Prospect Capital Corporation $PSEC Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp raised its position in Prospect Capital Corporation (NASDAQ:PSEC) by 32.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,685,724 shares of the financial services provider’s stock after purchasing an additional 2,388,990 shares during the quarter. Van ECK Associates Corp owned 1.93% of Prospect Capital worth $22,374,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Independent Financial Group LLC purchased a new position in Prospect Capital in the first quarter valued at approximately $8,644,000. Clear Harbor Asset Management LLC purchased a new stake in Prospect Capital during the second quarter worth approximately $752,000. Legal & General Group Plc increased its position in shares of Prospect Capital by 21.8% in the fourth quarter. Legal & General Group Plc now owns 3,321,477 shares of the financial services provider’s stock worth $8,652,000 after acquiring an additional 593,563 shares in the last quarter. Concorde Asset Management LLC purchased a new position in shares of Prospect Capital in the 2nd quarter valued at $838,000. Finally, UBS Group AG raised its stake in shares of 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 valued at $12,924,000 after acquiring an additional 1,536,808 shares during the period. 9.06% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Prospect Capital news, CEO John F. Barry purchased 1,067,648 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were acquired at an average price of $2.27 per share, for a total transaction of $2,423,560.96. Following the completion of the purchase, the chief executive officer owned 89,213,725 shares in the company, valued at $202,515,155.75. The trade was a 1.21% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.03% of the company’s stock.

Wall Street Analyst Weigh In

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

Prospect Capital Price Performance

Shares of PSEC stock opened at $2.25 on Monday. The company has a market capitalization of $1.18 billion, a PE ratio of 45.00 and a beta of 0.79. The firm has a fifty day simple moving average of $2.25 and a 200-day simple moving average of $2.46. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.64. Prospect Capital Corporation has a twelve month low of $2.11 and a twelve month high of $3.13.

Prospect Capital (NASDAQ:PSEC) last released its quarterly earnings results on Thursday, August 20th. The financial services provider reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.04. Prospect Capital had a net margin of 19.33% and a return on equity of 12.15%. The firm had revenue of $155.76 million for the quarter, compared to the consensus estimate of $149.80 million.

Prospect Capital Dividend Announcement

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

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.