PennantPark Floating Rate Capital (NASDAQ:PFLT) Stock Crosses Above 200-Day Moving Average of $11.48

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $11.48 and traded as high as $11.58. PennantPark Floating Rate Capital shares last traded at $11.48, with a volume of 1,356,018 shares traded.

Wall Street Analysts Forecast Growth

Separately, JMP Securities reaffirmed a “market outperform” rating and issued a $12.50 target price on shares of PennantPark Floating Rate Capital in a research report on Tuesday, March 26th.

PennantPark Floating Rate Capital Price Performance

The company has a market cap of $766.04 million, a P/E ratio of 7.76 and a beta of 1.65. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.36 and a current ratio of 0.36. The firm’s fifty day moving average is $11.36 and its two-hundred day moving average is $11.48.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Wednesday, May 8th. The asset manager reported $0.31 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.02). The company had revenue of $44.35 million during the quarter, compared to analysts’ expectations of $40.24 million. PennantPark Floating Rate Capital had a return on equity of 11.44% and a net margin of 55.99%. As a group, analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.3 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.1025 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.23 annualized dividend and a yield of 10.71%. PennantPark Floating Rate Capital’s payout ratio is 83.11%.

Insiders Place Their Bets

In related news, CFO Richard T. Allorto, Jr. bought 10,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were acquired at an average cost of $11.30 per share, for a total transaction of $113,000.00. Following the purchase, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at $113,000. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have purchased 14,370 shares of company stock worth $162,895 in the last three months. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of PennantPark Floating Rate Capital in the third quarter worth $223,000. Advisors Asset Management Inc. lifted its stake in shares of PennantPark Floating Rate Capital by 7.9% in the third quarter. Advisors Asset Management Inc. now owns 324,900 shares of the asset manager’s stock worth $3,463,000 after buying an additional 23,893 shares in the last quarter. Toroso Investments LLC raised its stake in PennantPark Floating Rate Capital by 6.4% during the third quarter. Toroso Investments LLC now owns 77,596 shares of the asset manager’s stock worth $827,000 after purchasing an additional 4,700 shares during the period. Optimum Investment Advisors grew its holdings in shares of PennantPark Floating Rate Capital by 11.6% in the fourth quarter. Optimum Investment Advisors now owns 28,801 shares of the asset manager’s stock valued at $348,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Sound Income Strategies LLC grew its holdings in shares of PennantPark Floating Rate Capital by 3.8% in the fourth quarter. Sound Income Strategies LLC now owns 3,246,302 shares of the asset manager’s stock valued at $39,280,000 after purchasing an additional 118,587 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors.

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.