Cambria Investment Management L.P. raised its stake in shares of Prospect Capital Co. (NASDAQ:PSEC) by 1.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,236 shares of the financial services provider’s stock after buying an additional 1,637 shares during the period. Cambria Investment Management L.P.’s holdings in Prospect Capital were worth $1,213,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in PSEC. CFO4Life Group LLC acquired a new position in shares of Prospect Capital during the first quarter valued at about $106,000. Regal Investment Advisors LLC raised its position in shares of Prospect Capital by 25.1% in the first quarter. Regal Investment Advisors LLC now owns 14,099 shares of the financial services provider’s stock valued at $127,000 after buying an additional 2,825 shares in the last quarter. Blair William & Co. IL raised its position in shares of Prospect Capital by 37.3% in the first quarter. Blair William & Co. IL now owns 13,725 shares of the financial services provider’s stock valued at $129,000 after buying an additional 3,725 shares in the last quarter. Global X Management Co. LLC raised its position in shares of Prospect Capital by 50.9% in the first quarter. Global X Management Co. LLC now owns 15,479 shares of the financial services provider’s stock valued at $140,000 after buying an additional 5,223 shares in the last quarter. Finally, Nomura Holdings Inc. acquired a new position in shares of Prospect Capital during the first quarter valued at about $158,000. 16.30% of the stock is currently owned by institutional investors.
Shares of Prospect Capital Co. (NASDAQ PSEC) traded down 0.37% on Tuesday, hitting $8.02. The stock had a trading volume of 1,494,173 shares. The stock has a 50 day moving average price of $8.34 and a 200-day moving average price of $8.73. Prospect Capital Co. has a 12-month low of $7.07 and a 12-month high of $9.58.
Prospect Capital (NASDAQ:PSEC) last released its earnings results on Tuesday, May 9th. The financial services provider reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.04. Prospect Capital had a return on equity of 2.28% and a net margin of 11.40%. The business had revenue of $171 million for the quarter, compared to analyst estimates of $185.36 million. During the same quarter in the previous year, the firm posted $0.25 EPS. The business’s revenue for the quarter was down 9.8% on a year-over-year basis. Analysts predict that Prospect Capital Co. will post $0.88 earnings per share for the current year.
The firm also recently announced a monthly dividend, which will be paid on Thursday, July 20th. Shareholders of record on Friday, June 30th will be given a dividend of $0.0833 per share. This represents a $1.00 annualized dividend and a yield of 12.47%. The ex-dividend date is Wednesday, June 28th. Prospect Capital’s payout ratio is 120.48%.
PSEC has been the topic of several recent analyst reports. Zacks Investment Research raised Prospect Capital from a “hold” rating to a “buy” rating and set a $10.00 target price on the stock in a research report on Wednesday, April 12th. BMO Capital Markets reaffirmed a “hold” rating and set a $7.00 target price on shares of Prospect Capital in a research report on Thursday, June 1st. FBR & Co lowered Prospect Capital from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $9.50 to $8.50 in a research report on Thursday, May 11th. Finally, National Securities reaffirmed a “sell” rating and set a $7.00 target price on shares of Prospect Capital in a research report on Monday, May 15th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $8.04.
In other Prospect Capital news, Director William Gremp bought 5,000 shares of the company’s stock in a transaction on Thursday, May 11th. The shares were bought at an average price of $8.28 per share, for a total transaction of $41,400.00. Following the transaction, the director now owns 9,602 shares of the company’s stock, valued at approximately $79,504.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian H. Oswald bought 10,547 shares of the company’s stock in a transaction on Thursday, May 11th. The shares were acquired at an average price of $8.07 per share, for a total transaction of $85,114.29. Following the transaction, the chief financial officer now directly owns 480,000 shares in the company, valued at approximately $3,873,600. The disclosure for this purchase can be found here. Insiders have acquired a total of 20,000 shares of company stock worth $162,361 in the last quarter. 6.60% of the stock is currently owned by insiders.
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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