BMO Capital Markets Trims Prospect Capital Corporation (PSEC) Target Price to $6.00
Prospect Capital Corporation (NASDAQ:PSEC) had its price target reduced by BMO Capital Markets from $7.00 to $6.00 in a research report released on Friday. BMO Capital Markets currently has a market perform rating on the financial services provider’s stock.
Several other research firms have also recently weighed in on PSEC. National Securities reduced their price target on Prospect Capital Corporation from $6.00 to $5.00 and set a sell rating on the stock in a report on Thursday, October 12th. Raymond James Financial, Inc. upgraded Prospect Capital Corporation from an underperform rating to a market perform rating in a report on Wednesday, August 30th. UBS AG upgraded Prospect Capital Corporation from an underperform rating to a market perform rating in a report on Wednesday, August 30th. BidaskClub cut Prospect Capital Corporation from a buy rating to a hold rating in a report on Monday, July 17th. Finally, Zacks Investment Research cut Prospect Capital Corporation from a hold rating to a sell rating in a report on Friday, September 1st. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The company has an average rating of Hold and an average target price of $6.50.
Prospect Capital Corporation (NASDAQ:PSEC) traded up $0.34 during midday trading on Friday, hitting $5.96. 8,450,100 shares of the stock were exchanged, compared to its average volume of 2,698,773. Prospect Capital Corporation has a 12 month low of $5.51 and a 12 month high of $9.58. The company has a quick ratio of 2.63, a current ratio of 2.63 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $2,190.00, a P/E ratio of 7.36 and a beta of 0.51.
Prospect Capital Corporation (NASDAQ:PSEC) last released its quarterly earnings data on Wednesday, November 8th. The financial services provider reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.01). Prospect Capital Corporation had a return on equity of 8.63% and a net margin of 27.00%. The company had revenue of $158.58 million for the quarter, compared to the consensus estimate of $161.00 million. During the same period last year, the firm earned $0.22 earnings per share. The company’s revenue for the quarter was down 11.8% compared to the same quarter last year. sell-side analysts predict that Prospect Capital Corporation will post 0.74 earnings per share for the current fiscal year.
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The business also recently declared a monthly dividend, which will be paid on Thursday, February 15th. Investors of record on Wednesday, January 31st will be given a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 12.08%. The ex-dividend date is Tuesday, January 30th. Prospect Capital Corporation’s payout ratio is currently 141.18%.
In related news, CFO Brian H. Oswald purchased 50,000 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was acquired at an average cost of $6.73 per share, with a total value of $336,500.00. Following the transaction, the chief financial officer now owns 493,373 shares of the company’s stock, valued at approximately $3,320,400.29. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 7.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its stake in shares of Prospect Capital Corporation by 4.6% during the 2nd quarter. Bank of Montreal Can now owns 5,892,500 shares of the financial services provider’s stock worth $47,847,000 after acquiring an additional 257,000 shares during the period. Van ECK Associates Corp grew its stake in shares of Prospect Capital Corporation by 4.2% during the 3rd quarter. Van ECK Associates Corp now owns 2,404,212 shares of the financial services provider’s stock worth $16,156,000 after acquiring an additional 96,575 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Prospect Capital Corporation by 9.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,129,874 shares of the financial services provider’s stock worth $9,175,000 after acquiring an additional 101,841 shares during the period. Legal & General Group Plc grew its stake in shares of Prospect Capital Corporation by 8.8% during the 3rd quarter. Legal & General Group Plc now owns 1,047,945 shares of the financial services provider’s stock worth $7,037,000 after acquiring an additional 84,772 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Prospect Capital Corporation during the 2nd quarter worth $7,697,000. 15.07% of the stock is owned by institutional investors and hedge funds.
About Prospect Capital Corporation
Prospect Capital Corporation is a financial services company. The Company primarily lends to and invests in middle market privately held companies. The Company is a closed-end investment company. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
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