PennantPark Floating Rate Capital Ltd. Plans Monthly Dividend of $0.10 (NYSE:PFLT)

Key Points

• PennantPark declared a monthly dividend of $0.1025 per share, payable June 1 to shareholders of record on May 15, representing an annualized yield of about 13.4%.
• The company reported quarterly EPS of $0.27 (missing the $0.30 consensus) on $12.72 million of revenue, and analysts expect roughly 1.13 EPS for the current fiscal year.
• Company insiders recently bought shares (CFO purchased 15,000 at $8.15; a director bought 5,895 at $8.48), while hedge funds like Millennium and Jane Street significantly increased stakes, with institutional ownership at about 19.8%.

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) declared a monthly dividend on Monday, May 4th. Shareholders of record on Friday, May 15th will be given a dividend of 0.1025 per share on Monday, June 1st. This represents a c) annualized dividend and a yield of 13.4%. The ex-dividend date of this dividend is Friday, May 15th.

PennantPark Floating Rate Capital has increased its dividend by an average of 0.0%per year over the last three years.

PennantPark Floating Rate Capital Stock Up 1.3%

PennantPark Floating Rate Capital stock opened at $9.19 on Tuesday. The stock has a market cap of $911.34 million, a price-to-earnings ratio of 27.01 and a beta of 0.78. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.92. The company's 50-day moving average price is $8.35 and its two-hundred day moving average price is $8.90. PennantPark Floating Rate Capital has a 52 week low of $7.68 and a 52 week high of $10.88.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last released its earnings results on Monday, February 9th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.03). The company had revenue of $12.72 million for the quarter. PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. On average, analysts expect that PennantPark Floating Rate Capital will post 1.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Richard T. Allorto, Jr. acquired 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The stock was purchased at an average price of $8.15 per share, with a total value of $122,250.00. Following the purchase, the chief financial officer owned 25,000 shares of the company's stock, valued at approximately $203,750. This trade represents a 150.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jose A. Briones acquired 5,895 shares of the firm's stock in a transaction that occurred on Thursday, February 19th. The stock was purchased at an average cost of $8.48 per share, with a total value of $49,989.60. Following the purchase, the director directly owned 342,313 shares in the company, valued at approximately $2,902,814.24. This trade represents a 1.75% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PFLT. Millennium Management LLC boosted its stake in PennantPark Floating Rate Capital by 85.0% in the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the company's stock worth $13,392,000 after purchasing an additional 550,011 shares during the period. Jane Street Group LLC boosted its stake in PennantPark Floating Rate Capital by 692.7% in the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the company's stock worth $3,578,000 after purchasing an additional 279,399 shares during the period. Cetera Investment Advisers boosted its stake in PennantPark Floating Rate Capital by 2.1% in the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company's stock worth $658,000 after purchasing an additional 1,329 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of PennantPark Floating Rate Capital during the second quarter worth approximately $41,000. Finally, Quantbot Technologies LP acquired a new stake in shares of PennantPark Floating Rate Capital during the second quarter worth approximately $219,000. Institutional investors and hedge funds own 19.77% of the company's stock.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.

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