Sumitomo Mitsui Asset Management Company LTD lessened its position in shares of Prospect Capital Co. (NASDAQ:PSEC) by 11.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 269,544 shares of the financial services provider’s stock after selling 34,703 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD owned about 0.07% of Prospect Capital worth $1,975,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Stephens Inc. AR purchased a new position in shares of Prospect Capital in the 2nd quarter worth approximately $150,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Prospect Capital in the 1st quarter worth approximately $185,000. Creative Financial Designs Inc. ADV boosted its holdings in shares of Prospect Capital by 265.4% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 28,902 shares of the financial services provider’s stock worth $194,000 after purchasing an additional 20,992 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of Prospect Capital in the 2nd quarter worth approximately $200,000. Finally, Wolverine Asset Management LLC purchased a new position in shares of Prospect Capital in the 2nd quarter worth approximately $297,000. Institutional investors and hedge funds own 12.00% of the company’s stock.
Shares of PSEC stock opened at $7.01 on Friday. Prospect Capital Co. has a 52-week low of $5.51 and a 52-week high of $7.60. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $2.57 billion, a P/E ratio of 8.90 and a beta of 0.57.
The firm also recently declared a monthly dividend, which will be paid on Wednesday, November 21st. Investors of record on Wednesday, October 31st will be paid a dividend of $0.06 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 10.27%. The ex-dividend date is Tuesday, October 30th. Prospect Capital’s dividend payout ratio is currently 91.14%.
A number of brokerages have recently commented on PSEC. BidaskClub cut Prospect Capital from a “hold” rating to a “sell” rating in a report on Thursday, August 9th. ValuEngine cut Prospect Capital from a “hold” rating to a “sell” rating in a report on Friday, August 3rd. Zacks Investment Research cut Prospect Capital from a “buy” rating to a “hold” rating in a report on Friday, July 20th. TheStreet upgraded Prospect Capital from a “c+” rating to a “b” rating in a report on Tuesday, September 11th. Finally, National Securities reiterated a “sell” rating and issued a $4.00 target price on shares of Prospect Capital in a report on Friday, August 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $6.50.
Prospect Capital Profile
Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, buyouts, recapitalizations, turnaround, growth capital, development, subordinated debt tranches of collateralized loan obligations, cash flow term loans, and bridge transactions.
Further Reading: Closed-End Mutual Funds (CEFs)
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