Q4 2017 Earnings Estimate for PennantPark Floating Rate Capital Ltd. Issued By SunTrust Banks (PFLT)

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) – Equities research analysts at SunTrust Banks lifted their Q4 2017 earnings per share (EPS) estimates for shares of PennantPark Floating Rate Capital in a report issued on Wednesday. SunTrust Banks analyst D. Mewhirter now forecasts that the asset manager will post earnings per share of $0.34 for the quarter, up from their prior forecast of $0.29.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings results on Tuesday, August 8th. The asset manager reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.03. PennantPark Floating Rate Capital had a return on equity of 7.26% and a net margin of 73.28%. The business had revenue of $15.19 million during the quarter, compared to analysts’ expectations of $15.17 million.

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Several other brokerages have also commented on PFLT. BidaskClub lowered PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Maxim Group reiterated a “buy” rating and set a $14.75 price objective on shares of PennantPark Floating Rate Capital in a report on Wednesday. Zacks Investment Research upgraded PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Friday, May 12th. Ladenburg Thalmann Financial Services upgraded PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.75 price objective for the company in a report on Thursday, May 11th. Finally, Keefe, Bruyette & Woods upgraded PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $15.00 to $15.50 in a report on Wednesday, May 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $14.83.

PennantPark Floating Rate Capital (NASDAQ PFLT) traded down 1.28% on Friday, hitting $13.93. The stock had a trading volume of 164,982 shares. The company has a 50-day moving average price of $14.23 and a 200 day moving average price of $13.97. PennantPark Floating Rate Capital has a 52-week low of $12.21 and a 52-week high of $14.45.

A number of institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. raised its position in shares of PennantPark Floating Rate Capital by 2.6% in the first quarter. Envestnet Asset Management Inc. now owns 9,621 shares of the asset manager’s stock worth $134,000 after buying an additional 242 shares during the period. Two Sigma Securities LLC purchased a new position in shares of PennantPark Floating Rate Capital during the first quarter worth about $169,000. Raymond James Financial Services Advisors Inc. raised its position in shares of PennantPark Floating Rate Capital by 16.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,133 shares of the asset manager’s stock worth $197,000 after buying an additional 2,000 shares during the period. CIBC World Markets Inc. purchased a new position in shares of PennantPark Floating Rate Capital during the second quarter worth about $202,000. Finally, GSA Capital Partners LLP purchased a new position in shares of PennantPark Floating Rate Capital during the second quarter worth about $207,000. Institutional investors own 34.44% of the company’s stock.

The company also recently announced a monthly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a $0.095 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $1.14 dividend on an annualized basis and a yield of 8.08%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 78.08%.

About PennantPark Floating Rate Capital

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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