LPL Financial LLC Sells 292,791 Shares of Prospect Capital Corporation $PSEC

Key Points

• LPL Financial LLC has reduced its position in Prospect Capital Corporation by 22.6% to approximately $4.11 million, owning about 1,001,866 shares as per its recent SEC filing.
• Prospect Capital has declared a dividend of $0.045 per share set to be paid on August 20th, representing a remarkable dividend yield of 1,588.0%.
• CEO John F. Barry recently purchased 319,000 shares at an average price of $3.16, increasing his ownership in the company to over 83.5 million shares.

LPL Financial LLC lessened its holdings in shares of Prospect Capital Corporation (NASDAQ:PSEC - Free Report) by 22.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,001,866 shares of the financial services provider's stock after selling 292,791 shares during the quarter. LPL Financial LLC owned 0.22% of Prospect Capital worth $4,108,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. VSM Wealth Advisory LLC bought a new stake in shares of Prospect Capital during the first quarter worth about $25,000. KG&L Capital Management LLC bought a new stake in Prospect Capital during the 1st quarter worth approximately $41,000. Ameriflex Group Inc. bought a new stake in Prospect Capital during the 4th quarter worth approximately $62,000. Tower Research Capital LLC TRC raised its stake in shares of Prospect Capital by 732.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 14,560 shares of the financial services provider's stock worth $63,000 after purchasing an additional 12,810 shares during the last quarter. Finally, Global Assets Advisory LLC lifted its holdings in shares of Prospect Capital by 33.4% in the fourth quarter. Global Assets Advisory LLC now owns 15,998 shares of the financial services provider's stock valued at $69,000 after purchasing an additional 4,006 shares in the last quarter. Institutional investors and hedge funds own 9.06% of the company's stock.

Prospect Capital Stock Up 1.2%

Shares of PSEC stock traded up $0.04 on Tuesday, hitting $2.92. The stock had a trading volume of 645,920 shares, compared to its average volume of 3,038,046. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.83 and a quick ratio of 0.83. The business has a 50 day moving average of $3.19 and a 200 day moving average of $3.64. Prospect Capital Corporation has a 12-month low of $2.73 and a 12-month high of $5.57. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -3.39 and a beta of 0.85.

Prospect Capital Announces Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, July 30th will be issued a dividend of $0.045 per share. This represents a yield of 1,588.0%. The ex-dividend date is Tuesday, July 29th. Prospect Capital's dividend payout ratio (DPR) is -62.79%.

Analyst Ratings Changes

Separately, Wells Fargo & Company decreased their price target on Prospect Capital from $3.50 to $3.00 and set an "underweight" rating for the company in a report on Monday, May 12th.

Insider Buying and Selling

In other Prospect Capital news, CEO John F. Barry acquired 319,000 shares of Prospect Capital stock in a transaction on Monday, June 23rd. The stock was purchased at an average price of $3.16 per share, for a total transaction of $1,008,040.00. Following the purchase, the chief executive officer directly owned 83,585,026 shares of the company's stock, valued at $264,128,682.16. This trade represents a 0.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 28.25% of the company's stock.

About Prospect Capital

Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, leveraged buyouts, refinancing, acquisitions, recapitalizations, turnaround, growth capital, development, capital expenditures and subordinated debt tranches of collateralized loan obligations, cash flow term loans, market place lending and bridge transactions.