Pennantpark Floating Rate Capital Ltd (PFLT) Expected to Announce Quarterly Sales of $22.50 Million

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Wall Street brokerages predict that Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) will post $22.50 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Pennantpark Floating Rate Capital’s earnings. The lowest sales estimate is $21.80 million and the highest is $23.19 million. Pennantpark Floating Rate Capital posted sales of $16.50 million in the same quarter last year, which would indicate a positive year over year growth rate of 36.4%. The company is scheduled to issue its next quarterly earnings report on Thursday, May 9th.

According to Zacks, analysts expect that Pennantpark Floating Rate Capital will report full-year sales of $91.54 million for the current financial year, with estimates ranging from $87.12 million to $95.95 million. For the next fiscal year, analysts anticipate that the firm will post sales of $100.47 million, with estimates ranging from $87.02 million to $113.92 million. Zacks’ sales averages are an average based on a survey of analysts that follow Pennantpark Floating Rate Capital.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, February 6th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $23.18 million during the quarter, compared to the consensus estimate of $22.06 million. Pennantpark Floating Rate Capital had a return on equity of 8.24% and a net margin of 45.40%.

PFLT has been the subject of several recent analyst reports. BidaskClub upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research note on Wednesday. ValuEngine upgraded Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Wednesday, October 24th. Finally, Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $14.50.

A number of large investors have recently made changes to their positions in the stock. Standard Life Aberdeen plc grew its holdings in Pennantpark Floating Rate Capital by 47.3% during the fourth quarter. Standard Life Aberdeen plc now owns 31,138 shares of the asset manager’s stock worth $366,000 after purchasing an additional 10,000 shares during the period. Freestone Capital Holdings LLC grew its holdings in Pennantpark Floating Rate Capital by 6.5% during the fourth quarter. Freestone Capital Holdings LLC now owns 90,574 shares of the asset manager’s stock worth $1,048,000 after purchasing an additional 5,529 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Pennantpark Floating Rate Capital by 7.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,792 shares of the asset manager’s stock worth $252,000 after purchasing an additional 1,590 shares during the period. Stephens Inc. AR bought a new stake in shares of Pennantpark Floating Rate Capital during the fourth quarter worth approximately $127,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Pennantpark Floating Rate Capital by 56.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 122,312 shares of the asset manager’s stock worth $1,416,000 after acquiring an additional 44,060 shares during the period. Hedge funds and other institutional investors own 34.60% of the company’s stock.

PFLT opened at $13.19 on Thursday. The stock has a market cap of $508.30 million, a PE ratio of 12.44 and a beta of 0.72. Pennantpark Floating Rate Capital has a 52-week low of $11.05 and a 52-week high of $14.12.

The firm also recently announced a monthly dividend, which will be paid on Friday, March 1st. Investors of record on Thursday, February 14th will be paid a dividend of $0.016 per share. The ex-dividend date is Wednesday, February 13th. This represents a $0.19 annualized dividend and a yield of 1.46%. Pennantpark Floating Rate Capital’s payout ratio is 81.13%.

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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Earnings History and Estimates for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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