AltaCorp Capital Reaffirms Buy Rating for Voya Prime Rate Trust (PPR)

AltaCorp Capital reaffirmed their buy rating on shares of Voya Prime Rate Trust (NYSE:PPR) in a research note released on Monday. AltaCorp Capital currently has a $0.60 price objective on the investment management company’s stock.

Shares of Voya Prime Rate Trust (PPR) remained flat at $$5.10 during trading on Monday. The company’s stock had a trading volume of 383,700 shares, compared to its average volume of 457,627. Voya Prime Rate Trust has a twelve month low of $4.97 and a twelve month high of $5.62.

The company also recently announced a monthly dividend, which was paid on Thursday, January 11th. Shareholders of record on Friday, December 29th were given a $0.022 dividend. This is an increase from Voya Prime Rate Trust’s previous monthly dividend of $0.02. This represents a $0.26 dividend on an annualized basis and a yield of 5.18%. The ex-dividend date was Thursday, December 28th.

A number of large investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC increased its position in Voya Prime Rate Trust by 7.3% in the second quarter. HighTower Advisors LLC now owns 61,611 shares of the investment management company’s stock worth $332,000 after buying an additional 4,196 shares during the last quarter. Advisor Group Inc. increased its position in Voya Prime Rate Trust by 110.0% in the third quarter. Advisor Group Inc. now owns 28,857 shares of the investment management company’s stock worth $151,000 after buying an additional 15,113 shares during the last quarter. Advisors Asset Management Inc. increased its position in Voya Prime Rate Trust by 5.2% in the third quarter. Advisors Asset Management Inc. now owns 306,716 shares of the investment management company’s stock worth $1,604,000 after buying an additional 15,244 shares during the last quarter. Commonwealth Equity Services Inc increased its position in Voya Prime Rate Trust by 38.3% in the third quarter. Commonwealth Equity Services Inc now owns 60,135 shares of the investment management company’s stock worth $314,000 after buying an additional 16,641 shares during the last quarter. Finally, Shufro Rose & Co. LLC increased its position in Voya Prime Rate Trust by 35.7% in the third quarter. Shufro Rose & Co. LLC now owns 76,000 shares of the investment management company’s stock worth $397,000 after buying an additional 20,000 shares during the last quarter.

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About Voya Prime Rate Trust

Voya Prime Rate Trust (the Trust) is a diversified, closed-end management investment company. The Trust seeks to provide investors with as high a level of current income as is consistent with the preservation of capital. The Trust seeks to achieve this objective by investing, under normal market conditions, approximately 80% of its net assets, plus borrowings for investment purposes, in United States dollar denominated floating rate secured senior loans.

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