Wall Street brokerages expect PennantPark Floating Rate (NASDAQ:PFLT) to report sales of $17.93 million for the current quarter, according to Zacks. Two analysts have provided estimates for PennantPark Floating Rate’s earnings, with the highest sales estimate coming in at $18.37 million and the lowest estimate coming in at $17.48 million. PennantPark Floating Rate reported sales of $15.19 million in the same quarter last year, which indicates a positive year over year growth rate of 18%. The company is expected to report its next earnings results on Tuesday, August 14th.
According to Zacks, analysts expect that PennantPark Floating Rate will report full-year sales of $68.54 million for the current fiscal year, with estimates ranging from $67.23 million to $69.84 million. For the next year, analysts expect that the firm will post sales of $83.88 million per share, with estimates ranging from $76.84 million to $90.92 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for PennantPark Floating Rate.
PennantPark Floating Rate (NASDAQ:PFLT) last issued its earnings results on Thursday, May 10th. The asset manager reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by ($0.02). PennantPark Floating Rate had a net margin of 58.02% and a return on equity of 7.44%. The firm had revenue of $16.50 million during the quarter, compared to analyst estimates of $15.53 million.
Several brokerages recently issued reports on PFLT. BidaskClub upgraded shares of PennantPark Floating Rate from a “strong sell” rating to a “sell” rating in a research note on Friday, February 2nd. Zacks Investment Research downgraded shares of PennantPark Floating Rate from a “hold” rating to a “sell” rating in a research note on Wednesday. Ladenburg Thalmann downgraded shares of PennantPark Floating Rate from a “buy” rating to a “neutral” rating in a research note on Monday. They noted that the move was a valuation call. ValuEngine downgraded shares of PennantPark Floating Rate from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Finally, Maxim Group restated a “buy” rating and set a $14.00 price objective on shares of PennantPark Floating Rate in a research report on Friday, May 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $15.00.
In related news, Director Samuel L. Katz acquired 17,000 shares of the business’s stock in a transaction on Monday, February 26th. The stock was purchased at an average cost of $12.64 per share, for a total transaction of $214,880.00. Following the completion of the transaction, the director now directly owns 136,800 shares of the company’s stock, valued at approximately $1,729,152. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of PFLT. Wells Fargo & Company MN lifted its position in PennantPark Floating Rate by 40.6% during the third quarter. Wells Fargo & Company MN now owns 73,886 shares of the asset manager’s stock worth $1,070,000 after acquiring an additional 21,342 shares during the last quarter. Taylor Frigon Capital Management LLC acquired a new stake in PennantPark Floating Rate during the fourth quarter worth approximately $1,541,000. WESPAC Advisors LLC acquired a new stake in PennantPark Floating Rate during the fourth quarter worth approximately $853,000. Monument Capital Management acquired a new stake in PennantPark Floating Rate during the fourth quarter worth approximately $1,271,000. Finally, Corbyn Investment Management Inc. MD acquired a new stake in PennantPark Floating Rate during the fourth quarter worth approximately $1,076,000. Hedge funds and other institutional investors own 32.83% of the company’s stock.
Shares of NASDAQ:PFLT opened at $13.50 on Friday. PennantPark Floating Rate has a 52-week low of $13.60 and a 52-week high of $13.61. The stock has a market capitalization of $526.14 million, a P/E ratio of 12.27 and a beta of 0.56.
The business also recently disclosed a monthly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 18th will be given a dividend of $0.095 per share. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $1.14 annualized dividend and a yield of 8.44%. PennantPark Floating Rate’s dividend payout ratio (DPR) is presently 103.64%.
PennantPark Floating Rate Company Profile
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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