Insider Buying: PennantPark Floating Rate Capital (NYSE:PFLT) Director Purchases $50,025.90 in Stock

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Director Jose Briones purchased 5,770 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was bought at an average cost of $8.67 per share, for a total transaction of $50,025.90. Following the completion of the purchase, the director directly owned 348,083 shares in the company, valued at $3,017,879.61. This represents a 1.69% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

PennantPark Floating Rate Capital Trading Up 0.5%

Shares of PennantPark Floating Rate Capital stock opened at $8.69 on Friday. The firm has a market capitalization of $861.71 million, a PE ratio of 14.01 and a beta of 0.78. PennantPark Floating Rate Capital Ltd. has a twelve month low of $7.68 and a twelve month high of $10.88. The firm’s 50-day moving average price is $8.44 and its 200 day moving average price is $8.91. The company has a current ratio of 0.18, a quick ratio of 0.15 and a debt-to-equity ratio of 0.92.

PennantPark Floating Rate Capital (NYSE:PFLT) last issued its quarterly earnings results on Thursday, May 7th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The company had revenue of $44.81 million during the quarter. PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. On average, sell-side analysts predict that PennantPark Floating Rate Capital Ltd. will post 1.09 EPS for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be paid a $0.1025 dividend. This represents a c) dividend on an annualized basis and a yield of 14.2%. The ex-dividend date of this dividend is Friday, May 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 198.39%.

Institutional Trading of PennantPark Floating Rate Capital

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC increased its holdings in PennantPark Floating Rate Capital by 85.0% in the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock valued at $13,392,000 after purchasing an additional 550,011 shares during the last quarter. Jane Street Group LLC increased its holdings in PennantPark Floating Rate Capital by 692.7% in the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the company’s stock valued at $3,578,000 after purchasing an additional 279,399 shares during the last quarter. Cetera Investment Advisers increased its holdings in PennantPark Floating Rate Capital by 2.1% in the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock valued at $658,000 after purchasing an additional 1,329 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in PennantPark Floating Rate Capital in the 2nd quarter valued at approximately $41,000. Finally, Quantbot Technologies LP acquired a new stake in PennantPark Floating Rate Capital in the 2nd quarter valued at approximately $219,000. Institutional investors and hedge funds own 19.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods decreased their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a research note on Thursday, February 12th. Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Friday, May 8th. Wall Street Zen raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Citizens Jmp decreased 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 assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PennantPark Floating Rate Capital currently has an average rating of “Moderate Buy” and a consensus target price of $10.00.

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.