Pennantpark Floating Rate Capital Ltd (PFLT) Given Average Rating of “Hold” by Brokerages

Shares of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) have been assigned a consensus rating of “Hold” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $13.75.

A number of research firms have commented on PFLT. 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. Zacks Investment Research cut shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. TheStreet cut shares of Pennantpark Floating Rate Capital from a “b-” rating to a “c+” rating in a research report on Wednesday, May 22nd. BidaskClub cut shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. Finally, Keefe, Bruyette & Woods cut shares of Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $14.00 to $13.00 in a research report on Wednesday, May 8th.

Shares of PFLT traded down $0.02 during mid-day trading on Friday, reaching $11.68. The stock had a trading volume of 241,500 shares, compared to its average volume of 146,301. Pennantpark Floating Rate Capital has a 52-week low of $11.05 and a 52-week high of $14.12. The firm has a market capitalization of $448.57 million, a P/E ratio of 11.02 and a beta of 0.78.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.30 earnings per share (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 firm had revenue of $23.01 million during the quarter, compared to analyst estimates of $22.99 million. As a group, equities analysts anticipate that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.

The business also recently announced a monthly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be given a $0.095 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.14 dividend on an annualized basis and a yield of 9.76%. Pennantpark Floating Rate Capital’s payout ratio is currently 107.55%.

In other Pennantpark Floating Rate Capital news, insider Arthur H. Penn purchased 9,000 shares of Pennantpark Floating Rate Capital stock in a transaction dated Friday, May 10th. The shares were acquired at an average price of $12.15 per share, with a total value of $109,350.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Samuel L. Katz purchased 20,000 shares of Pennantpark Floating Rate Capital stock in a transaction dated Monday, May 13th. The shares were acquired at an average cost of $12.11 per share, for a total transaction of $242,200.00. Following the transaction, the director now directly owns 146,900 shares of the company’s stock, valued at approximately $1,778,959. The disclosure for this purchase can be found here. Insiders acquired 62,000 shares of company stock worth $749,945 in the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Pennantpark Floating Rate Capital during the fourth quarter worth about $48,000. Psagot Investment House Ltd. acquired a new stake in shares of Pennantpark Floating Rate Capital during the first quarter worth about $82,000. Advisor Group Inc. lifted its position in shares of Pennantpark Floating Rate Capital by 22.3% during the first quarter. Advisor Group Inc. now owns 10,149 shares of the asset manager’s stock worth $130,000 after purchasing an additional 1,850 shares in the last quarter. Stephens Inc. AR acquired a new stake in shares of Pennantpark Floating Rate Capital during the fourth quarter worth about $127,000. Finally, First Allied Advisory Services Inc. acquired a new stake in shares of Pennantpark Floating Rate Capital during the first quarter worth about $149,000. 35.22% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: Reverse Stock Split

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