PennantPark Floating Rate Capital Ltd. to Post Q4 2017 Earnings of $0.34 Per Share, SunTrust Banks Forecasts (PFLT)

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) – Investment analysts at SunTrust Banks upped their Q4 2017 EPS estimates for PennantPark Floating Rate Capital in a research note issued on Wednesday. SunTrust Banks analyst D. Mewhirter now forecasts that the asset manager will post earnings per share of $0.34 for the quarter, up from their prior forecast of $0.29.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its earnings results on Tuesday, August 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.03. PennantPark Floating Rate Capital had a return on equity of 7.26% and a net margin of 73.28%. The business had revenue of $15.19 million for the quarter, compared to analyst estimates of $15.17 million. ILLEGAL ACTIVITY NOTICE: “PennantPark Floating Rate Capital Ltd. to Post Q4 2017 Earnings of $0.34 Per Share, SunTrust Banks Forecasts (PFLT)” was first posted by Transcript Daily and is the property of of Transcript Daily. If you are reading this report on another domain, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright laws. The original version of this report can be read at https://transcriptdaily.com/2017/08/13/pennantpark-floating-rate-capital-ltd-to-post-q4-2017-earnings-of-0-34-per-share-suntrust-banks-forecasts-pflt.html.

Other analysts have also issued reports about the stock. Maxim Group reissued a “buy” rating and set a $14.75 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday. 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 for the company in a research note 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 note on Friday, May 12th. Keefe, Bruyette & Woods raised shares of PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $15.00 to $15.50 in a research note on Wednesday, May 10th. Finally, BidaskClub lowered shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. PennantPark Floating Rate Capital currently has a consensus rating of “Hold” and an average price target of $14.83.

PennantPark Floating Rate Capital (NASDAQ PFLT) opened at 13.96 on Friday. PennantPark Floating Rate Capital has a 12 month low of $12.21 and a 12 month high of $14.45. The firm’s 50 day moving average is $14.23 and its 200-day moving average is $13.97.

Hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its stake in shares of PennantPark Floating Rate Capital by 2.6% in the first quarter. Envestnet Asset Management Inc. now owns 9,621 shares of the asset manager’s stock worth $134,000 after buying an additional 242 shares in the last quarter. Two Sigma Securities LLC bought a new stake in shares of PennantPark Floating Rate Capital during the first quarter worth about $169,000. Raymond James Financial Services Advisors Inc. raised its stake in shares of PennantPark Floating Rate Capital by 16.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,133 shares of the asset manager’s stock worth $197,000 after buying an additional 2,000 shares in the last quarter. CIBC World Markets Inc. bought a new stake in shares of PennantPark Floating Rate Capital during the second quarter worth about $202,000. Finally, GSA Capital Partners LLP bought a new stake in shares of PennantPark Floating Rate Capital during the second quarter worth about $207,000. 34.44% of the stock is owned by hedge funds and other institutional investors.

The business also recently announced a monthly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a dividend of $0.095 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date is Wednesday, August 16th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 78.08%.

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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