Insider Buying: PennantPark Floating Rate Capital (NASDAQ:PFLT) Director Purchases $49,989.60 in Stock

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Director Jose Briones acquired 5,895 shares of the firm’s stock in a transaction on Thursday, February 19th. The stock was purchased at an average cost of $8.48 per share, with a total value of $49,989.60. Following the purchase, the director owned 342,313 shares of the company’s stock, valued at $2,902,814.24. The trade was a 1.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

PennantPark Floating Rate Capital Trading Down 2.9%

Shares of PFLT traded down $0.25 during mid-day trading on Monday, reaching $8.20. 1,998,261 shares of the company’s stock traded hands, compared to its average volume of 1,251,934. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The stock’s 50-day moving average is $9.25 and its two-hundred day moving average is $9.39. PennantPark Floating Rate Capital Ltd. has a 12 month low of $8.18 and a 12 month high of $11.46. The stock has a market cap of $813.09 million, a P/E ratio of 5.85 and a beta of 0.76.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 17th will be paid a $0.1025 dividend. The ex-dividend date is Tuesday, February 17th. This represents a c) dividend on an annualized basis and a yield of 15.0%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 361.76%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several large investors have recently modified their holdings of the business. Allworth Financial LP boosted its stake in shares of PennantPark Floating Rate Capital by 1,603.7% during the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 2,614 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in PennantPark Floating Rate Capital during the fourth quarter worth $33,000. Quarry LP purchased a new stake in PennantPark Floating Rate Capital during the third quarter worth $36,000. State of Alaska Department of Revenue bought a new stake in PennantPark Floating Rate Capital during the 3rd quarter valued at $41,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in PennantPark Floating Rate Capital during the 2nd quarter valued at $41,000. Institutional investors own 19.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods cut their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a report 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. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, PennantPark Floating Rate Capital currently has an average rating of “Buy” and a consensus price target of $10.42.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.