Kovack Advisors Inc. Sells 6,358 Shares of Prospect Capital Co. (NASDAQ:PSEC)

Kovack Advisors Inc. reduced its position in Prospect Capital Co. (NASDAQ:PSEC) by 4.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 138,549 shares of the financial services provider’s stock after selling 6,358 shares during the period. Kovack Advisors Inc.’s holdings in Prospect Capital were worth $765,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSEC. Private Trust Co. NA lifted its holdings in shares of Prospect Capital by 54.3% during the fourth quarter. Private Trust Co. NA now owns 7,736 shares of the financial services provider’s stock valued at $46,000 after purchasing an additional 2,722 shares in the last quarter. Signaturefd LLC raised its position in Prospect Capital by 62.7% in the 4th quarter. Signaturefd LLC now owns 9,719 shares of the financial services provider’s stock worth $58,000 after buying an additional 3,746 shares during the last quarter. WealthPlan Investment Management LLC bought a new position in Prospect Capital during the 3rd quarter valued at about $62,000. Cape Investment Advisory Inc. boosted its holdings in shares of Prospect Capital by 2,279.1% during the 4th quarter. Cape Investment Advisory Inc. now owns 13,299 shares of the financial services provider’s stock valued at $80,000 after acquiring an additional 12,740 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Prospect Capital by 1,149.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 13,459 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 12,382 shares during the period. 9.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Prospect Capital from $5.50 to $5.00 and set an “underweight” rating on the stock in a research report on Thursday, May 16th. StockNews.com raised Prospect Capital from a “sell” rating to a “hold” rating in a report on Thursday, June 27th.

Insider Buying and Selling

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

Prospect Capital Trading Up 0.2 %

Prospect Capital stock opened at $5.51 on Friday. Prospect Capital Co. has a 52-week low of $5.03 and a 52-week high of $6.69. The company has a market cap of $2.30 billion, a P/E ratio of 16.21 and a beta of 1.01. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.66. The business has a 50-day simple moving average of $5.52 and a two-hundred day simple moving average of $5.66.

Prospect Capital (NASDAQ:PSEC) last announced its earnings results on Wednesday, May 8th. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.03. Prospect Capital had a net margin of 25.13% and a return on equity of 13.32%. The company had revenue of $202.22 million during the quarter, compared to analyst estimates of $214.70 million.

Prospect Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Wednesday, August 28th will be paid a $0.06 dividend. The ex-dividend date is Wednesday, August 28th. This represents a $0.72 annualized dividend and a dividend yield of 13.07%. Prospect Capital’s dividend payout ratio (DPR) is 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.