Several other research analysts have also recently issued reports on the company. LADENBURG THALM/SH SH cut Pennantpark Floating Rate Capital from a buy rating to a neutral rating in a report on Monday, May 13th. JMP Securities cut their target price on shares of Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a market outperform rating on the stock in a research note on Tuesday. Keefe, Bruyette & Woods downgraded shares of Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and cut their target price for the company from $14.00 to $13.00 in a research note on Wednesday, May 8th. Zacks Investment Research downgraded shares of Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research note on Tuesday. Finally, TheStreet downgraded shares of Pennantpark Floating Rate Capital from a b- rating to a c+ rating in a research note on Wednesday, May 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. Pennantpark Floating Rate Capital currently has an average rating of Hold and a consensus target price of $13.50.
Shares of NASDAQ PFLT traded up $0.01 during trading on Wednesday, hitting $11.57. The company had a trading volume of 1,667 shares, compared to its average volume of 183,047. The company has a market cap of $448.96 million, a P/E ratio of 10.92 and a beta of 0.73. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $13.77. The firm has a 50-day moving average of $11.61.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.29 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.01). The company had revenue of $22.88 million during the quarter, compared to the consensus estimate of $22.90 million. Pennantpark Floating Rate Capital had a net margin of 16.65% and a return on equity of 8.83%. As a group, analysts anticipate that Pennantpark Floating Rate Capital will post 1.19 earnings per share for the current year.
The company also recently announced a monthly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Monday, August 19th will be paid a dividend of $0.095 per share. This represents a $1.14 annualized dividend and a yield of 9.85%. The ex-dividend date is Friday, August 16th. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is currently 107.55%.
In other news, CFO Aviv Efrat bought 8,200 shares of the business’s stock in a transaction on Friday, May 17th. The shares were bought at an average cost of $12.05 per share, with a total value of $98,810.00. Following the purchase, the chief financial officer now directly owns 45,150 shares in the company, valued at $544,057.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Arthur H. Penn bought 9,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were purchased at an average cost of $11.66 per share, for a total transaction of $104,940.00. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 25,200 shares of company stock worth $296,310. Company insiders own 1.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of PFLT. Russell Investments Group Ltd. purchased a new position in shares of Pennantpark Floating Rate Capital during the 2nd quarter valued at $71,000. Psagot Investment House Ltd. purchased a new position in shares of Pennantpark Floating Rate Capital during the 1st quarter valued at $82,000. NEXT Financial Group Inc grew its holdings in shares of Pennantpark Floating Rate Capital by 13.3% during the 2nd quarter. NEXT Financial Group Inc now owns 8,681 shares of the asset manager’s stock valued at $101,000 after acquiring an additional 1,018 shares in the last quarter. Citadel Advisors LLC purchased a new position in shares of Pennantpark Floating Rate Capital during the 2nd quarter valued at $133,000. Finally, First Allied Advisory Services Inc. purchased a new position in shares of Pennantpark Floating Rate Capital during the 1st quarter valued at $149,000. Institutional investors and hedge funds own 36.20% of the company’s stock.
About Pennantpark Floating Rate Capital
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.
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