GAM Holding AG reduced its position in Prospect Capital Co. (NASDAQ:PSEC) by 52.0% in the 1st quarter, HoldingsChannel reports. The firm owned 89,283 shares of the financial services provider’s stock after selling 96,857 shares during the period. GAM Holding AG’s holdings in Prospect Capital were worth $582,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Alpine Global Management LLC purchased a new position in Prospect Capital in the first quarter valued at about $78,000. HCR Wealth Advisors purchased a new position in Prospect Capital in the first quarter valued at about $41,000. Biltmore Capital Advisors LLC purchased a new position in Prospect Capital in the first quarter valued at about $264,000. Timber Hill LLC increased its position in shares of Prospect Capital by 163.2% during the first quarter. Timber Hill LLC now owns 84,500 shares of the financial services provider’s stock worth $551,000 after acquiring an additional 52,400 shares during the last quarter. Finally, Wesbanco Bank Inc. increased its position in shares of Prospect Capital by 12.6% during the first quarter. Wesbanco Bank Inc. now owns 17,917 shares of the financial services provider’s stock worth $117,000 after acquiring an additional 2,000 shares during the last quarter. 12.21% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on PSEC. Zacks Investment Research lowered Prospect Capital from a “hold” rating to a “sell” rating in a research report on Wednesday, April 10th. National Securities reaffirmed a “sell” rating and set a $4.00 target price on shares of Prospect Capital in a research report on Monday, May 13th. BidaskClub raised Prospect Capital from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th. Finally, ValuEngine raised Prospect Capital from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Three analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The company has an average rating of “Sell” and a consensus price target of $6.00.
In other news, CEO John F. Barry purchased 63,496 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was acquired at an average cost of $6.29 per share, for a total transaction of $399,389.84. Following the completion of the purchase, the chief executive officer now owns 38,364,480 shares of the company’s stock, valued at $241,312,579.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.20% of the stock is currently owned by company insiders.
Shares of NASDAQ PSEC opened at $6.57 on Thursday. Prospect Capital Co. has a 1 year low of $5.70 and a 1 year high of $7.60. The stock has a market cap of $2.41 billion, a PE ratio of 8.32 and a beta of 0.73. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.59 and a current ratio of 0.59.
Prospect Capital (NASDAQ:PSEC) last announced its earnings results on Wednesday, May 8th. The financial services provider reported $0.21 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.21. Prospect Capital had a return on equity of 9.58% and a net margin of 30.82%. The business had revenue of $171.10 million for the quarter, compared to analyst estimates of $173.48 million. During the same period in the previous year, the company earned $0.19 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. Equities research analysts anticipate that Prospect Capital Co. will post 0.86 earnings per share for the current year.
The firm also recently announced a monthly dividend, which will be paid on Thursday, July 18th. Stockholders of record on Friday, June 28th will be given a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 10.96%. The ex-dividend date is Thursday, June 27th. Prospect Capital’s payout ratio is 91.14%.
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Prospect Capital Profile
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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