Jose Briones Purchases 5,770 Shares of PennantPark Floating Rate Capital (NYSE:PFLT) Stock

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

PennantPark Floating Rate Capital Stock Down 1.4%

Shares of NYSE PFLT opened at $8.65 on Thursday. The company has a quick ratio of 0.15, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. PennantPark Floating Rate Capital Ltd. has a 52 week low of $7.68 and a 52 week high of $10.88. The firm’s fifty day moving average is $8.43 and its 200 day moving average is $8.91. The company has a market cap of $857.76 million, a price-to-earnings ratio of 13.94 and a beta of 0.78.

PennantPark Floating Rate Capital (NYSE:PFLT) last released its quarterly 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 company had revenue of $44.81 million during the quarter. PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. On average, equities research analysts expect that PennantPark Floating Rate Capital Ltd. will post 1.09 earnings per share for the current year.

PennantPark Floating Rate Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be issued a $0.1025 dividend. The ex-dividend date is Friday, May 15th. This represents a c) annualized dividend and a yield of 14.2%. PennantPark Floating Rate Capital’s payout ratio is 198.39%.

Analyst Ratings Changes

Several research firms recently weighed in on PFLT. Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Citizens Jmp cut their price target on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Keefe, Bruyette & Woods cut their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Maxim Group set a $10.50 price target on shares of PennantPark Floating Rate Capital in a report on Wednesday, February 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, PennantPark Floating Rate Capital presently has an average rating of “Moderate Buy” and an average target price of $10.00.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in PFLT. International Assets Investment Management LLC purchased a new position in PennantPark Floating Rate Capital during the fourth quarter valued at $33,000. Quarry LP purchased a new position in PennantPark Floating Rate Capital during the third quarter valued at $36,000. State of Alaska Department of Revenue purchased a new position in PennantPark Floating Rate Capital during the third quarter valued at $41,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter worth about $41,000. Finally, Global Retirement Partners LLC boosted its stake in PennantPark Floating Rate Capital by 32.1% in the 3rd quarter. Global Retirement Partners LLC now owns 5,188 shares of the company’s stock worth $46,000 after purchasing an additional 1,260 shares in the last quarter. Hedge funds and other institutional investors own 19.77% 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. 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.