Richard Allorto, Jr. Buys 15,000 Shares of PennantPark Floating Rate Capital (NYSE:PFLT) Stock

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) CFO Richard Allorto, Jr. bought 15,000 shares of the stock in a transaction dated Wednesday, March 11th. The shares were bought at an average cost of $8.15 per share, with a total value of $122,250.00. Following the completion of the acquisition, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at approximately $203,750. The trade was a 150.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

PennantPark Floating Rate Capital Trading Up 1.1%

Shares of PennantPark Floating Rate Capital stock opened at $8.13 on Friday. The firm has a market cap of $806.16 million, a PE ratio of 23.90 and a beta of 0.77. PennantPark Floating Rate Capital Ltd. has a twelve month low of $7.92 and a twelve month high of $11.46. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.15 and a quick ratio of 0.15. The business’s 50 day moving average is $8.97.

PennantPark Floating Rate Capital (NYSE:PFLT) last released its quarterly earnings data on Monday, February 9th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. The company had revenue of $12.72 million for the quarter.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Monday, March 16th will be issued a dividend of $0.1025 per share. This represents a c) dividend on an annualized basis and a dividend yield of 15.1%. The ex-dividend date of this dividend is Monday, March 16th. PennantPark Floating Rate Capital’s payout ratio is 361.76%.

Analyst Ratings Changes

Several research firms recently weighed in on PFLT. Keefe, Bruyette & Woods reduced their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Maxim Group set a $10.50 target price on PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, PennantPark Floating Rate Capital has a consensus rating of “Moderate Buy” and a consensus price target of $10.42.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace LLP grew its stake in PennantPark Floating Rate Capital by 42.9% in the third quarter. Marshall Wace LLP now owns 2,057,399 shares of the company’s stock valued at $18,290,000 after purchasing an additional 617,657 shares in the last quarter. Truffle Hound Capital LLC purchased a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter worth about $5,562,000. Millennium Management LLC raised its stake in shares of PennantPark Floating Rate Capital by 85.0% during the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock worth $13,392,000 after purchasing an additional 550,011 shares in the last quarter. Sound Income Strategies LLC lifted its holdings in shares of PennantPark Floating Rate Capital by 12.4% during the 4th quarter. Sound Income Strategies LLC now owns 4,643,958 shares of the company’s stock valued at $44,257,000 after buying an additional 512,528 shares during the last quarter. Finally, Altshuler Shaham Ltd grew its stake in shares of PennantPark Floating Rate Capital by 44.1% in the 4th quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock valued at $12,238,000 after buying an additional 404,117 shares in the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

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.