Prospect Capital Co. (NASDAQ:PSEC - Get Free Report) announced a monthly dividend on Monday, May 12th, Wall Street Journal reports. Stockholders of record on Wednesday, August 27th will be given a dividend of 0.045 per share by the financial services provider on Thursday, September 18th. This represents a $0.54 annualized dividend and a dividend yield of 14.63%. The ex-dividend date of this dividend is Wednesday, August 27th.
Prospect Capital has decreased its dividend payment by an average of 2.1% per year over the last three years. Prospect Capital has a payout ratio of 101.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.
Prospect Capital Trading Up 1.4%
Shares of NASDAQ:PSEC traded up $0.05 during midday trading on Friday, hitting $3.69. 2,929,006 shares of the stock were exchanged, compared to its average volume of 2,839,048. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of -18.45 and a beta of 0.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.76 and a current ratio of 0.76. The business's 50-day moving average price is $3.80 and its 200 day moving average price is $4.22. Prospect Capital has a 12 month low of $3.39 and a 12 month high of $5.72.
Prospect Capital (NASDAQ:PSEC - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The financial services provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.05. The company had revenue of $170.72 million for the quarter, compared to analysts' expectations of $174.29 million. Prospect Capital had a return on equity of 12.31% and a net margin of 1.18%.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on PSEC. StockNews.com raised Prospect Capital from a "sell" rating to a "hold" rating in a research note on Saturday, April 12th. Wells Fargo & Company cut their price objective on Prospect Capital from $3.50 to $3.00 and set an "underweight" rating on the stock in a research note on Monday, May 12th.
Check Out Our Latest Research Report on PSEC
Insider Buying and Selling
In other Prospect Capital news, CEO John F. Barry purchased 24,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were purchased at an average cost of $4.24 per share, with a total value of $101,760.00. Following the completion of the purchase, the chief executive officer now owns 82,594,540 shares in the company, valued at $350,200,849.60. This represents a 0.03% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William Gremp purchased 19,100 shares of the company's stock in a transaction on Tuesday, March 18th. The stock was acquired at an average cost of $4.29 per share, for a total transaction of $81,939.00. Following the completion of the purchase, the director now owns 75,153 shares of the company's stock, valued at approximately $322,406.37. This trade represents a 34.07% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,548,000 shares of company stock valued at $10,970,715 over the last ninety days. 28.25% of the stock is owned by company insiders.
Hedge Funds Weigh In On Prospect Capital
An institutional investor recently raised its position in Prospect Capital stock. Empowered Funds LLC raised its holdings in Prospect Capital Co. (NASDAQ:PSEC - Free Report) by 140.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 88,397 shares of the financial services provider's stock after buying an additional 51,562 shares during the quarter. Empowered Funds LLC's holdings in Prospect Capital were worth $362,000 as of its most recent SEC filing. Institutional investors own 9.06% of the company's stock.
Prospect Capital Company Profile
(
Get Free Report)
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.
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