Prospect Capital Corporation (PSEC) Lifted to Market Perform at UBS AG
UBS AG upgraded shares of Prospect Capital Corporation (NASDAQ:PSEC) from an underperform rating to a market perform rating in a research note issued to investors on Wednesday, The Fly reports.
PSEC has been the subject of a number of other research reports. BidaskClub cut Prospect Capital Corporation from a sell rating to a strong sell rating in a report on Tuesday, August 22nd. Zacks Investment Research raised Prospect Capital Corporation from a sell rating to a hold rating in a report on Wednesday, July 26th. National Securities restated a sell rating and issued a $7.00 price target on shares of Prospect Capital Corporation in a research report on Monday, May 15th. BMO Capital Markets restated a hold rating and issued a $7.00 price target on shares of Prospect Capital Corporation in a research report on Thursday, June 1st. Finally, FBR & Co lowered Prospect Capital Corporation from an outperform rating to a market perform rating and dropped their price target for the company from $9.50 to $8.50 in a research report on Thursday, May 11th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. Prospect Capital Corporation currently has an average rating of Hold and an average target price of $8.04.
Prospect Capital Corporation (PSEC) traded up 2.29% during mid-day trading on Wednesday, hitting $6.70. The company had a trading volume of 4,983,274 shares. The company has a 50-day moving average price of $7.76 and a 200 day moving average price of $8.50. Prospect Capital Corporation has a 12 month low of $6.54 and a 12 month high of $9.58.
Prospect Capital Corporation (NASDAQ:PSEC) last announced its earnings results on Monday, August 28th. The financial services provider reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by $0.02. Prospect Capital Corporation had a net margin of 36.08% and a return on equity of 8.98%. The firm had revenue of $166.70 million for the quarter, compared to analyst estimates of $177.21 million. During the same period in the previous year, the company earned $0.26 EPS. Prospect Capital Corporation’s revenue was down 13.6% compared to the same quarter last year. Equities research analysts forecast that Prospect Capital Corporation will post $0.80 EPS for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Tuesday, October 31st will be given a $0.06 dividend. The ex-dividend date is Monday, October 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 10.75%. Prospect Capital Corporation’s dividend payout ratio (DPR) is presently 142.86%.
Several large investors have recently bought and sold shares of the stock. Green Square Capital LLC raised its stake in Prospect Capital Corporation by 3.8% in the first quarter. Green Square Capital LLC now owns 42,777 shares of the financial services provider’s stock worth $390,000 after buying an additional 1,577 shares during the period. Caxton Associates LP bought a new stake in Prospect Capital Corporation during the first quarter worth about $539,000. Karp Capital Management Corp bought a new stake in Prospect Capital Corporation during the first quarter worth about $506,000. Gotham Asset Management LLC bought a new stake in Prospect Capital Corporation during the first quarter worth about $481,000. Finally, Wedbush Securities Inc. raised its stake in Prospect Capital Corporation by 5.0% in the second quarter. Wedbush Securities Inc. now owns 90,228 shares of the financial services provider’s stock worth $733,000 after buying an additional 4,259 shares during the period. Institutional investors and hedge funds own 15.33% of the company’s stock.
About Prospect Capital Corporation
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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