604,521 shares of company stock valued at $31,784,051. Insiders own 7.10% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the company. Americafirst Capital Management LLC acquired a new stake in shares of Prospect Capital during the 2nd quarter worth $378,000. Arrowstreet Capital Limited Partnership acquired a new stake in Prospect Capital in the 2nd quarter valued at $7,697,000. California Public Employees Retirement System increased its holdings in Prospect Capital by 2.7% in the 2nd quarter. California Public Employees Retirement System now owns 767,000 shares of the financial services provider’s stock valued at $6,228,000 after purchasing an additional 20,100 shares in the last quarter. CIBC World Markets Inc. increased its holdings in Prospect Capital by 112.0% in the 2nd quarter. CIBC World Markets Inc. now owns 143,547 shares of the financial services provider’s stock valued at $1,166,000 after purchasing an additional 75,839 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Prospect Capital in the 3rd quarter valued at $767,000. Institutional investors and hedge funds own 15.60% 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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