Insider Buying: PennantPark Floating Rate Capital (NYSE:PFLT) CFO Buys $122,250.00 in Stock

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) CFO Richard Allorto, Jr. bought 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were purchased at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the completion of the transaction, the chief financial officer owned 25,000 shares of the company’s stock, valued at $203,750. This represents a 150.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

PennantPark Floating Rate Capital Trading Up 1.1%

Shares of PFLT stock opened at $8.13 on Friday. PennantPark Floating Rate Capital Ltd. has a 12 month low of $7.92 and a 12 month high of $11.46. The company has a market cap of $806.16 million, a P/E ratio of 23.90 and a beta of 0.77. The stock has a 50 day moving average price of $8.97. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.15 and a quick ratio of 0.15.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its quarterly earnings data on Monday, February 9th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. The business had revenue of $12.72 million during the quarter.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be issued a dividend of $0.1025 per share. This represents a c) dividend on an annualized basis and a yield of 15.1%. The ex-dividend date of this dividend is Monday, March 16th. PennantPark Floating Rate Capital’s payout ratio is presently 361.76%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Large investors have recently bought and sold shares of the business. EP Wealth Advisors LLC acquired a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at $134,000. XTX Topco Ltd acquired a new position in PennantPark Floating Rate Capital in the fourth quarter worth $1,675,000. VARCOV Co. bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth $928,000. Millennium Management LLC grew its holdings in shares of PennantPark Floating Rate Capital by 1.4% during the fourth quarter. Millennium Management LLC now owns 690,051 shares of the company’s stock worth $6,397,000 after purchasing an additional 9,351 shares during the last quarter. Finally, CastleKnight Management LP acquired a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter valued at $733,000. 19.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PFLT has been the subject of a number of recent research reports. Keefe, Bruyette & Woods dropped their target price on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

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.