Raymond James Financial, Inc. upgraded shares of Prospect Capital Corporation (NASDAQ:PSEC) from an underperform rating to a market perform rating in a research note published on Wednesday, MarketBeat reports.

A number of other analysts have also recently issued reports on the company. Zacks Investment Research cut Prospect Capital Corporation from a hold rating to a strong sell rating in a research report on Saturday, May 13th. BidaskClub upgraded Prospect Capital Corporation from a hold rating to a buy rating in a research report on Wednesday, June 28th. FBR & Co cut Prospect Capital Corporation from an outperform rating to a market perform rating and lowered their price objective for the company from $9.50 to $8.50 in a research report on Thursday, May 11th. National Securities restated a sell rating and set a $7.00 price objective on shares of Prospect Capital Corporation in a research report on Monday, May 15th. Finally, UBS AG upgraded Prospect Capital Corporation from an underperform rating to a market perform rating in a research report on Wednesday. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $8.04.

Shares of Prospect Capital Corporation (NASDAQ PSEC) traded up 2.29% during mid-day trading on Wednesday, reaching $6.70. 4,983,274 shares of the company’s stock traded hands. The firm 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 1-year low of $6.54 and a 1-year high of $9.58.

Prospect Capital Corporation (NASDAQ:PSEC) last released its quarterly earnings data on Monday, August 28th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by $0.02. The firm had revenue of $166.70 million for the quarter, compared to the consensus estimate of $177.21 million. Prospect Capital Corporation had a net margin of 36.08% and a return on equity of 8.98%. The business’s revenue for the quarter was down 13.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 earnings per share. On average, analysts predict that Prospect Capital Corporation will post $0.80 EPS for the current fiscal year.

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The business also recently declared a monthly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Tuesday, October 31st will be given a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 10.75%. The ex-dividend date is Monday, October 30th. Prospect Capital Corporation’s dividend payout ratio (DPR) is 142.86%.

A number of hedge funds have recently made changes to their positions in PSEC. Janney Montgomery Scott LLC boosted its stake in shares of Prospect Capital Corporation by 6.9% in the first quarter. Janney Montgomery Scott LLC now owns 28,357 shares of the financial services provider’s stock worth $256,000 after buying an additional 1,829 shares during the period. First Midwest Bank Trust Division boosted its stake in shares of Prospect Capital Corporation by 1.5% in the first quarter. First Midwest Bank Trust Division now owns 40,657 shares of the financial services provider’s stock worth $368,000 after buying an additional 610 shares during the period. Advisory Services Network LLC bought a new stake in shares of Prospect Capital Corporation during the first quarter worth $159,000. Eqis Capital Management Inc. boosted its stake in shares of Prospect Capital Corporation by 7.1% in the first quarter. Eqis Capital Management Inc. now owns 101,368 shares of the financial services provider’s stock worth $916,000 after buying an additional 6,683 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Prospect Capital Corporation by 6.0% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,152 shares of the financial services provider’s stock worth $164,000 after buying an additional 1,023 shares during the period. Hedge funds and other institutional investors 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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