Arete Wealth Advisors LLC Purchases New Shares in Prospect Capital Co. (NASDAQ:PSEC)

Posted by Defense World Staff on Jul 25th, 2023

Arete Wealth Advisors LLC purchased a new stake in Prospect Capital Co. (NASDAQ:PSEC – Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 10,177 shares of the financial services provider’s stock, valued at approximately $70,834,000,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PSEC. Y.D. More Investments Ltd acquired a new position in shares of Prospect Capital in the 4th quarter valued at $31,830,000. XML Financial LLC lifted its position in shares of Prospect Capital by 165.8% in the fourth quarter. XML Financial LLC now owns 933,994 shares of the financial services provider’s stock worth $6,529,000 after purchasing an additional 582,653 shares in the last quarter. International Assets Investment Management LLC grew its position in Prospect Capital by 160.6% during the fourth quarter. International Assets Investment Management LLC now owns 558,723 shares of the financial services provider’s stock valued at $2,911,000 after purchasing an additional 344,311 shares in the last quarter. Legal & General Group Plc grew its position in Prospect Capital by 9.1% during the second quarter. Legal & General Group Plc now owns 2,349,916 shares of the financial services provider’s stock valued at $16,485,000 after purchasing an additional 195,707 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in Prospect Capital by 6.0% during the fourth quarter. Van ECK Associates Corp now owns 3,384,568 shares of the financial services provider’s stock valued at $23,658,000 after purchasing an additional 191,888 shares in the last quarter. Institutional investors and hedge funds own 7.53% of the company’s stock.

Insider Buying and Selling

In related news, CEO John F. Barry bought 100,000 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The shares were acquired at an average price of $6.28 per share, with a total value of $628,000.00. Following the completion of the transaction, the chief executive officer now owns 72,599,542 shares of the company’s stock, valued at approximately $455,925,123.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 27.44% of the stock is currently owned by insiders.

Analyst Ratings Changes

PSEC has been the topic of a number of research analyst reports. StockNews.com initiated coverage on shares of Prospect Capital in a research report on Thursday, May 18th. They set a “sell” rating on the stock. TheStreet downgraded shares of Prospect Capital from a “b-” rating to a “c” rating in a research report on Friday, May 19th.

Prospect Capital Stock Up 0.9 %

NASDAQ PSEC opened at $6.65 on Tuesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.65. The company has a 50 day moving average price of $6.31 and a two-hundred day moving average price of $6.79. Prospect Capital Co. has a 12-month low of $5.92 and a 12-month high of $8.19.

Prospect Capital (NASDAQ:PSEC – Get Free Report) last posted its earnings results on Tuesday, May 9th. The financial services provider reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Prospect Capital had a negative net margin of 21.66% and a positive return on equity of 11.02%. The firm had revenue of $215.12 million during the quarter, compared to analysts’ expectations of $225.04 million. Research analysts predict that Prospect Capital Co. will post 0.86 EPS for the current year.

Prospect Capital Announces Dividend

The business also recently announced a dividend, which was paid on Thursday, July 20th. Investors of record on Wednesday, June 28th were given a dividend of $0.06 per share. This represents a yield of 11.61%. The ex-dividend date of this dividend was Tuesday, June 27th. Prospect Capital’s dividend payout ratio (DPR) is currently -144.00%.

Prospect Capital Profile

(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.