Analysts Expect Pennantpark Floating Rate Capital Ltd (PFLT) Will Announce Quarterly Sales of $22.90 Million

Wall Street analysts expect Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) to post sales of $22.90 million for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Pennantpark Floating Rate Capital’s earnings, with estimates ranging from $22.87 million to $22.93 million. Pennantpark Floating Rate Capital reported sales of $19.53 million in the same quarter last year, which suggests a positive year over year growth rate of 17.3%. The business is expected to issue its next quarterly earnings results on Wednesday, August 14th.

According to Zacks, analysts expect that Pennantpark Floating Rate Capital will report full year sales of $92.59 million for the current financial year, with estimates ranging from $91.76 million to $93.43 million. For the next year, analysts forecast that the business will post sales of $96.56 million, with estimates ranging from $91.01 million to $102.11 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Pennantpark Floating Rate Capital.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Pennantpark Floating Rate Capital had a net margin of 17.80% and a return on equity of 8.80%. The company had revenue of $23.01 million during the quarter, compared to analysts’ expectations of $22.99 million.

Several equities research analysts have recently commented on the stock. LADENBURG THALM/SH SH lowered shares of Pennantpark Floating Rate Capital from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. Zacks Investment Research lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. BidaskClub lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Friday, April 5th. Finally, Keefe, Bruyette & Woods lowered shares of Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $14.00 to $13.00 in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.13.

Shares of NASDAQ:PFLT traded up $0.08 during trading hours on Thursday, hitting $12.08. The company’s stock had a trading volume of 152,075 shares, compared to its average volume of 139,926. Pennantpark Floating Rate Capital has a 52 week low of $11.05 and a 52 week high of $14.12. The firm has a market cap of $465.26 million, a P/E ratio of 11.40 and a beta of 0.72.

The firm also recently declared a monthly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.14 annualized dividend and a dividend yield of 9.44%. Pennantpark Floating Rate Capital’s dividend payout ratio is currently 71.70%.

In other news, Director Samuel L. Katz acquired 20,000 shares of Pennantpark Floating Rate Capital stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $12.11 per share, for a total transaction of $242,200.00. Following the purchase, the director now directly owns 146,900 shares in the company, valued at approximately $1,778,959. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Arthur H. Penn acquired 9,000 shares of Pennantpark Floating Rate Capital stock in a transaction that occurred on Friday, May 10th. The shares were purchased at an average price of $12.15 per share, with a total value of $109,350.00. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 62,000 shares of company stock valued at $749,945. Company insiders own 1.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Sound Income Strategies LLC raised its stake in shares of Pennantpark Floating Rate Capital by 8.4% during the 1st quarter. Sound Income Strategies LLC now owns 1,172,567 shares of the asset manager’s stock worth $15,021,000 after acquiring an additional 90,537 shares in the last quarter. LGT Capital Partners LTD. raised its stake in shares of Pennantpark Floating Rate Capital by 7.5% during the 1st quarter. LGT Capital Partners LTD. now owns 1,096,791 shares of the asset manager’s stock worth $14,050,000 after acquiring an additional 76,791 shares in the last quarter. Polar Capital LLP raised its stake in shares of Pennantpark Floating Rate Capital by 4.7% during the 4th quarter. Polar Capital LLP now owns 824,000 shares of the asset manager’s stock worth $9,534,000 after acquiring an additional 37,315 shares in the last quarter. Punch & Associates Investment Management Inc. raised its stake in shares of Pennantpark Floating Rate Capital by 2.1% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 559,365 shares of the asset manager’s stock worth $7,165,000 after acquiring an additional 11,430 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC raised its stake in shares of Pennantpark Floating Rate Capital by 0.4% during the 1st quarter. Pacific Ridge Capital Partners LLC now owns 381,576 shares of the asset manager’s stock worth $4,888,000 after acquiring an additional 1,444 shares in the last quarter. Hedge funds and other institutional investors own 36.48% of the company’s stock.

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.

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