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

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

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT stock traded up $0.14 during trading hours on Friday, hitting $8.18. 463,384 shares of the company were exchanged, compared to its average volume of 1,195,129. The company has a market cap of $811.12 million, a PE ratio of 24.04 and a beta of 0.77. PennantPark Floating Rate Capital Ltd. has a one year low of $7.92 and a one year high of $11.46. The firm has a 50-day moving average price of $8.99. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.15 and a quick ratio of 0.15.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its quarterly earnings data on Monday, February 9th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $12.72 million for the quarter.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be paid a dividend of $0.1025 per share. The ex-dividend date is Monday, March 16th. This represents a c) annualized dividend and a yield of 15.0%. PennantPark Floating Rate Capital’s payout ratio is presently 361.76%.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PFLT. Allworth Financial LP increased its stake in shares of PennantPark Floating Rate Capital by 1,603.7% in the second quarter. Allworth Financial LP now owns 2,777 shares of the company’s stock valued at $29,000 after purchasing an additional 2,614 shares during the period. International Assets Investment Management LLC bought a new position in PennantPark Floating Rate Capital in the 4th quarter worth approximately $33,000. Quarry LP acquired a new stake in PennantPark Floating Rate Capital in the 3rd quarter valued at approximately $36,000. State of Alaska Department of Revenue acquired a new stake in PennantPark Floating Rate Capital in the 3rd quarter valued at approximately $41,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in PennantPark Floating Rate Capital during the 2nd quarter valued at $41,000. 19.77% of the stock is owned by institutional investors and hedge funds.

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.