357,400 Shares in Prospect Capital Corporation $PSEC Acquired by Concorde Asset Management LLC

Concorde Asset Management LLC purchased a new stake in Prospect Capital Corporation (NASDAQ:PSEC) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 357,400 shares of the financial services provider’s stock, valued at approximately $838,000. Concorde Asset Management LLC owned about 0.07% of Prospect Capital as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in Prospect Capital by 29.3% in the first quarter. Goldman Sachs Group Inc. now owns 393,034 shares of the financial services provider’s stock valued at $1,611,000 after acquiring an additional 89,139 shares in the last quarter. Empowered Funds LLC increased its position in shares of Prospect Capital by 140.0% during the first quarter. Empowered Funds LLC now owns 88,397 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 51,562 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of Prospect Capital in the 2nd quarter valued at about $87,000. Qube Research & Technologies Ltd purchased a new stake in shares of Prospect Capital in the 2nd quarter valued at about $116,000. Finally, Raymond James Financial Inc. boosted its position in shares of Prospect Capital by 0.5% in the 2nd quarter. Raymond James Financial Inc. now owns 844,465 shares of the financial services provider’s stock valued at $2,685,000 after purchasing an additional 3,880 shares during the period. Institutional investors and hedge funds own 9.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PSEC. Weiss Ratings lowered Prospect Capital from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday. Wells Fargo & Company decreased their price objective on Prospect Capital from $2.50 to $2.00 and set an “underweight” rating for the company in a report on Tuesday, May 12th. Finally, Wall Street Zen lowered shares of Prospect Capital from a “buy” rating to a “hold” rating in a research report on Saturday, August 22nd. Two investment analysts have rated the stock with a Sell rating, Based on data from MarketBeat.com, Prospect Capital presently has an average rating of “Sell” and a consensus price target of $2.00.

Prospect Capital Stock Down 1.3%

PSEC opened at $2.28 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.87 and a quick ratio of 0.87. Prospect Capital Corporation has a 12 month low of $2.11 and a 12 month high of $3.13. The stock has a market capitalization of $1.20 billion, a P/E ratio of 45.60 and a beta of 0.79. The business has a 50 day simple moving average of $2.25 and a 200-day simple moving average of $2.46.

Prospect Capital (NASDAQ:PSEC) last released its quarterly earnings data on Thursday, August 20th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.04. Prospect Capital had a return on equity of 12.15% and a net margin of 19.33%.The firm had revenue of $155.76 million during the quarter, compared to analysts’ expectations of $149.80 million.

Prospect Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, November 18th. Investors of record on Wednesday, October 28th will be paid a $0.035 dividend. The ex-dividend date is Wednesday, October 28th. This represents a c) annualized dividend and a dividend yield of 18.4%. Prospect Capital’s dividend payout ratio (DPR) is 840.00%.

Insider Buying and Selling

In related news, CEO John F. Barry acquired 1,067,648 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were purchased at an average price of $2.27 per share, with a total value of $2,423,560.96. Following the completion of the acquisition, the chief executive officer owned 89,213,725 shares in the company, valued at approximately $202,515,155.75. This represents a 1.21% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.03% of the company’s stock.

About Prospect Capital

Prospect Capital Corporation is a publicly traded business development company listed on the Nasdaq stock exchange that specializes in providing private debt and equity financing solutions to middle-market companies across the United States. Structured as a closed-end, non-diversified management investment company under the Investment Company Act of 1940, Prospect Capital offers investors access to a diversified portfolio of senior secured loans, subordinated debt and selective equity interests in privately held businesses.

Since its founding in 2004, Prospect Capital has focused on tailoring financing structures to meet the growth, acquisition and recapitalization needs of its portfolio companies.