Zacks Investment Research upgraded shares of Prospect Capital Corporation (NASDAQ:PSEC) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Prospect Capital Corporation is a closed-end investment company that lends to and invests in private and microcap public businesses. Prospect Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments. “

PSEC has been the subject of several other research reports. BidaskClub downgraded shares of Prospect Capital Corporation from a hold rating to a sell rating in a research report on Tuesday, August 15th. National Securities reduced their price target on shares of Prospect Capital Corporation from $7.00 to $6.00 and set a sell rating for the company in a research report on Wednesday, August 30th. Raymond James Financial, Inc. upgraded shares of Prospect Capital Corporation from an underperform rating to a market perform rating in a research report on Wednesday, August 30th. TheStreet downgraded shares of Prospect Capital Corporation from a b- rating to a c+ rating in a research report on Wednesday, September 27th. Finally, UBS AG upgraded shares of Prospect Capital Corporation from an underperform rating to a market perform rating in a research report on Wednesday, August 30th. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the stock. The company has a consensus rating of Hold and an average target price of $6.83.

Prospect Capital Corporation (NASDAQ:PSEC) last released its quarterly earnings results on Monday, August 28th. The financial services provider reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.02). Prospect Capital Corporation had a return on equity of 8.98% and a net margin of 36.08%. The company had revenue of $166.70 million for the quarter, compared to analyst estimates of $177.21 million. During the same quarter last year, the company earned $0.26 EPS. The firm’s revenue for the quarter was down 13.6% on a year-over-year basis.

TRADEMARK VIOLATION NOTICE: “Prospect Capital Corporation (PSEC) Upgraded to “Hold” at Zacks Investment Research” was originally posted by Watch List News and is owned by of Watch List News. If you are viewing this article on another publication, it was illegally stolen and republished in violation of United States and international copyright and trademark legislation. The correct version of this article can be read at https://www.watchlistnews.com/prospect-capital-corporation-psec-upgraded-to-hold-at-zacks-investment-research/1674197.html.

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Tuesday, October 31st will be issued a $0.06 dividend. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.72 dividend on an annualized basis and a yield of 12.02%. Prospect Capital Corporation’s payout ratio is 102.86%.

In other Prospect Capital Corporation news, CFO Brian H. Oswald acquired 50,000 shares of the business’s stock in a transaction on Friday, September 1st. The stock was bought at an average price of $6.73 per share, for a total transaction of $336,500.00. Following the acquisition, the chief financial officer now owns 493,373 shares in the company, valued at $3,320,400.29. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 7.10% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can raised its holdings in Prospect Capital Corporation by 4.6% in the 2nd quarter. Bank of Montreal Can now owns 5,892,500 shares of the financial services provider’s stock valued at $47,847,000 after acquiring an additional 257,000 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Prospect Capital Corporation by 21.6% in the 2nd quarter. Van ECK Associates Corp now owns 2,307,637 shares of the financial services provider’s stock valued at $18,738,000 after buying an additional 410,614 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Prospect Capital Corporation by 9.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,129,874 shares of the financial services provider’s stock valued at $9,175,000 after buying an additional 101,841 shares during the period. Legal & General Group Plc grew its stake in shares of Prospect Capital Corporation by 13.2% in the 2nd quarter. Legal & General Group Plc now owns 963,173 shares of the financial services provider’s stock valued at $7,816,000 after buying an additional 112,354 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Prospect Capital Corporation in the 2nd quarter valued at approximately $7,697,000. Institutional investors own 15.20% 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.

Receive News & Ratings for Prospect Capital Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prospect Capital Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.