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| Top Buys by Directors: Barry's $2.3M Bet on PSECBy Dividend Channel Staff, Tuesday, September 19, 1:06 PM ET
The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $2.3M invested across 3 purchases by John F. Barry, CHIEF EXECUTIVE OFFICER at Prospect Capital Corporation (NASDAQ:PSEC). Barry bets big on PSEC:
Barry's average cost works out to $6.09/share. Shares of Prospect Capital Corporation were changing hands at $6.16 at last check, trading down about 1.1% on Tuesday. The chart below shows the one year performance of PSEC shares, versus its 200 day moving average:
Looking at the chart above, PSEC's low point in its 52 week range is $5.915 per share, with $7.83 as the 52 week high point — that compares with a last trade of $6.16. The current annualized dividend paid by Prospect Capital Corporation is $0.72/share, currently paid in monthly installments, and its most recent dividend has an upcoming ex-date of 09/26/2023. Below is a long-term dividend history chart for PSEC, which can be of good help in judging whether the most recent dividend with approx. 11.6% annualized yield is likely to continue.
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