Independent Financial Group LLC Buys Shares of 3,311,725 Prospect Capital Corporation $PSEC

Independent Financial Group LLC purchased a new position in shares of Prospect Capital Corporation (NASDAQ:PSEC) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,311,725 shares of the financial services provider’s stock, valued at approximately $8,644,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Catalyst Financial Partners LLC acquired a new position in shares of Prospect Capital in the fourth quarter valued at approximately $26,000. Bfsg LLC purchased a new position in shares of Prospect Capital during the fourth quarter valued at approximately $27,000. Ground Swell Capital LLC acquired a new stake in Prospect Capital during the fourth quarter worth approximately $28,000. Schonfeld Strategic Advisors LLC acquired a new stake in Prospect Capital during the fourth quarter worth approximately $28,000. Finally, Evergreen Capital Management LLC purchased a new stake in Prospect Capital in the 4th quarter worth approximately $30,000. 9.06% of the stock is currently owned by hedge funds and other institutional investors.

Prospect Capital Stock Up 2.6%

Shares of NASDAQ PSEC opened at $2.33 on Friday. Prospect Capital Corporation has a 52-week low of $2.11 and a 52-week high of $3.50. The firm has a fifty day moving average of $2.27 and a 200-day moving average of $2.57. The stock has a market capitalization of $1.17 billion, a PE ratio of -6.30 and a beta of 0.78. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.59.

Prospect Capital (NASDAQ:PSEC) last released its quarterly earnings data on Thursday, May 7th. The financial services provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.05. The business had revenue of $150.07 million during the quarter, compared to the consensus estimate of $163.23 million. Prospect Capital had a positive return on equity of 12.03% and a negative net margin of 10.42%.

Prospect Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 27th will be paid a dividend of $0.035 per share. The ex-dividend date is Thursday, August 27th. This represents a c) annualized dividend and a yield of 18.0%. Prospect Capital’s dividend payout ratio is currently -113.51%.

Insider Buying and Selling

In other news, CEO John F. Barry acquired 1,067,648 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average cost of $2.27 per share, for a total transaction of $2,423,560.96. Following the acquisition, the chief executive officer directly owned 89,213,725 shares in the company, valued at $202,515,155.75. This trade represents a 1.21% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought 2,732,648 shares of company stock worth $6,216,361 in the last ninety days. Corporate insiders own 0.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PSEC shares. Weiss Ratings upgraded Prospect Capital from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 29th. Wells Fargo & Company decreased their price objective on Prospect Capital from $2.50 to $2.00 and set an “underweight” rating on the stock in a report on Tuesday, May 12th. Finally, Wall Street Zen raised Prospect Capital from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Two equities research analysts have rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Sell” and an average price target of $2.00.

Prospect Capital Company Profile

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.