Pennantpark Floating Rate Capital (PFLT) Announces Earnings Results

Pennantpark Floating Rate Capital (NASDAQ:PFLT) announced its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.30 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.30, Morningstar.com reports. The business had revenue of $23.01 million for the quarter, compared to analysts’ expectations of $22.99 million. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.80%.

Shares of PFLT stock opened at $11.69 on Friday. Pennantpark Floating Rate Capital has a 12-month low of $11.05 and a 12-month high of $14.12. The company has a market capitalization of $453.25 million, a P/E ratio of 11.03 and a beta of 0.72.

The business also recently announced a monthly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be issued a $0.095 dividend. This represents a $1.14 annualized dividend and a yield of 9.75%. The ex-dividend date of this dividend is Friday, May 17th. Pennantpark Floating Rate Capital’s dividend payout ratio is currently 107.55%.

In other Pennantpark Floating Rate Capital news, Director Samuel L. Katz purchased 20,000 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were acquired at an average cost of $12.11 per share, for a total transaction of $242,200.00. Following the completion of the transaction, the director now owns 146,900 shares of the company’s stock, valued at $1,778,959. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Arthur H. Penn purchased 9,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was acquired at an average price of $12.15 per share, for a total transaction of $109,350.00. The disclosure for this purchase can be found here. Insiders purchased 62,000 shares of company stock worth $749,945 in the last 90 days. 1.00% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in Pennantpark Floating Rate Capital by 48.6% in the third quarter. JPMorgan Chase & Co. now owns 42,835 shares of the asset manager’s stock worth $563,000 after purchasing an additional 14,000 shares during the last quarter. BlackRock Inc. lifted its stake in Pennantpark Floating Rate Capital by 8.6% in the third quarter. BlackRock Inc. now owns 185,987 shares of the asset manager’s stock worth $2,446,000 after purchasing an additional 14,662 shares during the last quarter. Legal & General Group Plc lifted its stake in Pennantpark Floating Rate Capital by 2.1% in the third quarter. Legal & General Group Plc now owns 150,628 shares of the asset manager’s stock worth $1,982,000 after purchasing an additional 3,152 shares during the last quarter. Sound Income Strategies LLC lifted its stake in Pennantpark Floating Rate Capital by 4.4% in the fourth quarter. Sound Income Strategies LLC now owns 1,089,285 shares of the asset manager’s stock worth $13,485,000 after purchasing an additional 45,780 shares during the last quarter. Finally, LGT Capital Partners LTD. lifted its stake in Pennantpark Floating Rate Capital by 32.5% in the fourth quarter. LGT Capital Partners LTD. now owns 1,020,000 shares of the asset manager’s stock worth $11,801,000 after purchasing an additional 250,000 shares during the last quarter. Institutional investors and hedge funds own 35.22% of the company’s stock.

A number of research firms have recently commented on PFLT. TheStreet cut shares of Pennantpark Floating Rate Capital from a “b-” rating to a “c+” rating in a report on Wednesday, May 22nd. Zacks Investment Research cut shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. LADENBURG THALM/SH SH cut shares of Pennantpark Floating Rate Capital from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. BidaskClub upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. Finally, ValuEngine cut shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $14.13.

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Pennantpark Floating Rate Capital Company Profile

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 for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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