Short Interest in Prospect Capital Corporation (PSEC) Expands By 6.9%
Prospect Capital Corporation (NASDAQ:PSEC) was the target of a large increase in short interest in the month of September. As of September 29th, there was short interest totalling 31,219,378 shares, an increase of 6.9% from the September 15th total of 29,216,807 shares. Based on an average trading volume of 2,189,768 shares, the short-interest ratio is presently 14.3 days. Currently, 9.7% of the shares of the company are sold short.
Several brokerages have commented on PSEC. TheStreet cut shares of Prospect Capital Corporation from a “b-” rating to a “c+” rating in a research note on Wednesday, September 27th. Zacks Investment Research cut shares of Prospect Capital Corporation from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. BidaskClub upgraded shares of Prospect Capital Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, June 28th. National Securities decreased their price objective on shares of Prospect Capital Corporation from $7.00 to $6.00 and set a “sell” rating for the company in a research note on Wednesday, August 30th. Finally, Raymond James Financial, Inc. upgraded shares of Prospect Capital Corporation from an “underperform” rating to a “market perform” rating in a research note on Wednesday, August 30th. Three research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $7.17.
Shares of Prospect Capital Corporation (PSEC) opened at 6.50 on Thursday. Prospect Capital Corporation has a 52 week low of $6.47 and a 52 week high of $9.58. The firm’s 50-day moving average is $6.77 and its 200 day moving average is $8.00.
Prospect Capital Corporation (NASDAQ:PSEC) last announced its earnings results on Monday, August 28th. The financial services provider reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.02). The business had revenue of $166.70 million for the quarter, compared to analysts’ expectations of $177.21 million. Prospect Capital Corporation had a return on equity of 8.98% and a net margin of 36.08%. The business’s revenue was down 13.6% on a year-over-year basis. During the same quarter last year, the business posted $0.26 earnings per share. On average, equities research analysts forecast that Prospect Capital Corporation will post $0.78 EPS for the current year.
The company also recently disclosed a monthly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Tuesday, October 31st will be given a $0.06 dividend. The ex-dividend date is Monday, October 30th. This represents a $0.72 dividend on an annualized basis and a yield of 11.08%. Prospect Capital Corporation’s dividend payout ratio (DPR) is 102.86%.
In other Prospect Capital Corporation news, CFO Brian H. Oswald acquired 50,000 shares of the firm’s stock in a transaction on Friday, September 1st. The stock was acquired at an average cost of $6.73 per share, for a total transaction of $336,500.00. Following the purchase, the chief financial officer now owns 493,373 shares in the company, valued at approximately $3,320,400.29. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 7.10% of the company’s stock.
A number of large investors have recently bought and sold shares of PSEC. Atria Investments LLC purchased a new position in Prospect Capital Corporation in the 2nd quarter valued at $104,000. Blair William & Co. IL grew its position in Prospect Capital Corporation by 37.3% in the 1st quarter. Blair William & Co. IL now owns 13,725 shares of the financial services provider’s stock valued at $129,000 after buying an additional 3,725 shares during the last quarter. Nwam LLC grew its position in Prospect Capital Corporation by 19.1% in the 2nd quarter. Nwam LLC now owns 16,825 shares of the financial services provider’s stock valued at $137,000 after buying an additional 2,700 shares during the last quarter. Regal Investment Advisors LLC grew its position in Prospect Capital Corporation by 19.3% in the 2nd quarter. Regal Investment Advisors LLC now owns 16,819 shares of the financial services provider’s stock valued at $137,000 after buying an additional 2,720 shares during the last quarter. Finally, Global X Management Co. LLC grew its position in Prospect Capital Corporation by 50.9% in the 1st quarter. Global X Management Co. LLC now owns 15,479 shares of the financial services provider’s stock valued at $140,000 after buying an additional 5,223 shares during the last quarter. Hedge funds and other institutional investors own 15.20% of the company’s stock.
About Prospect Capital Corporation
Prospect Capital Corporation is a financial services company. The Company primarily lends to and invests in middle market privately held companies. The Company is a closed-end investment company. Its investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
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