PennantPark Floating Rate Capital (NASDAQ:PFLT) Director Purchases $49,989.60 in Stock

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Director Jose Briones acquired 5,895 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were bought at an average price of $8.48 per share, with a total value of $49,989.60. Following the completion of the purchase, the director directly owned 342,313 shares in the company, valued at $2,902,814.24. The trade was a 1.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

PennantPark Floating Rate Capital Stock Down 2.9%

PennantPark Floating Rate Capital stock traded down $0.25 during trading hours on Monday, reaching $8.20. The stock had a trading volume of 1,998,261 shares, compared to its average volume of 1,251,934. The company has a market cap of $813.09 million, a price-to-earnings ratio of 5.85 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The business’s 50 day moving average price is $9.25 and its 200-day moving average price is $9.39. PennantPark Floating Rate Capital Ltd. has a 52 week low of $8.18 and a 52 week high of $11.46.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 17th will be paid a dividend of $0.1025 per share. This represents a c) annualized dividend and a dividend yield of 15.0%. The ex-dividend date is Tuesday, February 17th. PennantPark Floating Rate Capital’s payout ratio is 361.76%.

Institutional Trading of PennantPark Floating Rate Capital

Large investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC raised its stake in shares of PennantPark Floating Rate Capital by 5.8% in the third quarter. Sound Income Strategies LLC now owns 4,131,430 shares of the asset manager’s stock worth $35,654,000 after purchasing an additional 226,805 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in PennantPark Floating Rate Capital by 81.2% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 147,213 shares of the asset manager’s stock valued at $1,309,000 after buying an additional 65,977 shares during the last quarter. Y Intercept Hong Kong Ltd increased its holdings in PennantPark Floating Rate Capital by 734.7% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 207,207 shares of the asset manager’s stock worth $2,140,000 after buying an additional 182,384 shares during the period. Muzinich & Co. Inc. increased its holdings in PennantPark Floating Rate Capital by 103.0% in the 2nd quarter. Muzinich & Co. Inc. now owns 104,859 shares of the asset manager’s stock worth $1,083,000 after buying an additional 53,204 shares during the period. Finally, Foundations Investment Advisors LLC purchased a new position in PennantPark Floating Rate Capital during the 2nd quarter worth approximately $172,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Wall Street Analyst Weigh In

PFLT has been the topic of several analyst reports. Maxim Group set a $10.50 price target on shares of PennantPark Floating Rate Capital in a report on Wednesday, February 11th. Keefe, Bruyette & Woods lowered their price objective on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $10.42.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.