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

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Director Jose Briones purchased 5,895 shares of the firm’s stock in a transaction on Thursday, February 19th. The stock was acquired at an average price of $8.48 per share, for a total transaction of $49,989.60. Following the completion of the transaction, the director directly owned 342,313 shares of the company’s stock, valued at approximately $2,902,814.24. This trade represents a 1.75% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

PennantPark Floating Rate Capital Trading Up 2.2%

Shares of PFLT stock opened at $8.44 on Thursday. 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 company has a market cap of $836.90 million, a price-to-earnings ratio of 6.03 and a beta of 0.76. PennantPark Floating Rate Capital Ltd. has a 1 year low of $8.18 and a 1 year high of $11.46. The firm has a fifty day moving average price of $9.19 and a 200-day moving average price of $9.35.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 17th will be given 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 14.6%. PennantPark Floating Rate Capital’s dividend payout ratio is presently 361.76%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently modified their holdings of the stock. EP Wealth Advisors LLC bought a new position in shares of PennantPark Floating Rate Capital during the fourth quarter worth $134,000. XTX Topco Ltd bought a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth about $1,675,000. VARCOV Co. purchased a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth about $928,000. Millennium Management LLC boosted its stake in PennantPark Floating Rate Capital by 1.4% during the fourth quarter. Millennium Management LLC now owns 690,051 shares of the asset manager’s stock valued at $6,397,000 after buying an additional 9,351 shares during the last quarter. Finally, CastleKnight Management LP purchased a new position in PennantPark Floating Rate Capital during the 4th quarter valued at approximately $733,000. Institutional investors own 19.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Keefe, Bruyette & Woods dropped their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $10.42.

PennantPark Floating Rate Capital Company Profile

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.