Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) Expected to Announce Quarterly Sales of $23.53 Million

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Wall Street brokerages expect Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) to report $23.53 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Pennantpark Floating Rate Capital’s earnings. The lowest sales estimate is $23.50 million and the highest is $23.56 million. Pennantpark Floating Rate Capital reported sales of $21.30 million during the same quarter last year, which indicates a positive year over year growth rate of 10.5%. The business is expected to announce its next earnings report on Wednesday, November 13th.

According to Zacks, analysts expect that Pennantpark Floating Rate Capital will report full year sales of $92.60 million for the current fiscal year, with estimates ranging from $92.57 million to $92.62 million. For the next fiscal year, analysts forecast that the business will report sales of $98.90 million, with estimates ranging from $98.44 million to $99.36 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Pennantpark Floating Rate Capital.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Wednesday, August 7th. The asset manager reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Pennantpark Floating Rate Capital had a net margin of 16.65% and a return on equity of 8.83%. The business had revenue of $22.88 million during the quarter, compared to analysts’ expectations of $22.90 million.

A number of research analysts recently weighed in on the stock. LADENBURG THALM/SH SH lowered shares of Pennantpark Floating Rate Capital from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. TheStreet lowered shares of Pennantpark Floating Rate Capital from a “b-” rating to a “c+” rating in a report on Wednesday, May 22nd. BidaskClub lowered shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. ValuEngine lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Finally, Zacks Investment Research lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $13.50.

Shares of PFLT stock traded down $0.01 on Friday, reaching $11.60. The company’s stock had a trading volume of 147,800 shares, compared to its average volume of 147,524. The stock’s fifty day simple moving average is $11.62 and its 200-day simple moving average is $12.34. Pennantpark Floating Rate Capital has a 1 year low of $11.05 and a 1 year high of $13.75. The company has a market capitalization of $449.73 million, a price-to-earnings ratio of 10.94 and a beta of 0.73.

The company also recently disclosed 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 9.83%. The ex-dividend date is Friday, August 16th. Pennantpark Floating Rate Capital’s payout ratio is 107.55%.

In other news, insider Arthur H. Penn acquired 8,000 shares of the company’s stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $11.57 per share, with a total value of $92,560.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Arthur H. Penn acquired 9,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were purchased at an average cost of $11.66 per share, with a total value of $104,940.00. The disclosure for this purchase can be found here. Insiders have acquired 25,000 shares of company stock valued at $289,900 over the last ninety days. 1.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Pennantpark Floating Rate Capital by 4.6% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 314,247 shares of the asset manager’s stock worth $3,633,000 after buying an additional 13,711 shares during the period. Susquehanna International Group LLP raised its stake in shares of Pennantpark Floating Rate Capital by 118.5% during the 2nd quarter. Susquehanna International Group LLP now owns 82,653 shares of the asset manager’s stock worth $955,000 after buying an additional 44,825 shares during the period. Citadel Advisors LLC acquired a new position in shares of Pennantpark Floating Rate Capital during the 2nd quarter worth approximately $133,000. Morgan Stanley raised its stake in shares of Pennantpark Floating Rate Capital by 1.3% during the 2nd quarter. Morgan Stanley now owns 355,529 shares of the asset manager’s stock worth $4,109,000 after buying an additional 4,735 shares during the period. Finally, Virtus ETF Advisers LLC acquired a new position in shares of Pennantpark Floating Rate Capital during the 2nd quarter worth approximately $3,335,000. 36.92% of the stock is owned by hedge funds and other institutional investors.

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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