Pennantpark Floating Rate Capital (NASDAQ:PFLT) Stock Price Up 19.3% Following Insider Buying Activity

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) shares rose 19.3% during mid-day trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $4.73 and last traded at $5.40, approximately 279,767 shares were traded during mid-day trading. A decline of 41% from the average daily volume of 471,751 shares. The stock had previously closed at $4.53.

Specifically, CFO Aviv Efrat acquired 28,800 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The stock was purchased at an average price of $4.36 per share, for a total transaction of $125,568.00. Following the completion of the acquisition, the chief financial officer now owns 90,950 shares in the company, valued at $396,542. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Arthur H. Penn bought 7,000 shares of the stock in a transaction on Wednesday, February 26th. The stock was purchased at an average cost of $11.53 per share, with a total value of $80,710.00. Insiders acquired 96,250 shares of company stock worth $462,301 in the last three months. Insiders own 1.00% of the company’s stock.

A number of equities analysts have recently weighed in on the stock. Maxim Group cut shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research cut shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a research report on Thursday, January 23rd. ValuEngine downgraded Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Sunday, March 15th. Finally, BidaskClub lowered Pennantpark Floating Rate Capital from a “sell” rating to a “strong sell” rating in a report on Friday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $13.50.

The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.45. The business has a 50 day moving average of $10.07 and a 200-day moving average of $11.46. The firm has a market capitalization of $181.06 million, a P/E ratio of 12.57 and a beta of 0.78.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Wednesday, February 5th. The asset manager reported $0.29 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.29. The firm had revenue of $24.64 million for the quarter, compared to analyst estimates of $24.15 million. Pennantpark Floating Rate Capital had a net margin of 17.37% and a return on equity of 9.01%. On average, analysts anticipate that Pennantpark Floating Rate Capital Ltd will post 1.18 EPS for the current fiscal year.

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, April 1st. Investors of record on Wednesday, March 18th will be issued a dividend of $0.095 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 21.59%. Pennantpark Floating Rate Capital’s payout ratio is 97.44%.

Large investors have recently modified their holdings of the stock. Total Clarity Wealth Management Inc. acquired a new position in shares of Pennantpark Floating Rate Capital during the fourth quarter worth about $39,000. Aigen Investment Management LP acquired a new position in shares of Pennantpark Floating Rate Capital during the fourth quarter worth about $39,000. Marshall Wace North America L.P. acquired a new position in shares of Pennantpark Floating Rate Capital during the fourth quarter worth about $43,000. Tower Research Capital LLC TRC boosted its position in shares of Pennantpark Floating Rate Capital by 323.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,657 shares of the asset manager’s stock worth $45,000 after buying an additional 2,793 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Pennantpark Floating Rate Capital by 57.0% during the fourth quarter. Bank of America Corp DE now owns 6,558 shares of the asset manager’s stock worth $80,000 after buying an additional 2,380 shares during the period. Institutional investors and hedge funds own 36.57% of the company’s stock.

About Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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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