Pennantpark Floating Rate Capital Ltd (PFLT) Expected to Post Quarterly Sales of $19.92 Million

Equities analysts expect Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) to report sales of $19.92 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Pennantpark Floating Rate Capital’s earnings, with estimates ranging from $19.76 million to $20.07 million. Pennantpark Floating Rate Capital reported sales of $18.45 million during the same quarter last year, which would suggest a positive year over year growth rate of 8%. The firm is expected to report its next quarterly earnings results on Thursday, November 29th.

On average, analysts expect that Pennantpark Floating Rate Capital will report full-year sales of $70.78 million for the current fiscal year, with estimates ranging from $70.62 million to $70.94 million. For the next year, analysts anticipate that the business will post sales of $85.77 million per share, with estimates ranging from $82.33 million to $89.21 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Pennantpark Floating Rate Capital.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Wednesday, August 8th. The asset manager reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.04. The company had revenue of $19.53 million during the quarter, compared to the consensus estimate of $17.93 million. Pennantpark Floating Rate Capital had a net margin of 48.08% and a return on equity of 7.86%.

PFLT has been the subject of several research analyst reports. TheStreet upgraded shares of Pennantpark Floating Rate Capital from a “c+” rating to a “b-” rating in a report on Tuesday, June 12th. BidaskClub upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a report on Saturday, June 16th. JPMorgan Chase & Co. upped their price target on shares of Pennantpark Floating Rate Capital from $7.50 to $8.00 and gave the stock an “overweight” rating in a report on Friday, August 10th. Maxim Group increased their price objective on Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the company a “buy” rating in a report on Friday, August 10th. Finally, Zacks Investment Research upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Tuesday, August 14th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Pennantpark Floating Rate Capital presently has an average rating of “Hold” and an average price target of $13.13.

Shares of NASDAQ:PFLT traded down $0.02 during trading on Friday, hitting $13.25. 102,554 shares of the company were exchanged, compared to its average volume of 85,801. The company has a market capitalization of $516.44 million, a PE ratio of 11.89 and a beta of 0.52. Pennantpark Floating Rate Capital has a 1-year low of $12.00 and a 1-year high of $14.65.

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 2nd. Investors of record on Monday, September 17th will be issued a $0.078 dividend. The ex-dividend date is Friday, September 14th. This represents a $0.94 dividend on an annualized basis and a yield of 7.06%. Pennantpark Floating Rate Capital’s payout ratio is 20.00%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlueMountain Capital Management LLC acquired a new stake in Pennantpark Floating Rate Capital in the second quarter valued at $137,000. Citadel Advisors LLC acquired a new stake in Pennantpark Floating Rate Capital in the second quarter valued at $142,000. Great West Life Assurance Co. Can acquired a new stake in Pennantpark Floating Rate Capital in the first quarter valued at $137,000. Cambridge Investment Research Advisors Inc. increased its holdings in Pennantpark Floating Rate Capital by 35.8% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 24,511 shares of the asset manager’s stock valued at $321,000 after purchasing an additional 6,462 shares during the period. Finally, Rational Advisors LLC acquired a new stake in Pennantpark Floating Rate Capital in the first quarter valued at $505,000. Institutional investors and hedge funds own 33.31% 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.

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Earnings History and Estimates for Pennantpark Floating Rate Capital (NASDAQ:PFLT)

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