Equities analysts forecast that PennantPark Floating Rate (NASDAQ:PFLT) will announce sales of $16.28 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for PennantPark Floating Rate’s earnings. The lowest sales estimate is $16.06 million and the highest is $16.50 million. PennantPark Floating Rate posted sales of $13.22 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 23.1%. The business is expected to announce its next earnings report after the market closes on Thursday, May 10th.
According to Zacks, analysts expect that PennantPark Floating Rate will report full year sales of $67.50 million for the current fiscal year, with estimates ranging from $66.69 million to $68.31 million. For the next year, analysts forecast that the business will post sales of $80.85 million per share, with estimates ranging from $77.84 million to $83.86 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that follow PennantPark Floating Rate.
PennantPark Floating Rate (NASDAQ:PFLT) last announced its quarterly earnings results on Thursday, February 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The firm had revenue of $14.84 million during the quarter, compared to analysts’ expectations of $15.29 million. PennantPark Floating Rate had a net margin of 47.64% and a return on equity of 7.49%. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.28 EPS.
A number of analysts recently issued reports on the company. BidaskClub upgraded PennantPark Floating Rate from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Zacks Investment Research upgraded PennantPark Floating Rate from a “sell” rating to a “hold” rating in a report on Tuesday. TheStreet lowered PennantPark Floating Rate from a “b” rating to a “c+” rating in a report on Thursday, March 29th. Maxim Group lowered their price target on PennantPark Floating Rate from $14.75 to $14.00 and set a “buy” rating for the company in a report on Monday, February 12th. Finally, Keefe, Bruyette & Woods set a $15.00 price target on PennantPark Floating Rate and gave the company a “buy” rating in a report on Friday, February 9th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $14.94.
Shares of NASDAQ PFLT traded down $0.03 during trading hours on Friday, reaching $13.41. The stock had a trading volume of 78,915 shares, compared to its average volume of 263,263. The firm has a market capitalization of $524.20, a price-to-earnings ratio of 12.19 and a beta of 0.57. PennantPark Floating Rate has a 52-week low of $12.00 and a 52-week high of $14.65.
The business also recently announced a monthly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 17th will be issued a dividend of $0.095 per share. The ex-dividend date is Monday, April 16th. This represents a $1.14 dividend on an annualized basis and a yield of 8.50%. PennantPark Floating Rate’s dividend payout ratio is currently 103.64%.
In related news, Director Samuel L. Katz bought 17,000 shares of the stock in a transaction on Monday, February 26th. The stock was bought at an average price of $12.64 per share, for a total transaction of $214,880.00. Following the completion of the acquisition, the director now directly owns 136,800 shares in the company, valued at $1,729,152. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arthur H. Penn bought 9,000 shares of the stock in a transaction on Wednesday, February 14th. The shares were bought at an average price of $12.98 per share, with a total value of $116,820.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 36,000 shares of company stock valued at $457,400. 1.00% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of PFLT. Valeo Financial Advisors LLC lifted its holdings in PennantPark Floating Rate by 94.8% during the fourth quarter. Valeo Financial Advisors LLC now owns 8,767 shares of the asset manager’s stock worth $120,000 after buying an additional 4,267 shares during the period. Envestnet Asset Management Inc. purchased a new stake in PennantPark Floating Rate during the fourth quarter worth $124,000. Silver Capital Management LLC purchased a new stake in PennantPark Floating Rate during the fourth quarter worth $214,000. Stockman Wealth Management Inc. purchased a new stake in PennantPark Floating Rate during the fourth quarter worth $235,000. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in PennantPark Floating Rate by 77.4% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 18,049 shares of the asset manager’s stock worth $248,000 after buying an additional 7,877 shares during the period. Institutional investors own 31.64% of the company’s stock.
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About PennantPark Floating Rate
PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.
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