Key Points
- Director Jose Briones purchased 5,895 shares at $8.48 on Feb. 19 for $49,989.60, increasing his stake to 342,313 shares (a 1.75% rise) worth about $2.90M.
- The company declared a monthly dividend of $0.1025 (ex-dividend Feb. 17, payable Mar. 2), which annualizes to a 15.0% yield and carries a very high payout ratio (DPR 361.76%).
- PFLT trades near $8.20 (one-year high $11.46) and carries a consensus Buy rating from analysts with a $10.42 price target.
PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) Director Jose Briones purchased 5,895 shares of the stock in a transaction dated Thursday, February 19th. The shares were acquired at an average cost of $8.48 per share, with a total value of $49,989.60. Following the acquisition, the director directly owned 342,313 shares in the company, valued at $2,902,814.24. This represents a 1.75% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
PennantPark Floating Rate Capital Price Performance
Shares of NASDAQ:PFLT opened at $8.20 on Tuesday. PennantPark Floating Rate Capital Ltd. has a one year low of $8.18 and a one year high of $11.46. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The company has a market cap of $813.09 million, a price-to-earnings ratio of 5.85 and a beta of 0.76. The firm has a 50 day simple moving average of $9.23 and a 200 day simple moving average of $9.38.
PennantPark Floating Rate Capital Announces Dividend
The company also recently announced a monthly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 17th will be given a $0.1025 dividend. The ex-dividend date is Tuesday, February 17th. This represents a c) annualized dividend and a yield of 15.0%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is currently 361.76%.
Institutional Inflows and Outflows
A number of hedge funds have recently made changes to their positions in PFLT. Allworth Financial LP boosted its stake in PennantPark Floating Rate Capital by 1,603.7% during the 2nd quarter. Allworth Financial LP now owns 2,777 shares of the asset manager's stock valued at $29,000 after purchasing an additional 2,614 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of PennantPark Floating Rate Capital in the fourth quarter valued at approximately $33,000. Quarry LP purchased a new position in shares of PennantPark Floating Rate Capital during the third quarter valued at approximately $36,000. State of Alaska Department of Revenue bought a new stake in PennantPark Floating Rate Capital during the third quarter worth $41,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in PennantPark Floating Rate Capital during the 2nd quarter valued at $41,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
PFLT has been the topic of several analyst reports. Maxim Group set a $10.50 price objective on shares of PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Keefe, Bruyette & Woods cut their target price on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an "outperform" rating on the stock in a report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $10.42.
Get Our Latest Analysis on PFLT
About PennantPark Floating Rate Capital
(
Get Free Report)
PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm's primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.
The company's portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.
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