Prospect Capital Corporation (PSEC) Shares Gap Down on Analyst Downgrade
Prospect Capital Corporation (NASDAQ:PSEC) gapped down prior to trading on Wednesday after National Securities lowered their price target on the stock from $7.00 to $6.00. The stock had previously closed at $7.06, but opened at $6.86. National Securities currently has a sell rating on the stock. Prospect Capital Corporation shares last traded at $6.83, with a volume of 3,721,138 shares changing hands.
A number of other analysts have also commented on the stock. UBS AG raised shares of Prospect Capital Corporation from an “underperform” rating to a “market perform” rating in a research note on Wednesday. BidaskClub lowered shares of Prospect Capital Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 22nd. Zacks Investment Research raised shares of Prospect Capital Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, July 26th. BMO Capital Markets reaffirmed a “hold” rating and set a $7.00 price objective on shares of Prospect Capital Corporation in a research note on Thursday, June 1st. Finally, FBR & Co lowered shares of Prospect Capital Corporation from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $9.50 to $8.50 in a research note on Thursday, May 11th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. Prospect Capital Corporation currently has a consensus rating of “Hold” and an average price target of $8.04.
A number of hedge funds have recently bought and sold shares of the stock. WFG Advisors LP raised its stake in Prospect Capital Corporation by 4.2% in the second quarter. WFG Advisors LP now owns 371,436 shares of the financial services provider’s stock worth $3,016,000 after buying an additional 14,844 shares in the last quarter. Advisory Services Network LLC raised its stake in Prospect Capital Corporation by 0.6% in the second quarter. Advisory Services Network LLC now owns 17,741 shares of the financial services provider’s stock worth $144,000 after buying an additional 105 shares in the last quarter. Verition Fund Management LLC raised its stake in Prospect Capital Corporation by 86.0% in the second quarter. Verition Fund Management LLC now owns 25,520 shares of the financial services provider’s stock worth $207,000 after buying an additional 11,803 shares in the last quarter. Americafirst Capital Management LLC purchased a new stake in Prospect Capital Corporation during the second quarter worth approximately $378,000. Finally, The Manufacturers Life Insurance Company raised its stake in Prospect Capital Corporation by 13.5% in the second quarter. The Manufacturers Life Insurance Company now owns 28,921 shares of the financial services provider’s stock worth $235,000 after buying an additional 3,437 shares in the last quarter. 15.33% of the stock is owned by institutional investors.
The company’s 50 day moving average price is $7.80 and its 200-day moving average price is $8.51.
Prospect Capital Corporation (NASDAQ:PSEC) last issued its earnings results on Monday, August 28th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.02. Prospect Capital Corporation had a return on equity of 9.56% and a net margin of 40.82%. The company had revenue of $166.70 million for the quarter, compared to the consensus estimate of $177.21 million. During the same quarter last year, the business posted $0.26 EPS. Prospect Capital Corporation’s quarterly revenue was down 13.6% on a year-over-year basis. On average, equities analysts forecast that Prospect Capital Corporation will post $0.84 EPS for the current fiscal year.
The business also recently announced a monthly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Tuesday, October 31st will be issued a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a yield of 10.99%. The ex-dividend date of this dividend is Monday, October 30th. Prospect Capital Corporation’s dividend payout ratio (DPR) is currently 142.86%.
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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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