Prospect Capital (NASDAQ:PSEC) Price Target Lowered to $3.00 at Wells Fargo & Company

Prospect Capital (NASDAQ:PSEC) had its target price decreased by Wells Fargo & Company from $3.50 to $3.00 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

Separately, StockNews.com upgraded shares of Prospect Capital from a “sell” rating to a “hold” rating in a research report on Saturday, April 12th.

Prospect Capital Trading Down 0.5%

Prospect Capital stock opened at $3.65 on Monday. The company has a 50 day moving average price of $3.83 and a 200 day moving average price of $4.24. Prospect Capital has a 52 week low of $3.39 and a 52 week high of $5.72. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -18.25 and a beta of 0.93.

Prospect Capital (NASDAQ:PSEC) last posted its quarterly earnings data on Thursday, May 8th. The financial services provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.05. Prospect Capital had a net margin of 1.18% and a return on equity of 12.31%. The firm had revenue of $170.72 million during the quarter, compared to analyst estimates of $174.29 million.

Prospect Capital Announces Dividend

The business also recently announced a dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 28th will be given a $0.045 dividend. The ex-dividend date of this dividend is Wednesday, May 28th. Prospect Capital’s payout ratio is -62.79%.

Insiders Place Their Bets

In other Prospect Capital news, Director William Gremp purchased 19,100 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were acquired at an average price of $4.29 per share, for a total transaction of $81,939.00. Following the acquisition, the director now owns 75,153 shares of the company’s stock, valued at $322,406.37. This trade represents a 34.07% 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. Also, CEO John F. Barry purchased 24,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were acquired at an average price of $4.24 per share, for a total transaction of $101,760.00. Following the acquisition, the chief executive officer now directly owns 82,594,540 shares in the company, valued at $350,200,849.60. This represents a 0.03% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 2,548,000 shares of company stock worth $10,970,715 in the last quarter. 28.25% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Balyasny Asset Management L.P. raised its holdings in shares of Prospect Capital by 6,177.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 2,478,914 shares of the financial services provider’s stock valued at $10,684,000 after purchasing an additional 2,439,426 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. raised its holdings in Prospect Capital by 26.6% in the 1st quarter. Thomas J. Herzfeld Advisors Inc. now owns 2,315,582 shares of the financial services provider’s stock worth $9,494,000 after acquiring an additional 487,171 shares during the period. Envestnet Asset Management Inc. raised its holdings in Prospect Capital by 24.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,181,787 shares of the financial services provider’s stock worth $4,845,000 after acquiring an additional 235,139 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its holdings in Prospect Capital by 49.4% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 707,827 shares of the financial services provider’s stock worth $3,051,000 after acquiring an additional 233,948 shares during the period. Finally, Two Sigma Investments LP raised its holdings in Prospect Capital by 115.9% in the 4th quarter. Two Sigma Investments LP now owns 684,812 shares of the financial services provider’s stock worth $2,952,000 after acquiring an additional 367,634 shares during the period. Institutional investors own 9.06% of the company’s stock.

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.