PennantPark Floating Rate (NASDAQ:PFLT) has been given a consensus recommendation of “Buy” by the six ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $14.58.
Several equities analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of PennantPark Floating Rate from a “hold” rating to a “sell” rating in a research note on Wednesday, February 14th. BidaskClub raised shares of PennantPark Floating Rate from a “sell” rating to a “hold” rating in a research note on Saturday, February 10th. Keefe, Bruyette & Woods set a $15.00 price objective on shares of PennantPark Floating Rate and gave the company a “buy” rating in a research note on Friday, February 9th. Finally, Maxim Group reduced their price objective on shares of PennantPark Floating Rate from $14.75 to $14.00 and set a “buy” rating on the stock in a research note on Monday, February 12th.
In related news, Director Samuel L. Katz purchased 17,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average price of $12.64 per share, with a total value of $214,880.00. Following the completion of the transaction, the director now owns 136,800 shares of the company’s stock, valued at approximately $1,729,152. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Arthur H. Penn purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average cost of $12.57 per share, with a total value of $125,700.00. The disclosure for this purchase can be found here. Insiders have purchased 36,000 shares of company stock valued at $457,400 in the last ninety days. 1.00% of the stock is currently owned by company insiders.
Shares of PFLT traded up $0.08 on Friday, hitting $13.09. 221,837 shares of the stock traded hands, compared to its average volume of 216,953. The company has a market capitalization of $507.53, a price-to-earnings ratio of 11.90 and a beta of 0.60. PennantPark Floating Rate has a 1 year low of $12.00 and a 1 year high of $14.65.
PennantPark Floating Rate (NASDAQ:PFLT) last announced its quarterly earnings data on Thursday, February 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). The firm had revenue of $14.84 million for the quarter, compared to analysts’ expectations of $15.29 million. PennantPark Floating Rate had a net margin of 47.64% and a return on equity of 7.49%. The business’s quarterly revenue was up 17.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.28 EPS. equities research analysts expect that PennantPark Floating Rate will post 0.74 earnings per share for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Monday, April 2nd. Investors of record on Monday, March 19th will be given a dividend of $0.095 per share. This represents a $1.14 annualized dividend and a yield of 8.71%. The ex-dividend date of this dividend is Friday, March 16th. PennantPark Floating Rate’s dividend payout ratio (DPR) is 103.64%.
PennantPark Floating Rate Company Profile
PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.
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