Private Management Group Inc. Has $47.44 Million Stake in Prospect Capital Corporation $PSEC

Private Management Group Inc. raised its stake in Prospect Capital Corporation (NASDAQ:PSEC) by 51.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 20,534,804 shares of the financial services provider’s stock after buying an additional 6,999,513 shares during the quarter. Prospect Capital makes up about 1.3% of Private Management Group Inc.’s investment portfolio, making the stock its 10th largest holding. Private Management Group Inc. owned about 4.10% of Prospect Capital worth $47,435,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp grew its position in shares of Prospect Capital by 32.7% during the second quarter. Van ECK Associates Corp now owns 9,685,724 shares of the financial services provider’s stock worth $22,374,000 after acquiring an additional 2,388,990 shares during the last quarter. Marshall Wace LLP lifted its position in Prospect Capital by 70.7% in the 3rd quarter. Marshall Wace LLP now owns 6,668,376 shares of the financial services provider’s stock valued at $18,338,000 after purchasing an additional 2,761,351 shares during the last quarter. Millennium Management LLC boosted its stake in Prospect Capital by 356.3% during the 3rd quarter. Millennium Management LLC now owns 6,231,987 shares of the financial services provider’s stock valued at $17,138,000 after purchasing an additional 4,866,312 shares during the period. Balyasny Asset Management L.P. boosted its stake in Prospect Capital by 73.9% during the 2nd quarter. Balyasny Asset Management L.P. now owns 5,661,121 shares of the financial services provider’s stock valued at $18,002,000 after purchasing an additional 2,405,299 shares during the period. Finally, UBS Group AG grew its position in Prospect Capital by 44.5% in the 4th quarter. UBS Group AG now owns 4,989,986 shares of the financial services provider’s stock worth $12,924,000 after purchasing an additional 1,536,808 shares during the last quarter. Institutional investors and hedge funds own 9.06% of the company’s stock.

Prospect Capital Price Performance

Shares of NASDAQ:PSEC opened at $2.25 on Friday. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 45.00 and a beta of 0.79. 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’s 50 day moving average price is $2.25 and its 200 day moving average price is $2.46.

Prospect Capital (NASDAQ:PSEC) last issued its quarterly earnings results on Thursday, August 20th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $149.80 million.

Prospect Capital Announces Dividend

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

Insiders Place Their Bets

In other Prospect Capital news, CEO John F. Barry purchased 1,067,648 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was bought at an average cost of $2.27 per share, with a total value of $2,423,560.96. Following the acquisition, the chief executive officer owned 89,213,725 shares of the company’s stock, valued at $202,515,155.75. The trade was a 1.21% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.03% of the company’s stock.

Analyst Upgrades and Downgrades

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