Insider Buying: Pennantpark Floating Rate Capital Ltd (PFLT) Insider Purchases 10,000 Shares of Stock

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) insider Arthur H. Penn acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was purchased at an average price of $12.57 per share, with a total value of $125,700.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Pennantpark Floating Rate Capital Ltd (NASDAQ PFLT) traded up $0.39 on Tuesday, reaching $12.85. The company’s stock had a trading volume of 504,043 shares, compared to its average volume of 360,975. Pennantpark Floating Rate Capital Ltd has a 52 week low of $12.00 and a 52 week high of $14.65. The stock has a market capitalization of $494.47, a price-to-earnings ratio of 16.47 and a beta of 0.54.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Thursday, February 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). Pennantpark Floating Rate Capital had a net margin of 47.64% and a return on equity of 7.49%. The company had revenue of $14.84 million during the quarter, compared to analysts’ expectations of $15.29 million. During the same quarter last year, the firm earned $0.28 EPS. Pennantpark Floating Rate Capital’s revenue for the quarter was up 17.5% on a year-over-year basis. equities analysts anticipate that Pennantpark Floating Rate Capital Ltd will post 1.08 EPS for the current year.

The business also recently announced a monthly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Friday, February 16th will be paid a $0.095 dividend. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.14 annualized dividend and a yield of 8.87%. Pennantpark Floating Rate Capital’s dividend payout ratio (DPR) is presently 146.15%.

A number of institutional investors and hedge funds have recently bought and sold shares of PFLT. California Public Employees Retirement System grew its stake in shares of Pennantpark Floating Rate Capital by 9.4% during the second quarter. California Public Employees Retirement System now owns 25,600 shares of the asset manager’s stock worth $361,000 after acquiring an additional 2,200 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Pennantpark Floating Rate Capital by 4.9% during the second quarter. Wells Fargo & Company MN now owns 52,544 shares of the asset manager’s stock worth $741,000 after acquiring an additional 2,456 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Pennantpark Floating Rate Capital by 94.8% during the fourth quarter. Valeo Financial Advisors LLC now owns 8,767 shares of the asset manager’s stock worth $120,000 after acquiring an additional 4,267 shares during the last quarter. Wedbush Securities Inc. grew its stake in shares of Pennantpark Floating Rate Capital by 25.1% during the fourth quarter. Wedbush Securities Inc. now owns 26,478 shares of the asset manager’s stock worth $363,000 after acquiring an additional 5,312 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Pennantpark Floating Rate Capital by 12.2% during the second quarter. Royal Bank of Canada now owns 55,473 shares of the asset manager’s stock worth $783,000 after acquiring an additional 6,019 shares during the last quarter. Institutional investors own 27.00% of the company’s stock.

Several analysts recently weighed in on PFLT shares. BidaskClub upgraded Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Maxim Group cut their target price on Pennantpark Floating Rate Capital from $14.75 to $14.00 and set a “buy” rating on the stock in a research note on Monday. Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Tuesday, February 6th. Keefe, Bruyette & Woods set a $15.00 target price on Pennantpark Floating Rate Capital and gave the company a “buy” rating in a research note on Friday. Finally, ValuEngine upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Pennantpark Floating Rate Capital presently has a consensus rating of “Buy” and an average target price of $14.95.

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Pennantpark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

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