Garner Asset Management Corp Sells 21,892 Shares of Prospect Capital Co. (NASDAQ:PSEC)

Garner Asset Management Corp lowered its holdings in shares of Prospect Capital Co. (NASDAQ:PSEC) by 17.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 106,529 shares of the financial services provider’s stock after selling 21,892 shares during the quarter. Garner Asset Management Corp’s holdings in Prospect Capital were worth $570,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Rothschild Investment LLC purchased a new position in shares of Prospect Capital in the second quarter worth about $27,000. Global Assets Advisory LLC bought a new position in Prospect Capital during the 3rd quarter worth approximately $64,000. Family Wealth Partners LLC purchased a new position in Prospect Capital in the 3rd quarter worth approximately $74,000. AE Wealth Management LLC bought a new stake in Prospect Capital in the second quarter valued at approximately $80,000. Finally, West Michigan Advisors LLC purchased a new stake in shares of Prospect Capital during the third quarter valued at approximately $92,000. Hedge funds and other institutional investors own 9.06% of the company’s stock.

Prospect Capital Price Performance

Shares of Prospect Capital stock opened at $4.83 on Friday. The company has a market cap of $2.11 billion, a PE ratio of -18.58 and a beta of 1.00. The business has a 50 day moving average of $5.10 and a 200 day moving average of $5.30. Prospect Capital Co. has a 52 week low of $4.15 and a 52 week high of $6.30. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.65.

Prospect Capital (NASDAQ:PSEC) last posted its earnings results on Friday, November 8th. The financial services provider reported $0.21 EPS for the quarter, topping the consensus estimate of $0.17 by $0.04. The firm had revenue of $196.31 million during the quarter. Prospect Capital had a negative net margin of 2.23% and a positive return on equity of 12.19%.

Prospect Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, February 19th. Shareholders of record on Wednesday, January 29th will be given a dividend of $0.045 per share. The ex-dividend date is Wednesday, January 29th. This represents a $0.54 annualized dividend and a yield of 11.18%. Prospect Capital’s payout ratio is -276.92%.

Analysts Set New Price Targets

Several research analysts recently commented on PSEC shares. Wells Fargo & Company decreased their target price on shares of 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 downgraded shares of Prospect Capital from a “hold” rating to a “sell” rating in a research note on Friday, August 30th.

Insider Transactions at Prospect Capital

In related news, CEO John F. Barry acquired 205,900 shares of Prospect Capital stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average price of $4.40 per share, with a total value of $905,960.00. Following the transaction, the chief executive officer now directly owns 72,612,839 shares in the company, valued at approximately $319,496,491.60. This represents a 0.28 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders bought 2,053,173 shares of company stock valued at $9,284,120. Corporate insiders own 27.10% of the company’s stock.

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.