FY2018 EPS Estimates for Prospect Capital Corp. (PSEC) Decreased by Analyst
Prospect Capital Corp. (NASDAQ:PSEC) – FBR & Co cut their FY2018 earnings estimates for shares of Prospect Capital Corp. in a report released on Wednesday. FBR & Co analyst C. Nolan now expects that the brokerage will earn $1.00 per share for the year, down from their prior estimate of $1.05. FBR & Co currently has a “Buy” rating and a $9.00 target price on the stock.
Prospect Capital Corp. (NASDAQ:PSEC) last released its quarterly earnings data on Tuesday, November 8th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.24 by $0.02. The company had revenue of $179.83 million for the quarter, compared to the consensus estimate of $185.46 million. Prospect Capital Corp. had a return on equity of 10.25% and a net margin of 20.34%. The business’s revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.26 earnings per share.
Several other research analysts also recently commented on the company. Zacks Investment Research downgraded Prospect Capital Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, July 20th. National Securities downgraded Prospect Capital Corp. from a “neutral” rating to a “sell” rating and set a $7.00 target price on the stock. in a report on Tuesday, July 19th. Vetr raised Prospect Capital Corp. from a “sell” rating to a “hold” rating and set a $8.29 target price on the stock in a report on Thursday, August 25th. Barclays PLC reissued an “equal weight” rating and issued a $7.00 target price on shares of Prospect Capital Corp. in a report on Wednesday, August 31st. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $7.00 target price on shares of Prospect Capital Corp. in a report on Thursday, September 1st. Four analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $7.50.
Prospect Capital Corp. (NASDAQ:PSEC) traded up 1.04% during midday trading on Friday, hitting $7.77. The stock had a trading volume of 2,263,492 shares. Prospect Capital Corp. has a one year low of $5.21 and a one year high of $8.68. The stock’s 50-day moving average is $7.95 and its 200-day moving average is $7.96. The company has a market cap of $2.78 billion, a P/E ratio of 26.79 and a beta of 0.49.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Montreal Can bought a new position in Prospect Capital Corp. during the second quarter valued at $32,490,000. Muzinich & Co. Inc. boosted its position in Prospect Capital Corp. by 40.2% in the third quarter. Muzinich & Co. Inc. now owns 3,214,729 shares of the company’s stock valued at $26,039,000 after buying an additional 921,221 shares during the period. RPG Investment Advisory LLC bought a new position in Prospect Capital Corp. during the second quarter valued at $4,307,000. BlackRock Group LTD boosted its position in Prospect Capital Corp. by 14.6% in the second quarter. BlackRock Group LTD now owns 1,780,873 shares of the company’s stock valued at $13,926,000 after buying an additional 226,465 shares during the period. Finally, LSV Asset Management boosted its position in Prospect Capital Corp. by 15.8% in the second quarter. LSV Asset Management now owns 1,278,855 shares of the company’s stock valued at $10,000,000 after buying an additional 174,599 shares during the period. Hedge funds and other institutional investors own 11.09% of the company’s stock.
In related news, CFO Brian H. Oswald acquired 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 13th. The stock was purchased at an average price of $7.85 per share, for a total transaction of $31,400.00. Following the transaction, the chief financial officer now directly owns 480,000 shares of the company’s stock, valued at approximately $3,768,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.60% of the stock is currently owned by corporate insiders.
The business also recently disclosed a monthly dividend, which will be paid on Thursday, February 16th. Investors of record on Tuesday, January 31st will be given a $0.0833 dividend. This represents a $1.00 annualized dividend and a yield of 12.87%. The ex-dividend date is Friday, January 27th. Prospect Capital Corp.’s dividend payout ratio (DPR) is presently 227.28%.
About Prospect Capital Corp.
Prospect Capital Corporation is a financial services company. The Company is a non-diversified closed-end investment company. The Company’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. It invests primarily in senior and subordinated debt and equity of private companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes.
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