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

Garner Asset Management Corp cut its position in Prospect Capital Co. (NASDAQ:PSEC) by 17.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 reporting period.

A number of other institutional investors have also recently made changes to their positions in PSEC. Janney Montgomery Scott LLC raised its position in shares of Prospect Capital by 51.2% in the first quarter. Janney Montgomery Scott LLC now owns 23,633 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 8,000 shares during the period. ProShare Advisors LLC lifted its position in shares of Prospect Capital by 18.8% during the first quarter. ProShare Advisors LLC now owns 51,349 shares of the financial services provider’s stock worth $283,000 after acquiring an additional 8,142 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Prospect Capital by 13.1% in the first quarter. CANADA LIFE ASSURANCE Co now owns 294,706 shares of the financial services provider’s stock worth $1,629,000 after acquiring an additional 34,035 shares during the period. Comerica Bank grew its position in shares of Prospect Capital by 166.7% in the first quarter. Comerica Bank now owns 24,000 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 15,000 shares in the last quarter. Finally, XML Financial LLC raised its stake in shares of Prospect Capital by 29.1% during the 1st quarter. XML Financial LLC now owns 1,712,938 shares of the financial services provider’s stock valued at $9,455,000 after purchasing an additional 386,266 shares during the period. Hedge funds and other institutional investors own 9.06% of the company’s stock.

Prospect Capital Trading Up 3.9 %

Prospect Capital stock opened at $4.83 on Friday. The stock has a market cap of $2.11 billion, a P/E ratio of -18.58 and a beta of 1.00. Prospect Capital Co. has a fifty-two week low of $4.15 and a fifty-two week high of $6.30. The firm’s fifty day moving average price is $5.10 and its 200-day moving average price is $5.30. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.48 and a current ratio of 0.48.

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

Prospect Capital Dividend Announcement

The business also recently announced 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 of this dividend is Wednesday, January 29th. This represents a $0.54 annualized dividend and a yield of 11.18%. Prospect Capital’s payout ratio is presently -276.92%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wells Fargo & Company cut their target price on Prospect Capital from $5.00 to $4.50 and set an “underweight” rating for the company in a research note on Friday, August 30th. StockNews.com lowered shares of Prospect Capital from a “hold” rating to a “sell” rating in a research report on Friday, August 30th.

Insiders Place Their Bets

In other news, CEO John F. Barry purchased 1,000,000 shares of the stock in a transaction on Wednesday, November 20th. The shares were acquired at an average price of $4.59 per share, for a total transaction of $4,590,000.00. Following the completion of the transaction, the chief executive officer now directly owns 75,465,285 shares of the company’s stock, valued at approximately $346,385,658.15. This trade represents a 1.34 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders purchased a total of 2,053,173 shares of company stock valued at $9,284,120 in the last quarter. 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.