Brokerages Expect Pennantpark Floating Rate Capital Ltd (PFLT) Will Announce Quarterly Sales of $22.90 Million

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Brokerages predict that Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) will report sales of $22.90 million for the current quarter, Zacks reports. Two analysts have made estimates for Pennantpark Floating Rate Capital’s earnings. The highest sales estimate is $22.93 million and the lowest is $22.87 million. Pennantpark Floating Rate Capital reported sales of $19.53 million during the same quarter last year, which would suggest a positive year over year growth rate of 17.3%. The company is scheduled to announce its next earnings results on Wednesday, August 14th.

On average, analysts expect that Pennantpark Floating Rate Capital will report full-year sales of $92.59 million for the current fiscal year, with estimates ranging from $91.76 million to $93.43 million. For the next financial year, analysts forecast that the firm will report sales of $96.56 million, with estimates ranging from $91.01 million to $102.11 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Pennantpark Floating Rate Capital.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.30 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.30. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.80%. The business had revenue of $23.01 million during the quarter, compared to analysts’ expectations of $22.99 million.

A number of analysts recently commented on PFLT shares. BidaskClub upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research report on Thursday, May 9th. Zacks Investment Research upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Tuesday, February 12th. Maxim Group restated a “buy” rating and issued a $14.50 price objective on shares of Pennantpark Floating Rate Capital in a research report on Thursday, February 7th. Keefe, Bruyette & Woods cut shares of Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $14.00 to $13.00 in a research report on Wednesday, May 8th. Finally, LADENBURG THALM/SH SH cut shares of Pennantpark Floating Rate Capital from a “buy” rating to a “neutral” rating in a research report on Monday, May 13th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.13.

In other news, insider Arthur H. Penn bought 9,000 shares of the stock in a transaction on Friday, May 10th. The stock was purchased at an average price of $12.15 per share, for a total transaction of $109,350.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Arthur H. Penn bought 9,500 shares of the stock in a transaction on Wednesday, May 15th. The shares were purchased at an average price of $12.09 per share, with a total value of $114,855.00. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 53,800 shares of company stock valued at $651,135. Corporate insiders own 1.00% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in PFLT. BlackRock Inc. increased its holdings in Pennantpark Floating Rate Capital by 8.6% during the 3rd quarter. BlackRock Inc. now owns 185,987 shares of the asset manager’s stock worth $2,446,000 after purchasing an additional 14,662 shares in the last quarter. Legal & General Group Plc increased its holdings in Pennantpark Floating Rate Capital by 2.1% during the 3rd quarter. Legal & General Group Plc now owns 150,628 shares of the asset manager’s stock worth $1,982,000 after purchasing an additional 3,152 shares in the last quarter. PFG Advisors acquired a new position in shares of Pennantpark Floating Rate Capital during the 4th quarter worth about $1,794,000. Flagship Harbor Advisors LLC acquired a new position in shares of Pennantpark Floating Rate Capital during the 4th quarter worth about $48,000. Finally, Wambolt & Associates LLC acquired a new position in shares of Pennantpark Floating Rate Capital during the 4th quarter worth about $514,000. Hedge funds and other institutional investors own 36.48% of the company’s stock.

Shares of PFLT traded down $0.10 during trading hours on Thursday, reaching $12.00. The stock had a trading volume of 150,319 shares, compared to its average volume of 217,980. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $14.12. The stock has a market cap of $465.26 million, a P/E ratio of 11.32 and a beta of 0.72.

The company also recently announced a monthly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be issued a dividend of $0.095 per share. This represents a $1.14 dividend on an annualized basis and a yield of 9.50%. The ex-dividend date is Friday, May 17th. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is presently 71.70%.

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.

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