Spire Wealth Management Raises Stake in Prospect Capital Co. (NASDAQ:PSEC)

Spire Wealth Management lifted its stake in shares of Prospect Capital Co. (NASDAQ:PSEC) by 207.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,476 shares of the financial services provider’s stock after purchasing an additional 39,455 shares during the quarter. Spire Wealth Management’s holdings in Prospect Capital were worth $323,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PSEC. Truist Financial Corp lifted its holdings in shares of Prospect Capital by 1.0% in the 4th quarter. Truist Financial Corp now owns 193,060 shares of the financial services provider’s stock valued at $1,156,000 after buying an additional 2,000 shares during the period. LSV Asset Management grew its holdings in Prospect Capital by 17.2% in the 4th quarter. LSV Asset Management now owns 2,035,654 shares of the financial services provider’s stock valued at $12,194,000 after buying an additional 298,400 shares during the period. Jump Financial LLC increased its position in Prospect Capital by 105.9% during the fourth quarter. Jump Financial LLC now owns 328,220 shares of the financial services provider’s stock worth $1,966,000 after purchasing an additional 168,820 shares during the last quarter. WMG Financial Advisors LLC acquired a new stake in shares of Prospect Capital during the 4th quarter worth $108,000. Finally, BI Asset Management Fondsmaeglerselskab A S increased its stake in Prospect Capital by 3.3% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 246,905 shares of the financial services provider’s stock worth $1,479,000 after acquiring an additional 7,773 shares during the last quarter. Hedge funds and other institutional investors own 9.06% of the company’s stock.

Prospect Capital Price Performance

PSEC opened at $5.23 on Tuesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.72 and a current ratio of 0.93. Prospect Capital Co. has a 1-year low of $4.69 and a 1-year high of $6.30. The company has a 50-day moving average of $5.31 and a 200-day moving average of $5.44. The company has a market capitalization of $2.24 billion, a P/E ratio of 15.38 and a beta of 1.01.

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

Prospect Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, November 19th. Shareholders 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 yield of 13.77%. The ex-dividend date of this dividend is Tuesday, October 29th. Prospect Capital’s dividend payout ratio is presently 211.76%.

Wall Street Analyst Weigh In

PSEC has been the subject of several recent research reports. StockNews.com lowered shares of Prospect Capital from a “hold” rating to a “sell” rating in a research report on Friday. Wells Fargo & Company dropped their price objective on Prospect Capital from $5.00 to $4.50 and set an “underweight” rating on the stock in a report on Friday.

Insider Buying and Selling at Prospect Capital

In other Prospect Capital news, CFO Dask Kristin Lea Van purchased 3,330 shares of Prospect Capital stock in a transaction dated Thursday, June 20th. The shares were bought at an average cost of $22.50 per share, for a total transaction of $74,925.00. Following the transaction, the chief financial officer now owns 4,539 shares in the company, valued at approximately $102,127.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 26.69% of the stock is owned by insiders.

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.