PennantPark Floating Rate Capital (NYSE:PFLT) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

PennantPark Floating Rate Capital (NYSE:PFLT) announced its quarterly earnings results on Thursday. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01), FiscalAI reports. The company had revenue of $44.81 million for the quarter. PennantPark Floating Rate Capital had a return on equity of 9.88% and a net margin of 23.08%.

PennantPark Floating Rate Capital Stock Performance

Shares of NYSE:PFLT traded down $0.05 during midday trading on Friday, hitting $8.92. The stock had a trading volume of 1,795,618 shares, compared to its average volume of 978,300. The company has a market capitalization of $885.42 million, a PE ratio of 14.39 and a beta of 0.78. The stock has a 50 day moving average price of $8.39 and a two-hundred day moving average price of $8.92. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.92. PennantPark Floating Rate Capital has a 1 year low of $7.68 and a 1 year high of $10.88.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a c) annualized dividend and a dividend yield of 13.8%. PennantPark Floating Rate Capital’s payout ratio is presently 198.39%.

Wall Street Analyst Weigh In

A number of research firms have commented on PFLT. Maxim Group set a $10.50 price objective on shares of PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Keefe, Bruyette & Woods dropped their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a research note on Thursday, February 12th. 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 on the stock in a research note on Wednesday, April 22nd. Finally, Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.25.

Insider Activity

In other news, Director Jose A. Briones bought 5,895 shares of the stock in a transaction dated Thursday, February 19th. The shares were acquired at an average price of $8.48 per share, with a total value of $49,989.60. Following the completion of the acquisition, the director directly owned 342,313 shares in the company, valued at approximately $2,902,814.24. The trade was a 1.75% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard T. Allorto, Jr. bought 15,000 shares of the stock in a transaction dated Wednesday, March 11th. The stock was purchased at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the acquisition, the chief financial officer owned 25,000 shares of the company’s stock, valued at approximately $203,750. This represents a 150.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.00% of the stock is owned by insiders.

Institutional Trading of PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently made changes to their positions in PFLT. Marshall Wace LLP boosted its holdings in shares of PennantPark Floating Rate Capital by 42.9% in the third quarter. Marshall Wace LLP now owns 2,057,399 shares of the company’s stock valued at $18,290,000 after acquiring an additional 617,657 shares in the last quarter. Truffle Hound Capital LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter valued at about $5,562,000. Millennium Management LLC boosted its holdings in PennantPark Floating Rate Capital by 85.0% during the first quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock worth $13,392,000 after buying an additional 550,011 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in PennantPark Floating Rate Capital by 12.4% during the fourth quarter. Sound Income Strategies LLC now owns 4,643,958 shares of the company’s stock worth $44,257,000 after buying an additional 512,528 shares in the last quarter. Finally, Altshuler Shaham Ltd boosted its holdings in PennantPark Floating Rate Capital by 44.1% during the fourth quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock worth $12,238,000 after buying an additional 404,117 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.