PennantPark Floating Rate Capital (NYSE:PFLT) Director Buys $50,025.90 in Stock

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Director Jose Briones purchased 5,770 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was bought at an average cost of $8.67 per share, for a total transaction of $50,025.90. Following the purchase, the director owned 348,083 shares in the company, valued at $3,017,879.61. This represents a 1.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

PennantPark Floating Rate Capital Price Performance

PennantPark Floating Rate Capital stock traded up $0.02 during mid-day trading on Tuesday, hitting $8.76. 1,306,208 shares of the company were exchanged, compared to its average volume of 1,137,714. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.92. The business has a fifty day moving average of $8.42 and a 200 day moving average of $8.92. PennantPark Floating Rate Capital Ltd. has a 1-year low of $7.68 and a 1-year high of $10.88. The company has a market capitalization of $868.75 million, a PE ratio of 14.12 and a beta of 0.78.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its earnings results on Thursday, May 7th. The company reported $0.27 earnings per share 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 return on equity of 9.88% and a net margin of 23.08%. As a group, sell-side analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.13 earnings per share for the current year.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be given a $0.1025 dividend. The ex-dividend date is Friday, May 15th. This represents a c) dividend on an annualized basis and a yield of 14.0%. PennantPark Floating Rate Capital’s payout ratio is 198.39%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PFLT. Sovran Advisors LLC grew its position in shares of PennantPark Floating Rate Capital by 3.2% during 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 period. Global Retirement Partners LLC raised its stake in shares of PennantPark Floating Rate Capital by 32.1% during 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 during the last quarter. Cetera Investment Advisers lifted its holdings in PennantPark Floating Rate Capital by 2.1% in the second quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock valued at $658,000 after buying an additional 1,329 shares during the period. PFG Investments LLC lifted its holdings in PennantPark Floating Rate Capital by 1.1% in the fourth 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 boosted its stake in PennantPark Floating Rate Capital by 7.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 21,201 shares of the company’s stock valued at $197,000 after acquiring an additional 1,547 shares during the last quarter. Institutional investors own 19.77% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. 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. Keefe, Bruyette & Woods dropped 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. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Friday. Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Finally, Wall Street Zen upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, PennantPark Floating Rate Capital has a consensus rating of “Moderate Buy” and a consensus price target of $10.25.

PennantPark Floating Rate Capital Company Profile

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.