According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It 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. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “
PFLT has been the subject of a number of other research reports. BidaskClub upgraded shares of Pennantpark Floating Rate Capital from a hold rating to a buy rating in a research report on Tuesday, August 6th. JMP Securities cut their price objective on shares of Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a market outperform rating for the company in a research report on Tuesday. LADENBURG THALM/SH SH downgraded shares of Pennantpark Floating Rate Capital from a buy rating to a neutral rating in a research report on Monday, May 13th. Keefe, Bruyette & Woods downgraded shares of Pennantpark Floating Rate Capital from an outperform rating to a market perform rating and cut their price objective for the stock from $14.00 to $13.00 in a research report on Wednesday, May 8th. Finally, ValuEngine downgraded shares of Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research report on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $13.50.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.29 EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.01). The firm had revenue of $22.88 million for the quarter, compared to analysts’ expectations of $22.90 million. Pennantpark Floating Rate Capital had a return on equity of 8.83% and a net margin of 16.65%. On average, sell-side analysts predict that Pennantpark Floating Rate Capital will post 1.19 EPS for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.73%. Pennantpark Floating Rate Capital’s dividend payout ratio is presently 107.55%.
In related news, insider Arthur H. Penn purchased 8,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was acquired at an average price of $11.57 per share, for a total transaction of $92,560.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Aviv Efrat purchased 8,200 shares of the business’s stock in a transaction dated Friday, May 17th. The stock was bought at an average price of $12.05 per share, with a total value of $98,810.00. Following the acquisition, the chief financial officer now directly owns 45,150 shares in the company, valued at $544,057.50. The disclosure for this purchase can be found here. Insiders bought a total of 25,200 shares of company stock valued at $296,310 in the last quarter. Insiders own 1.00% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in PFLT. Alphasimplex Group LLC acquired a new stake in Pennantpark Floating Rate Capital in the 1st quarter valued at about $601,000. Wambolt & Associates LLC grew its stake in Pennantpark Floating Rate Capital by 11.3% in the 2nd quarter. Wambolt & Associates LLC now owns 55,087 shares of the asset manager’s stock valued at $637,000 after acquiring an additional 5,585 shares during the last quarter. Confluence Investment Management LLC grew its stake in Pennantpark Floating Rate Capital by 1.9% in the 1st quarter. Confluence Investment Management LLC now owns 140,761 shares of the asset manager’s stock valued at $1,803,000 after acquiring an additional 2,606 shares during the last quarter. Bank of Montreal Can acquired a new stake in Pennantpark Floating Rate Capital in the 1st quarter valued at about $231,000. Finally, Psagot Investment House Ltd. acquired a new stake in Pennantpark Floating Rate Capital in the 1st quarter valued at about $82,000. Institutional investors and hedge funds own 36.20% 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.
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