Wells Fargo & Company Cuts Prospect Capital (NASDAQ:PSEC) Price Target to $3.50

Prospect Capital (NASDAQ:PSEC) had its price objective decreased by Wells Fargo & Company from $4.00 to $3.50 in a report issued on Monday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

Separately, StockNews.com raised shares of Prospect Capital from a “sell” rating to a “hold” rating in a research note on Saturday, April 12th.

Prospect Capital Stock Performance

NASDAQ:PSEC opened at $3.57 on Monday. Prospect Capital has a 1-year low of $3.39 and a 1-year high of $5.72. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.76 and a quick ratio of 0.76. The business has a 50 day moving average of $3.98 and a 200 day moving average of $4.36. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -17.85 and a beta of 0.85.

Prospect Capital Dividend Announcement

The business also recently disclosed a dividend, which was paid on Thursday, March 20th. Shareholders of record on Thursday, February 27th were given a dividend of $0.045 per share. This represents a yield of 12.47%. The ex-dividend date was Wednesday, February 26th. Prospect Capital’s payout ratio is currently -270.00%.

Insider Transactions at Prospect Capital

In related news, CEO John F. Barry acquired 24,000 shares of the stock in a transaction on Monday, March 24th. The stock was acquired at an average price of $4.24 per share, for a total transaction of $101,760.00. Following the completion of the purchase, the chief executive officer now owns 82,594,540 shares of the company’s stock, valued at $350,200,849.60. This represents a 0.03 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William Gremp purchased 19,100 shares of the stock in a transaction dated Tuesday, March 18th. The stock was bought at an average cost of $4.29 per share, with a total value of $81,939.00. Following the transaction, the director now owns 75,153 shares in the company, valued at $322,406.37. The trade was a 34.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 2,548,000 shares of company stock valued at $10,970,715. Company insiders own 28.25% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PSEC. KG&L Capital Management LLC purchased a new position in shares of Prospect Capital in the first quarter worth $41,000. Nomura Asset Management Co. Ltd. bought a new position in Prospect Capital in the fourth quarter worth approximately $44,000. Centurion Wealth Management LLC bought a new stake in shares of Prospect Capital in the 4th quarter valued at about $46,000. Envision Financial Planning LLC acquired a new position in shares of Prospect Capital during the fourth quarter worth $56,000. Finally, PFG Advisors purchased a new position in shares of Prospect Capital in the 4th quarter valued at approximately $57,000. Institutional investors own 9.06% of the company’s stock.

Prospect Capital Company Profile

Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, leveraged buyouts, refinancing, acquisitions, recapitalizations, turnaround, growth capital, development, capital expenditures and subordinated debt tranches of collateralized loan obligations, cash flow term loans, market place lending and bridge transactions.