Prospect Capital (PSEC) Rating Reiterated by BMO Capital Markets

BMO Capital Markets restated their hold rating on shares of Prospect Capital (NASDAQ:PSEC) in a research report sent to investors on Monday. They currently have a $7.00 price target on the financial services provider’s stock.

Several other analysts also recently issued reports on PSEC. BidaskClub downgraded Prospect Capital from a buy rating to a hold rating in a research note on Thursday, January 4th. TheStreet downgraded Prospect Capital from a b- rating to a c+ rating in a research note on Wednesday, September 27th. ValuEngine upgraded Prospect Capital from a hold rating to a buy rating in a research note on Friday, December 1st. Zacks Investment Research upgraded Prospect Capital from a strong sell rating to a hold rating in a research note on Wednesday, November 1st. Finally, National Securities reduced their price target on Prospect Capital from $5.00 to $4.00 and set a sell rating for the company in a research note on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a strong buy rating to the stock. Prospect Capital presently has a consensus rating of Hold and a consensus price target of $6.50.

Shares of Prospect Capital (PSEC) remained flat at $$6.85 during midday trading on Monday. The company had a trading volume of 1,384,841 shares, compared to its average volume of 2,870,000. The company has a current ratio of 2.63, a quick ratio of 2.63 and a debt-to-equity ratio of 0.78. Prospect Capital has a fifty-two week low of $5.51 and a fifty-two week high of $9.58. The company has a market capitalization of $2,470.00, a P/E ratio of 13.42 and a beta of 0.56.

Prospect Capital (NASDAQ:PSEC) last released its quarterly earnings results on Wednesday, November 8th. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.01). The firm had revenue of $158.58 million during the quarter, compared to the consensus estimate of $161.00 million. Prospect Capital had a net margin of 27.00% and a return on equity of 8.63%. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.22 earnings per share. sell-side analysts forecast that Prospect Capital will post 0.72 EPS for the current fiscal year.

The company also recently declared a monthly dividend, which will be paid on Thursday, February 15th. Investors of record on Wednesday, January 31st will be paid a $0.06 dividend. The ex-dividend date of this dividend is Tuesday, January 30th. This represents a $0.72 annualized dividend and a yield of 10.52%. Prospect Capital’s dividend payout ratio (DPR) is presently 141.18%.

In related news, insider M Grier Eliasek bought 65,000 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was purchased at an average cost of $5.65 per share, for a total transaction of $367,250.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brian H. Oswald bought 35,000 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were bought at an average price of $5.75 per share, with a total value of $201,250.00. The disclosure for this purchase can be found here. Insiders purchased a total of 4,604,521 shares of company stock valued at $31,784,051 over the last 90 days. 7.10% of the stock is currently owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in PSEC. Arrowstreet Capital Limited Partnership bought a new stake in shares of Prospect Capital during the 2nd quarter valued at $7,697,000. Penn Mutual Life Insurance Co bought a new stake in shares of Prospect Capital during the 3rd quarter valued at $3,992,000. Cowen Inc. lifted its position in shares of Prospect Capital by 200.0% during the 3rd quarter. Cowen Inc. now owns 248,000 shares of the financial services provider’s stock valued at $1,667,000 after acquiring an additional 496,000 shares during the period. Van ECK Associates Corp lifted its position in shares of Prospect Capital by 21.6% during the 2nd quarter. Van ECK Associates Corp now owns 2,307,637 shares of the financial services provider’s stock valued at $18,738,000 after acquiring an additional 410,614 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in shares of Prospect Capital during the 3rd quarter valued at $1,385,000. Hedge funds and other institutional investors own 15.60% of the company’s stock.

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About Prospect Capital

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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