West Michigan Advisors LLC Acquires Shares of 16,992 Prospect Capital Co. (NASDAQ:PSEC)

West Michigan Advisors LLC acquired a new stake in shares of Prospect Capital Co. (NASDAQ:PSEC) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 16,992 shares of the financial services provider’s stock, valued at approximately $92,000.

A number of other hedge funds also recently bought and sold shares of PSEC. Global Assets Advisory LLC purchased a new stake in Prospect Capital during the first quarter valued at about $247,000. Wealthcare Advisory Partners LLC acquired a new position in shares of Prospect Capital in the 1st quarter valued at about $82,000. Edge Financial Advisors LLC acquired a new position in shares of Prospect Capital in the 1st quarter valued at about $55,000. SpiderRock Advisors LLC acquired a new position in shares of Prospect Capital in the 1st quarter valued at about $83,000. Finally, Van ECK Associates Corp increased its holdings in shares of Prospect Capital by 11.7% in the 1st quarter. Van ECK Associates Corp now owns 6,880,161 shares of the financial services provider’s stock valued at $37,978,000 after purchasing an additional 719,010 shares during the period. 9.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Prospect Capital Stock Down 0.6 %

PSEC opened at $5.31 on Friday. Prospect Capital Co. has a 1-year low of $4.69 and a 1-year high of $6.30. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 15.62 and a beta of 1.00. The business has a 50 day moving average of $5.25 and a 200-day moving average of $5.38.

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

Prospect Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, November 19th. Investors of record on Tuesday, October 29th will be given a $0.06 dividend. The ex-dividend date is Tuesday, October 29th. This represents a $0.72 annualized dividend and a yield of 13.56%. Prospect Capital’s dividend payout ratio (DPR) is currently 211.76%.

Prospect Capital Company 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.