PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) posted its earnings results on Tuesday, August 8th. The asset manager reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by $0.03, Bloomberg Earnings reports. The business had revenue of $15.19 million for the quarter, compared to analysts’ expectations of $15.17 million. PennantPark Floating Rate Capital had a net margin of 73.28% and a return on equity of 7.26%.
PennantPark Floating Rate Capital (NASDAQ PFLT) traded up 0.50% during mid-day trading on Friday, hitting $14.17. 153,301 shares of the stock were exchanged. PennantPark Floating Rate Capital has a 12-month low of $12.21 and a 12-month high of $14.45. The company has a 50 day moving average of $14.22 and a 200 day moving average of $13.97.
The company also recently declared a monthly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $0.095 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.05%. The ex-dividend date is Wednesday, August 16th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 78.08%.
PFLT has been the topic of a number of research reports. Keefe, Bruyette & Woods raised shares of PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and raised their target price for the company from $15.00 to $15.50 in a research report on Wednesday, May 10th. Ladenburg Thalmann Financial Services raised shares of PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.75 target price on the stock in a research report on Thursday, May 11th. Zacks Investment Research raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Friday, May 12th. BidaskClub cut shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Finally, Maxim Group restated a “buy” rating and issued a $14.75 price target on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $15.00.
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About PennantPark Floating Rate Capital
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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