Boston, MA 09/18/2014 (wallstreetpr) – Financial services provider, Prospect Capital Corporation (NASDAQ:PSEC) Chairman of the Board and Chief Executive Officer, John Barry III, has improved his holding in the company by acquiring shares from the open market. The CEO has entered the market after a gap of three months, and this is the first insider trading activities in the current month of September.
Buys Shares
According to the Form 4 filed with the Securities and Exchange Commission or the SEC on September 17, Prospect Capital Corporation (NASDAQ:PSEC)’s Chairman and the CEO has resorted to buying 100,000 shares at the rate of $10.17 a share on September 16. This involved a payout of approximately $1.02 million from the CEO purse.
The purchasing price indicated that Barry has paid a premium of 10.9% to the one-year low price of $9.17 and a discount of 12.5% from the 52-week high price of $11.62. The latest acquisition of shares has lifted his holding in the company to approximately 4.33 million shares worth about $44.3 million.
The CEO’s earlier acquisition of shares was on June 13 and bought 100,000 shares at the rate of $10.37 a share by paying close to $1.04 million, according to Nasdaq data. However, Independent Director, Eugene Stark has acquired 2,000 shares each on August 27 and 28, while its two more officers Grier Kliasek and Brian Oswald have purchased 20,000 shares and 27,300 shares respectively in August.
One-Year Insider Activities
There were no selling activities by the insiders in the last three-month period and only buying activities. There were four transactions involving the purchase of 51,300 shares by the insiders during the same period.
Similarly, in the 52-week period, there were eleven instances of insider trading activities reported to the SEC. All the transactions were related to buying of 407,300 shares in the last one-year period. Though the number of shares purchased was not significant, the fact that the insiders were not willing to unload their shares clearly suggests that there would be potential upside rewards waiting in the wings to happen and that there were fewer chances of downside risks.
