Zacks: Brokerages Expect Prospect Capital Co. (PSEC) Will Post Quarterly Sales of $153.89 Million

Brokerages expect that Prospect Capital Co. (NASDAQ:PSEC) will report $153.89 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Prospect Capital’s earnings, with estimates ranging from $150.57 million to $157.21 million. Prospect Capital reported sales of $171.03 million in the same quarter last year, which indicates a negative year-over-year growth rate of 10%. The firm is expected to report its next quarterly earnings report on Tuesday, May 8th.

On average, analysts expect that Prospect Capital will report full-year sales of $153.89 million for the current fiscal year, with estimates ranging from $622.00 million to $637.56 million. For the next year, analysts anticipate that the business will post sales of $619.71 million per share, with estimates ranging from $602.00 million to $637.42 million. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Prospect Capital.

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Prospect Capital (NASDAQ:PSEC) last issued its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $0.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.02. Prospect Capital had a net margin of 31.02% and a return on equity of 8.36%. The firm had revenue of $162.40 million for the quarter, compared to analysts’ expectations of $153.94 million. During the same quarter in the prior year, the business earned $0.28 EPS. The business’s quarterly revenue was down 11.5% on a year-over-year basis.

Several equities analysts have recently weighed in on PSEC shares. ValuEngine upgraded shares of Prospect Capital from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. BidaskClub upgraded shares of Prospect Capital from a “hold” rating to a “buy” rating in a research note on Friday, December 22nd. Zacks Investment Research upgraded shares of Prospect Capital from a “hold” rating to a “buy” rating and set a $7.75 target price on the stock in a research note on Wednesday, January 17th. National Securities restated a “sell” rating and set a $4.00 target price on shares of Prospect Capital in a research note on Monday, February 12th. Finally, BMO Capital Markets restated a “hold” rating and set a $7.00 target price on shares of Prospect Capital in a research note on Monday, January 8th. 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 presently has an average rating of “Hold” and a consensus price target of $6.81.

In related news, insider John F. Barry acquired 993,900 shares of Prospect Capital stock in a transaction dated Friday, December 22nd. The shares were purchased at an average price of $7.21 per share, for a total transaction of $7,166,019.00. Following the completion of the transaction, the insider now directly owns 32,187,564 shares in the company, valued at approximately $232,072,336.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John F. Barry acquired 84,100 shares of Prospect Capital stock in a transaction dated Thursday, March 15th. The shares were bought at an average price of $6.49 per share, for a total transaction of $545,809.00. Following the transaction, the insider now owns 34,284,671 shares of the company’s stock, valued at $222,507,514.79. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 2,080,054 shares of company stock worth $14,471,377. 7.10% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Wesbanco Bank Inc. bought a new stake in shares of Prospect Capital during the fourth quarter valued at approximately $107,000. Trexquant Investment LP bought a new stake in shares of Prospect Capital during the third quarter valued at approximately $108,000. Kovack Advisors Inc. bought a new stake in shares of Prospect Capital during the fourth quarter valued at approximately $111,000. Jane Street Group LLC purchased a new position in shares of Prospect Capital in the third quarter valued at $127,000. Finally, Prime Capital Investment Advisors LLC purchased a new position in shares of Prospect Capital in the fourth quarter valued at $130,000. Hedge funds and other institutional investors own 14.17% of the company’s stock.

Shares of Prospect Capital (NASDAQ PSEC) traded down $0.01 during trading hours on Friday, hitting $6.49. 906,917 shares of the stock traded hands, compared to its average volume of 2,019,605. Prospect Capital has a 52-week low of $5.51 and a 52-week high of $9.45. The company has a quick ratio of 4.32, a current ratio of 4.32 and a debt-to-equity ratio of 0.73. The company has a market cap of $2,368.00, a PE ratio of 11.61 and a beta of 0.42.

The company also recently announced a monthly dividend, which will be paid on Thursday, April 19th. Shareholders of record on Friday, March 30th will be paid a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a yield of 11.09%. The ex-dividend date is Wednesday, March 28th. Prospect Capital’s payout ratio is 128.57%.

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Prospect Capital 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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