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

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. “

Several other equities research analysts have also recently weighed in on the stock. BidaskClub cut shares of Prospect Capital Corporation from a buy rating to a hold rating in a research report on Monday, July 17th. BMO Capital Markets reissued a hold rating and set a $7.00 price target on shares of Prospect Capital Corporation in a research report on Thursday, June 1st. National Securities reissued a sell rating and set a $7.00 price target on shares of Prospect Capital Corporation in a research report on Monday, May 15th. Finally, FBR & Co cut shares of Prospect Capital Corporation from an outperform rating to a market perform rating and dropped their target price for the stock from $9.50 to $8.50 in a research report on Thursday, May 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $8.04.

Prospect Capital Corporation (NASDAQ PSEC) opened at 8.23 on Wednesday. The company’s 50-day moving average is $8.13 and its 200-day moving average is $8.70. Prospect Capital Corporation has a 52 week low of $7.07 and a 52 week high of $9.58.

Prospect Capital Corporation (NASDAQ:PSEC) last announced its quarterly earnings results on Tuesday, May 9th. The financial services provider reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.04. The firm had revenue of $171 million for the quarter, compared to analysts’ expectations of $185.36 million. Prospect Capital Corporation had a net margin of 40.82% and a return on equity of 9.56%. The company’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.25 EPS. On average, analysts anticipate that Prospect Capital Corporation will post $0.87 earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This report was first reported by Watch List News and is the sole property of of Watch List News. If you are reading this report on another website, it was illegally copied and reposted in violation of US & international trademark and copyright laws. The original version of this report can be accessed at https://www.watchlistnews.com/zacks-investment-research-upgrades-prospect-capital-corporation-nasdaqpsec-to-hold/1462495.html.

The business also recently announced a monthly dividend, which was paid on Thursday, July 20th. Stockholders of record on Friday, June 30th were given a $0.0833 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $1.00 annualized dividend and a dividend yield of 12.15%. Prospect Capital Corporation’s dividend payout ratio is 120.48%.

In other Prospect Capital Corporation news, CFO Brian H. Oswald purchased 10,547 shares of the firm’s stock in a transaction that occurred on Thursday, May 11th. The stock was bought at an average cost of $8.07 per share, for a total transaction of $85,114.29. Following the purchase, the chief financial officer now directly owns 480,000 shares in the company, valued at $3,873,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian H. Oswald purchased 4,453 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The stock was acquired at an average price of $8.05 per share, with a total value of $35,846.65. Following the completion of the purchase, the chief financial officer now owns 490,000 shares in the company, valued at $3,944,500. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 20,000 shares of company stock valued at $162,361. 6.60% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Green Square Capital LLC raised its position in shares of 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 valued at $390,000 after buying an additional 1,577 shares during the last quarter. Caxton Associates LP acquired a new position in shares of Prospect Capital Corporation during the first quarter valued at about $539,000. Karp Capital Management Corp acquired a new position in shares of Prospect Capital Corporation during the first quarter valued at about $506,000. PVG Asset Management Corp acquired a new position in shares of Prospect Capital Corporation during the first quarter valued at about $2,872,000. Finally, Gotham Asset Management LLC acquired a new position in shares of Prospect Capital Corporation during the first quarter valued at about $481,000. Institutional investors own 16.30% 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.

Get a free copy of the Zacks research report on Prospect Capital Corporation (PSEC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.