Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) was the target of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totalling 113,400 shares, a decrease of 44.1% from the August 30th total of 203,000 shares. Approximately 0.3% of the company’s shares are short sold. Based on an average daily volume of 143,200 shares, the days-to-cover ratio is currently 0.8 days.
In related news, insider Arthur H. Penn acquired 9,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average price of $11.66 per share, for a total transaction of $104,940.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Samuel L. Katz purchased 25,000 shares of the stock in a transaction on Wednesday, September 4th. The stock was acquired at an average price of $11.42 per share, with a total value of $285,500.00. Following the completion of the acquisition, the director now directly owns 191,800 shares of the company’s stock, valued at $2,190,356. The disclosure for this purchase can be found here. Insiders purchased 50,000 shares of company stock valued at $575,400 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new position in shares of Pennantpark Floating Rate Capital during the second quarter worth approximately $71,000. NEXT Financial Group Inc boosted its holdings in shares of Pennantpark Floating Rate Capital by 13.3% in the 2nd quarter. NEXT Financial Group Inc now owns 8,681 shares of the asset manager’s stock valued at $101,000 after purchasing an additional 1,018 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of Pennantpark Floating Rate Capital in the 2nd quarter valued at $133,000. First Allied Advisory Services Inc. boosted its holdings in shares of Pennantpark Floating Rate Capital by 60.9% in the 2nd quarter. First Allied Advisory Services Inc. now owns 18,981 shares of the asset manager’s stock valued at $219,000 after purchasing an additional 7,182 shares in the last quarter. Finally, FNY Investment Advisers LLC boosted its holdings in shares of Pennantpark Floating Rate Capital by 6,903.5% in the 2nd quarter. FNY Investment Advisers LLC now owns 19,890 shares of the asset manager’s stock valued at $229,000 after purchasing an additional 19,606 shares in the last quarter. 35.97% of the stock is owned by institutional investors.
Several brokerages have issued reports on PFLT. BidaskClub downgraded Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. JMP Securities lowered their price target on Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a “market outperform” rating for the company in a report on Tuesday, August 13th. Finally, Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $13.50.
Shares of Pennantpark Floating Rate Capital stock traded up $0.06 during trading hours on Friday, hitting $11.52. The company’s stock had a trading volume of 134,821 shares, compared to its average volume of 117,588. Pennantpark Floating Rate Capital has a 12 month low of $11.05 and a 12 month high of $13.42. The stock has a 50 day moving average of $11.54 and a 200 day moving average of $11.96. The company has a market capitalization of $442.39 million, a PE ratio of 10.87 and a beta of 0.73.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.01). Pennantpark Floating Rate Capital had a return on equity of 8.83% and a net margin of 16.65%. The business had revenue of $22.88 million during the quarter, compared to the consensus estimate of $22.90 million. As a group, research analysts anticipate that Pennantpark Floating Rate Capital will post 1.19 earnings per share for the current fiscal year.
The company also recently disclosed a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 17th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $1.14 annualized dividend and a dividend yield of 9.90%. Pennantpark Floating Rate Capital’s dividend payout ratio is currently 107.55%.
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.
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