Prospect Capital Corp. (NASDAQ:PSEC) was upgraded by research analysts at Vetr from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $8.72 target price on the stock. Vetr‘s price target would suggest a potential upside of 5.57% from the stock’s previous close.
A number of other equities research analysts have also recently weighed in on PSEC. BMO Capital Markets restated a “market perform” rating and issued a $7.00 price target on shares of Prospect Capital Corp. in a report on Thursday, September 1st. Barclays PLC restated an “equal weight” rating and issued a $7.00 price target on shares of Prospect Capital Corp. in a report on Wednesday, August 31st. FBR & Co restated an “outperform” rating and issued a $10.00 price target (up previously from $9.00) on shares of Prospect Capital Corp. in a report on Wednesday, August 31st. Zacks Investment Research upgraded Prospect Capital Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th. Finally, National Securities restated a “sell” rating and issued a $7.00 price target on shares of Prospect Capital Corp. in a report on Tuesday, August 30th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $7.60.
Shares of Prospect Capital Corp. (NASDAQ:PSEC) opened at 8.26 on Wednesday. Prospect Capital Corp. has a 52 week low of $5.21 and a 52 week high of $8.68. The firm has a market capitalization of $2.95 billion, a PE ratio of 28.48 and a beta of 0.62. The stock has a 50 day moving average price of $8.32 and a 200-day moving average price of $7.77.
Prospect Capital Corp. (NASDAQ:PSEC) last released its earnings results on Monday, August 29th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.01. Prospect Capital Corp. had a return on equity of 10.47% and a net margin of 13.05%. The company had revenue of $193.04 million for the quarter. During the same quarter in the previous year, the firm posted $0.25 EPS. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities analysts anticipate that Prospect Capital Corp. will post $0.99 earnings per share for the current year.
The firm also recently declared a monthly dividend, which will be paid on Thursday, October 20th. Shareholders of record on Friday, September 30th will be paid a dividend of $0.0833 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 12.11%. The ex-dividend date is Wednesday, September 28th. Prospect Capital Corp.’s dividend payout ratio is presently 344.83%.
In other Prospect Capital Corp. news, CFO Brian H. Oswald purchased 4,000 shares of Prospect Capital Corp. stock in a transaction on Tuesday, September 13th. The shares were bought at an average price of $7.85 per share, with a total value of $31,400.00. Following the purchase, the chief financial officer now directly owns 480,000 shares in the company, valued at approximately $3,768,000. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 6.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can acquired a new position in shares of Prospect Capital Corp. during the second quarter worth $32,490,000. BlackRock Group LTD raised its position in shares of Prospect Capital Corp. by 14.6% in the second quarter. BlackRock Group LTD now owns 1,780,873 shares of the company’s stock worth $13,926,000 after buying an additional 226,465 shares in the last quarter. First Republic Investment Management Inc. raised its position in shares of Prospect Capital Corp. by 0.5% in the first quarter. First Republic Investment Management Inc. now owns 1,584,397 shares of the company’s stock valued at $11,520,000 after buying an additional 8,297 shares during the period. LSV Asset Management raised its position in shares of 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. Finally, Van ECK Associates Corp raised its position in shares of Prospect Capital Corp. by 5.3% in the second quarter. Van ECK Associates Corp now owns 1,089,196 shares of the company’s stock valued at $8,518,000 after buying an additional 54,610 shares during the period. 11.00% of the stock is currently owned by institutional investors.
Prospect Capital Corp. Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
Receive News & Ratings for Prospect Capital Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Prospect Capital Corp. and related companies with MarketBeat.com's FREE daily email newsletter.