PennantPark Floating Rate Capital (NYSE:PFLT) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

PennantPark Floating Rate Capital (NYSE:PFLT) released its earnings results on Thursday. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01), FiscalAI reports. The company had revenue of $44.81 million for the quarter. PennantPark Floating Rate Capital had a return on equity of 9.88% and a net margin of 23.08%.

PennantPark Floating Rate Capital Stock Performance

NYSE PFLT traded down $0.05 during trading on Friday, reaching $8.92. The company’s stock had a trading volume of 1,795,618 shares, compared to its average volume of 978,300. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.15 and a current ratio of 0.15. PennantPark Floating Rate Capital has a twelve month low of $7.68 and a twelve month high of $10.88. The business’s fifty day moving average price is $8.39 and its 200-day moving average price is $8.92. The firm has a market cap of $885.42 million, a price-to-earnings ratio of 14.39 and a beta of 0.78.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be given a dividend of $0.1025 per share. This represents a c) annualized dividend and a yield of 13.8%. The ex-dividend date of this dividend is Friday, May 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 198.39%.

Analyst Upgrades and Downgrades

PFLT has been the topic of a number of recent research reports. Maxim Group set a $10.50 price target on shares of PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. Keefe, Bruyette & Woods lowered their price target on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Wall Street Zen raised PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, Citizens Jmp dropped their price objective on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, PennantPark Floating Rate Capital has an average rating of “Moderate Buy” and an average price target of $10.25.

Insider Buying and Selling

In other PennantPark Floating Rate Capital news, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were purchased at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the completion of the purchase, the chief financial officer directly owned 25,000 shares in the company, valued at $203,750. This 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 through this hyperlink. Also, Director Jose A. Briones acquired 5,895 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were bought at an average cost of $8.48 per share, for a total transaction of $49,989.60. Following the acquisition, the director owned 342,313 shares of the company’s stock, valued at $2,902,814.24. This represents a 1.75% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 1.00% of the company’s stock.

Institutional Trading of PennantPark Floating Rate Capital

A number of large investors have recently made changes to their positions in the stock. Sovran Advisors LLC boosted its stake in PennantPark Floating Rate Capital by 3.2% in the 3rd quarter. Sovran Advisors LLC now owns 35,274 shares of the company’s stock worth $320,000 after buying an additional 1,090 shares during the last quarter. Global Retirement Partners LLC increased 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 acquiring an additional 1,260 shares in the last quarter. Cetera Investment Advisers increased its holdings in PennantPark Floating Rate Capital by 2.1% in the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock valued at $658,000 after purchasing an additional 1,329 shares in the last quarter. PFG Investments LLC raised its holdings in shares of PennantPark Floating Rate Capital by 1.1% during the 4th quarter. PFG Investments LLC now owns 123,507 shares of the company’s stock valued at $1,145,000 after buying an additional 1,372 shares during the period. Finally, Foundations Investment Advisors LLC lifted its position in shares of PennantPark Floating Rate Capital by 7.9% during the fourth quarter. Foundations Investment Advisors LLC now owns 21,201 shares of the company’s stock worth $197,000 after purchasing an additional 1,547 shares in the last quarter. Institutional investors and hedge funds own 19.77% 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. 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.