Key Points
- Director Jose Briones bought 5,770 shares of PennantPark Floating Rate Capital at $8.67 each, a transaction worth about $50,025.90. After the purchase, he directly owned 348,083 shares, increasing his position by 1.69%.
- The company recently reported quarterly earnings of $0.27 per share, missing analyst estimates by $0.01, on revenue of $44.81 million. Analysts still expect PennantPark Floating Rate Capital to earn 1.13 EPS for the current fiscal year.
- PennantPark Floating Rate Capital announced a monthly dividend of $0.1025 per share, payable June 1 to shareholders of record on May 15. The dividend implies an annualized yield of about 14.0%, though the payout ratio is high at 198.39%.
PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) Director Jose Briones acquired 5,770 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average price of $8.67 per share, with a total value of $50,025.90. Following the completion of the transaction, the director directly owned 348,083 shares of the company's stock, valued at $3,017,879.61. This trade represents a 1.69% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
PennantPark Floating Rate Capital Stock Performance
PennantPark Floating Rate Capital stock opened at $8.76 on Wednesday. The firm's 50 day simple moving average is $8.42 and its 200 day simple moving average is $8.92. The company has a current ratio of 0.18, a quick ratio of 0.15 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $868.77 million, a PE ratio of 14.12 and a beta of 0.78. PennantPark Floating Rate Capital Ltd. has a 1-year low of $7.68 and a 1-year high of $10.88.
PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $44.81 million during the quarter. PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. As a group, analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.13 earnings per share for the current fiscal year.
PennantPark Floating Rate Capital Dividend Announcement
The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a dividend of $0.1025 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a c) annualized dividend and a yield of 14.0%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is currently 198.39%.
Analyst Ratings Changes
A number of equities analysts have weighed in on PFLT shares. Wall Street Zen upgraded PennantPark Floating Rate Capital from a "sell" rating to a "hold" rating in a research note on Saturday, March 28th. Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. Keefe, Bruyette & Woods decreased their price objective 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 Friday. Finally, Citizens Jmp decreased their target price on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a "market outperform" rating for the company in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, PennantPark Floating Rate Capital has a consensus rating of "Moderate Buy" and a consensus target price of $10.20.
Read Our Latest Analysis on PFLT
Institutional Investors Weigh In On PennantPark Floating Rate Capital
Hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter valued at about $33,000. Quarry LP bought a new stake in PennantPark Floating Rate Capital during the 3rd quarter valued at approximately $36,000. State of Alaska Department of Revenue purchased a new position in shares of PennantPark Floating Rate Capital in the third quarter worth $41,000. Northwestern Mutual Wealth Management Co. bought a new stake in PennantPark Floating Rate Capital in the 2nd quarter valued at $41,000. Finally, Global Retirement Partners LLC lifted its position in shares of PennantPark Floating Rate Capital by 32.1% in the third quarter. Global Retirement Partners LLC now owns 5,188 shares of the company's stock worth $46,000 after buying an additional 1,260 shares in the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.
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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