Prospect Capital Sets 4 Months of Dividends
Business development company Prospect Capital announced today that based on its earnings expectations for the rest of the year it set dividends for the following four months:
- September: $0.110225 per share, payable on Oct. 24 for holders of record on Sept. 30.
- October: $0.110250 per share, payable on Nov. 21 for holders of record on Oct. 31.
- November: $0.110275 per share, payable on Dec. 19 to holders of record Nov. 29.
- December: $0.110300 per share, payable on Jan. 23, 2014, to holders of record on Dec. 31.
The four payouts mark Prospect's 62nd, 63rd, 64th, and 65th consecutive cash dividends to shareholders. Based on Prospect's closing stock price as of June 14, its payouts to shareholders offer a12.7% dividend yield, according to the company.
Prospect Capital Chairman and CEO John F. Barry III said: "Given the stable and predictable profitability of our business, our board has declared monthly shareholder dividends through the end of 2013 to enhance visibility and planning for investors who might otherwise be concerned by recent interest rate volatility."
Based on past dividends and assuming its current share count for upcoming dividends, Prospect says that since its inception through December 2013, the business development company will have distributed approximately $12 per share to shareholders and approximately $900 million in cumulative dividends.
The article Prospect Capital Sets 4 Months of Dividends originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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