Key Points
- CFO Richard Allorto Jr. purchased 15,000 shares at $8.15 on March 11 for $122,250, boosting his holdings to 25,000 shares (a 150% increase) valued at about $203,750, according to the SEC filing.
- PennantPark declared a monthly dividend of $0.1025 per share (record/ex-dividend date Mar 16, payable Apr 1), which annualizes to a ~15.0% yield but comes with a very high 361.76% payout ratio.
- The company missed quarterly EPS ($0.27 vs. $0.30 consensus) on $12.72M revenue; the stock traded at $8.18 (up 1.7%), market cap ~$811M, and carries a consensus analyst target of $10.42 (Moderate Buy).
PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) CFO Richard Allorto, Jr. acquired 15,000 shares of PennantPark Floating Rate Capital stock in a transaction that occurred on Wednesday, March 11th. The stock was bought at an average cost of $8.15 per share, with a total value of $122,250.00. Following the acquisition, the chief financial officer directly owned 25,000 shares of the company's stock, valued at approximately $203,750. This trade represents a 150.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
PennantPark Floating Rate Capital Stock Up 1.7%
PennantPark Floating Rate Capital stock traded up $0.14 during trading hours on Friday, hitting $8.18. 463,384 shares of the company traded hands, compared to its average volume of 1,195,129. PennantPark Floating Rate Capital Ltd. has a 1-year low of $7.92 and a 1-year high of $11.46. The company has a market cap of $811.12 million, a price-to-earnings ratio of 24.04 and a beta of 0.77. The firm's 50-day moving average price is $8.99. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.92.
PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last posted its quarterly earnings data on Monday, February 9th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.03). PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. The company had revenue of $12.72 million during the quarter.
PennantPark Floating Rate Capital Announces Dividend
The company also recently declared a monthly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be given a dividend of $0.1025 per share. The ex-dividend date is Monday, March 16th. This represents a c) annualized dividend and a dividend yield of 15.0%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is 361.76%.
Institutional Trading of PennantPark Floating Rate Capital
A number of hedge funds have recently bought and sold shares of PFLT. Allworth Financial LP increased its position in shares of PennantPark Floating Rate Capital by 1,603.7% in the second quarter. Allworth Financial LP now owns 2,777 shares of the company's stock worth $29,000 after acquiring an additional 2,614 shares in the last quarter. International Assets Investment Management LLC acquired a new position in PennantPark Floating Rate Capital in the 4th quarter worth approximately $33,000. Northwestern Mutual Wealth Management Co. purchased a new position in PennantPark Floating Rate Capital during the 2nd quarter worth approximately $41,000. Quarry LP purchased a new position in PennantPark Floating Rate Capital during the 3rd quarter worth approximately $36,000. Finally, State of Alaska Department of Revenue acquired a new stake in PennantPark Floating Rate Capital during the 3rd quarter valued at $41,000. 19.77% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on PFLT shares. Keefe, Bruyette & Woods dropped their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an "outperform" rating on the stock in a research report on Thursday, February 12th. Weiss Ratings reissued a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research note on Monday, December 29th. Finally, Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $10.42.
Read Our Latest Report on PennantPark Floating Rate Capital
About PennantPark Floating Rate Capital
(
Get Free Report)
PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.
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