Pennantpark Floating Rate Capital Ltd (PFLT) Expected to Post Quarterly Sales of $16.28 Million

Equities analysts predict that Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) will announce sales of $16.28 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Pennantpark Floating Rate Capital’s earnings, with the lowest sales estimate coming in at $16.06 million and the highest estimate coming in at $16.50 million. Pennantpark Floating Rate Capital posted sales of $13.22 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 23.1%. The company is expected to announce its next quarterly earnings results on Tuesday, May 8th.

According to Zacks, analysts expect that Pennantpark Floating Rate Capital will report full year sales of $16.28 million for the current financial year, with estimates ranging from $66.69 million to $68.31 million. For the next financial year, analysts expect that the company will post sales of $80.85 million per share, with estimates ranging from $77.84 million to $83.86 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Pennantpark Floating Rate Capital.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings data on Thursday, February 8th. The asset manager reported $0.25 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 period last year, the business earned $0.28 earnings per share. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year.

PFLT has been the topic of several research reports. Maxim Group reissued a “buy” rating and issued a $14.75 price objective on shares of Pennantpark Floating Rate Capital in a research report on Friday, December 1st. ValuEngine raised Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research lowered Pennantpark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a research report on Tuesday, December 5th. BidaskClub raised Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Keefe, Bruyette & Woods set a $15.00 price objective on Pennantpark Floating Rate Capital and gave the company a “buy” rating in a research report on Friday, February 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $14.94.

PFLT stock opened at $13.14 on Tuesday. Pennantpark Floating Rate Capital has a 52-week low of $12.00 and a 52-week high of $14.65. The company has a market capitalization of $511.79, a PE ratio of 14.28 and a beta of 0.60.

The firm also recently announced a monthly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Monday, March 19th will be given a dividend of $0.095 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.68%. The ex-dividend date of this dividend is Friday, March 16th. Pennantpark Floating Rate Capital’s payout ratio is 123.91%.

In other Pennantpark Floating Rate Capital news, Director Samuel L. Katz bought 17,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were acquired at an average cost of $12.64 per share, with a total value of $214,880.00. Following the completion of the transaction, the director now owns 136,800 shares in the company, valued at $1,729,152. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Arthur H. Penn bought 10,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were acquired at an average cost of $12.57 per share, for a total transaction of $125,700.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 36,000 shares of company stock worth $457,400. Corporate insiders own 1.00% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC increased its position 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. Envestnet Asset Management Inc. purchased a new stake in shares of Pennantpark Floating Rate Capital during the fourth quarter worth about $124,000. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Pennantpark Floating Rate Capital during the third quarter worth about $147,000. Silver Capital Management LLC purchased a new stake in shares of Pennantpark Floating Rate Capital during the fourth quarter worth about $214,000. Finally, Stockman Wealth Management Inc. bought a new stake in Pennantpark Floating Rate Capital in the fourth quarter valued at about $235,000. 31.64% of the stock is currently owned by institutional investors and hedge funds.

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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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