Prospect Capital Corporation $PSEC Position Lifted by Van ECK Associates Corp

Van ECK Associates Corp raised its stake in Prospect Capital Corporation (NASDAQ:PSEC) by 32.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 9,685,724 shares of the financial services provider’s stock after purchasing an additional 2,388,990 shares during the period. Van ECK Associates Corp’s holdings in Prospect Capital were worth $22,374,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PSEC. Catalyst Financial Partners LLC bought a new position in shares of Prospect Capital during the fourth quarter worth about $26,000. Ground Swell Capital LLC bought a new stake in Prospect Capital in the fourth quarter valued at about $28,000. Schonfeld Strategic Advisors LLC acquired a new stake in Prospect Capital during the fourth quarter valued at approximately $28,000. Foundations Investment Advisors LLC bought a new position in Prospect Capital during the 4th quarter worth approximately $31,000. Finally, Independent Advisor Alliance bought a new position in Prospect Capital during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 9.06% of the company’s stock.

Insider Activity at Prospect Capital

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

Prospect Capital Stock Performance

Shares of PSEC stock opened at $2.25 on Monday. The company has a market cap of $1.18 billion, a P/E ratio of 45.00 and a beta of 0.79. The business has a 50 day moving average of $2.25 and a two-hundred day moving average of $2.46. Prospect Capital Corporation has a 52 week low of $2.11 and a 52 week high of $3.13. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.64.

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

Prospect Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, November 18th. Stockholders of record on Wednesday, October 28th will be issued a dividend of $0.035 per share. The ex-dividend date of this dividend is Wednesday, October 28th. This represents a c) annualized dividend and a dividend yield of 18.7%. Prospect Capital’s payout ratio is 840.00%.

Analysts Set New Price Targets

PSEC has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price target on Prospect Capital from $2.50 to $2.00 and set an “underweight” rating for the company in a report on Tuesday, May 12th. Wall Street Zen downgraded shares of Prospect Capital from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Finally, Weiss Ratings lowered shares of Prospect Capital from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a Sell rating, According to MarketBeat, the stock presently has an average rating of “Sell” and a consensus target price of $2.00.

Prospect Capital 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.