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Prospect Capital: What To Do After Today's Dividend Cut

Published Mon, 08 Dec 2014 14:18:28 -0500 on Seeking Alpha

Major news today from Prospect Capital (Nasdaq: PSEC): The dividend cut, that some expected, including me (see here), has finally arrived. It is interesting to note that Prospect Capital didn't wait until next year to announce the dividend adjustment, but rather chose to announce the cut with news about its decision to not issue new shares. According to Prospect Capital's press release from today: NEW YORK, NY -- (Marketwired) -- 12/08/14 -- Prospect Capital Corporation ("Prospect") made several announcements today. EQUITY ISSUANCE SUSPENDED In light of current share price levels, Prospect has suspended at-the-market equity issuances (the "ATM Program") for the indefinite future. Prospect will continue to take a disciplined approach to any future potential equity issuance. REDUCED DIVIDENDS Prospect announced today that Prospect has declared reduced monthly cash dividends to shareholders in the following amounts and with the following record and payment dates: 8.333 cents per share for February 2015 (record date of February 27, 2015 and payment date of March 19, 2015); 8.333 cents per share for March 2015 (record date of March 31, 2015 and payment date of April 23, 2015); and 8.333 cents per share for April 2015 (record date of April 30, 2015 and payment date of May 21, 2015). These dividends mark Prospect's 79th, 80th, and 81st consecutive cash dividends to shareholders. Prospect's previously announced December 2014 and January 2015 dividends are... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
PROSPECT CAPITAL 6.71   16.8 0.40 0.72 10.76


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