Prospect Capital Co. (NASDAQ:PSEC) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp boosted its stake in shares of Prospect Capital Co. (NASDAQ:PSEC) by 23.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,938,863 shares of the financial services provider’s stock after purchasing an additional 1,690,290 shares during the quarter. Van ECK Associates Corp owned approximately 2.06% of Prospect Capital worth $47,376,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its holdings in shares of Prospect Capital by 275.0% during the first quarter. BNP Paribas Financial Markets now owns 43,616 shares of the financial services provider’s stock valued at $241,000 after acquiring an additional 31,985 shares during the period. Janney Montgomery Scott LLC boosted its stake in Prospect Capital by 51.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 23,633 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 8,000 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its position in Prospect Capital by 59.7% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 394,365 shares of the financial services provider’s stock worth $2,177,000 after purchasing an additional 147,460 shares during the last quarter. Csenge Advisory Group bought a new stake in shares of Prospect Capital during the first quarter valued at approximately $244,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Prospect Capital during the first quarter worth approximately $94,000. 9.06% of the stock is currently owned by institutional investors.

Prospect Capital Trading Down 1.2 %

Shares of Prospect Capital stock opened at $5.13 on Monday. The business has a fifty day simple moving average of $5.27 and a 200-day simple moving average of $5.37. Prospect Capital Co. has a fifty-two week low of $4.69 and a fifty-two week high of $6.30. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 14.66 and a beta of 1.00. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.66.

Prospect Capital (NASDAQ:PSEC) last issued its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.07. Prospect Capital had a net margin of 28.07% and a return on equity of 13.53%. The company had revenue of $212.26 million during the quarter. During the same period in the previous year, the company posted $0.23 earnings per share.

Prospect Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, November 19th. Investors of record on Tuesday, October 29th will be issued a $0.06 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 14.04%. The ex-dividend date is Tuesday, October 29th. Prospect Capital’s payout ratio is 205.71%.

Analysts Set New Price Targets

PSEC has been the topic of several recent analyst reports. Wells Fargo & Company cut their target price on Prospect Capital from $5.00 to $4.50 and set an “underweight” rating on the stock in a research note on Friday, August 30th. StockNews.com cut shares of Prospect Capital from a “hold” rating to a “sell” rating in a research note on Friday, August 30th.

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.