Prospect Capital Co. (NASDAQ:PSEC) Declares Monthly Dividend of $0.06

Prospect Capital Co. (NASDAQ:PSEC) announced a monthly dividend on Tuesday, May 7th, Wall Street Journal reports. Shareholders of record on Wednesday, August 28th will be paid a dividend of 0.06 per share by the financial services provider on Thursday, September 19th. This represents a $0.72 annualized dividend and a yield of 14.43%. The ex-dividend date is Wednesday, August 28th.

Prospect Capital has increased its dividend by an average of 13.6% per year over the last three years. Prospect Capital has a dividend payout ratio of 107.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Prospect Capital Trading Down 1.8 %

Shares of Prospect Capital stock opened at $4.99 on Tuesday. Prospect Capital has a 1 year low of $4.69 and a 1 year high of $6.30. The firm has a market cap of $2.08 billion, a PE ratio of 14.68 and a beta of 1.01. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.72 and a quick ratio of 0.72. The company has a 50 day simple moving average of $5.35 and a two-hundred day simple moving average of $5.45.

Insider Buying and Selling

In other news, CFO Dask Kristin Lea Van bought 3,330 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average cost of $22.50 per share, with a total value of $74,925.00. Following the completion of the purchase, the chief financial officer now directly owns 4,539 shares in the company, valued at $102,127.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 26.69% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

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.