PennantPark Floating Rate Capital (NASDAQ:PFLT) PT Lowered to $12.00 at JMP Securities

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its target price reduced by JMP Securities from $12.50 to $12.00 in a research note released on Tuesday morning, Benzinga reports. They currently have a market outperform rating on the asset manager’s stock.

PennantPark Floating Rate Capital Trading Up 0.0 %

Shares of NASDAQ:PFLT opened at $11.20 on Tuesday. The firm has a market cap of $747.04 million, a price-to-earnings ratio of 8.48 and a beta of 1.68. PennantPark Floating Rate Capital has a 12 month low of $9.69 and a 12 month high of $12.63. The company’s fifty day simple moving average is $11.45 and its 200 day simple moving average is $11.40. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.71.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings results on Wednesday, May 8th. The asset manager reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.02). The firm had revenue of $44.35 million during the quarter, compared to the consensus estimate of $40.24 million. PennantPark Floating Rate Capital had a net margin of 55.99% and a return on equity of 11.44%. As a group, research analysts forecast that PennantPark Floating Rate Capital will post 1.3 EPS for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were issued a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a yield of 10.99%. The ex-dividend date of this dividend was Monday, July 15th. PennantPark Floating Rate Capital’s payout ratio is 83.11%.

Insider Buying and Selling at PennantPark Floating Rate Capital

In related news, CFO Richard T. Allorto, Jr. bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were acquired at an average price of $11.30 per share, for a total transaction of $113,000.00. Following the completion of the acquisition, the chief financial officer now owns 10,000 shares of the company’s stock, valued at approximately $113,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have acquired 14,370 shares of company stock worth $162,895. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of institutional investors have recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. bought a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter valued at about $29,000. Global Retirement Partners LLC lifted its position in shares of PennantPark Floating Rate Capital by 107.8% in the first quarter. Global Retirement Partners LLC now owns 3,259 shares of the asset manager’s stock valued at $37,000 after buying an additional 1,691 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in PennantPark Floating Rate Capital during the 2nd quarter valued at $41,000. UMB Bank n.a. bought a new position in PennantPark Floating Rate Capital during the second quarter worth $63,000. Finally, Catalina Capital Group LLC acquired a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at $117,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Company Profile

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.