According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “
A number of other equities research analysts have also weighed in on PFLT. BidaskClub lowered shares of Pennantpark Floating Rate Capital from a buy rating to a hold rating in a report on Wednesday, August 14th. JMP Securities lowered their price objective on shares of Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a market outperform rating for the company in a report on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Pennantpark Floating Rate Capital presently has a consensus rating of Hold and an average target price of $13.50.
Shares of PFLT traded down $0.01 during mid-day trading on Tuesday, reaching $11.49. The company’s stock had a trading volume of 4,776 shares, compared to its average volume of 112,619. The stock has a market cap of $447.04 million, a PE ratio of 10.85 and a beta of 0.73. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $13.42. The company’s fifty day moving average price is $11.54 and its two-hundred day moving average price is $11.92.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.01). The business had revenue of $22.88 million during the quarter, compared to the consensus estimate of $22.90 million. Pennantpark Floating Rate Capital had a return on equity of 8.83% and a net margin of 16.65%. As a group, sell-side analysts expect that Pennantpark Floating Rate Capital will post 1.19 EPS for the current fiscal year.
The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 17th will be issued a $0.095 dividend. The ex-dividend date is Wednesday, October 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.92%. Pennantpark Floating Rate Capital’s payout ratio is 107.55%.
In other news, insider Arthur H. Penn purchased 8,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was bought at an average cost of $11.57 per share, for a total transaction of $92,560.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Samuel L. Katz purchased 25,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were purchased at an average price of $11.42 per share, with a total value of $285,500.00. Following the completion of the acquisition, the director now directly owns 191,800 shares in the company, valued at $2,190,356. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 50,000 shares of company stock valued at $575,400. Company insiders own 1.00% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Optimum Investment Advisors raised its holdings in Pennantpark Floating Rate Capital by 1.8% during the 3rd quarter. Optimum Investment Advisors now owns 52,255 shares of the asset manager’s stock valued at $606,000 after buying an additional 934 shares during the last quarter. NEXT Financial Group Inc raised its holdings in 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 buying an additional 1,018 shares during the last quarter. Wiley BROS. Aintree Capital LLC raised its holdings in Pennantpark Floating Rate Capital by 2.7% during the 3rd quarter. Wiley BROS. Aintree Capital LLC now owns 59,439 shares of the asset manager’s stock valued at $782,000 after buying an additional 1,563 shares during the last quarter. PFG Advisors raised its holdings in Pennantpark Floating Rate Capital by 1.1% during the 3rd quarter. PFG Advisors now owns 146,536 shares of the asset manager’s stock valued at $1,672,000 after buying an additional 1,640 shares during the last quarter. Finally, Confluence Investment Management LLC raised its holdings in Pennantpark Floating Rate Capital by 1.2% during the 3rd quarter. Confluence Investment Management LLC now owns 175,444 shares of the asset manager’s stock valued at $2,035,000 after buying an additional 2,151 shares during the last quarter. Institutional investors own 35.91% 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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