PennantPark Floating Rate Capital (NYSE:PFLT) Posts Earnings Results

PennantPark Floating Rate Capital (NYSE:PFLT) announced its earnings results on Monday. The company reported $0.26 EPS for the quarter, FiscalAI reports. PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. The firm had revenue of $22.73 million for the quarter.

PennantPark Floating Rate Capital Stock Performance

NYSE:PFLT traded down $0.12 during mid-day trading on Monday, hitting $7.40. The company’s stock had a trading volume of 1,331,309 shares, compared to its average volume of 1,158,657. The business’s fifty day moving average is $7.43 and its two-hundred day moving average is $8.18. The stock has a market cap of $734.23 million, a price-to-earnings ratio of 11.94 and a beta of 0.76. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.18 and a quick ratio of 0.18. PennantPark Floating Rate Capital has a 1 year low of $6.83 and a 1 year high of $10.60.

PennantPark Floating Rate Capital Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.08 dividend. This represents a c) annualized dividend and a dividend yield of 13.0%. The ex-dividend date of this dividend is Friday, August 14th. PennantPark Floating Rate Capital’s dividend payout ratio is 154.84%.

Wall Street Analysts Forecast Growth

PFLT has been the topic of a number of recent analyst reports. Zacks Research upgraded shares of PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Weiss Ratings reissued a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday. Truist Financial reduced their price objective on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Finally, Citizens Jmp dropped their target price on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, PennantPark Floating Rate Capital presently has a consensus rating of “Moderate Buy” and an average price target of $9.80.

Insider Buying and Selling

In other news, Director Jose A. Briones bought 5,770 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $8.67 per share, with a total value of $50,025.90. Following the acquisition, the director directly owned 348,083 shares in the company, valued at $3,017,879.61. This trade represents a 1.69% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of PennantPark Floating Rate Capital

Several large investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. grew its stake in shares of PennantPark Floating Rate Capital by 4,538.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 185,546 shares of the company’s stock worth $1,768,000 after acquiring an additional 181,546 shares in the last quarter. Altshuler Shaham Ltd lifted its position in shares of PennantPark Floating Rate Capital by 44.1% during the 4th quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock worth $12,238,000 after purchasing an additional 404,117 shares during the last quarter. Sound Income Strategies LLC raised its stake in PennantPark Floating Rate Capital by 6.4% in the first quarter. Sound Income Strategies LLC now owns 4,940,809 shares of the company’s stock valued at $39,576,000 after buying an additional 296,851 shares in the last quarter. UBS Group AG increased its holdings in shares of PennantPark Floating Rate Capital by 5.5% in the 4th quarter. UBS Group AG now owns 1,367,442 shares of the company’s stock valued at $12,676,000 after acquiring an additional 71,372 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in PennantPark Floating Rate Capital by 14.0% during the fourth quarter. Legal & General Group Plc now owns 687,570 shares of the company’s stock worth $6,377,000 after purchasing an additional 84,231 shares during the last quarter. Hedge funds and other institutional investors own 19.77% 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. 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.