Brokerages Anticipate PennantPark Floating Rate (PFLT) Will Announce Quarterly Sales of $16.28 Million
Equities analysts expect that PennantPark Floating Rate (NASDAQ:PFLT) will announce $16.28 million in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for PennantPark Floating Rate’s earnings, with the highest sales estimate coming in at $16.50 million and the lowest estimate coming in at $16.06 million. PennantPark Floating Rate posted sales of $13.22 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 23.1%. The firm is scheduled to issue its next quarterly earnings report after the market closes on Thursday, May 10th.
According to Zacks, analysts expect that PennantPark Floating Rate will report full-year sales of $67.50 million for the current fiscal year, with estimates ranging from $66.69 million to $68.31 million. For the next fiscal year, analysts anticipate that the business will report sales of $80.85 million per share, with estimates ranging from $77.84 million to $83.86 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover PennantPark Floating Rate.
PennantPark Floating Rate (NASDAQ:PFLT) last issued its quarterly earnings results on Thursday, February 8th. The asset manager reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The business had revenue of $14.84 million for the quarter, compared to analysts’ expectations of $15.29 million. PennantPark Floating Rate had a return on equity of 7.49% and a net margin of 47.64%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.28 EPS.
In other news, Director Samuel L. Katz bought 17,000 shares of PennantPark Floating Rate stock in a transaction on Monday, February 26th. The stock was acquired at an average price of $12.64 per share, with a total value of $214,880.00. Following the completion of the acquisition, the director now directly owns 136,800 shares of the company’s stock, valued at $1,729,152. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Arthur H. Penn bought 10,000 shares of PennantPark Floating Rate stock in a transaction on Monday, February 12th. The shares were purchased at an average cost of $12.57 per share, with a total value of $125,700.00. The disclosure for this purchase can be found here. Insiders have acquired 36,000 shares of company stock valued at $457,400 in the last three months. Insiders own 1.00% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Valeo Financial Advisors LLC raised its holdings in shares of PennantPark Floating Rate by 94.8% during the fourth quarter. Valeo Financial Advisors LLC now owns 8,767 shares of the asset manager’s stock valued at $120,000 after acquiring an additional 4,267 shares during the last quarter. Envestnet Asset Management Inc. acquired a new position in shares of PennantPark Floating Rate during the fourth quarter valued at approximately $124,000. Silver Capital Management LLC acquired a new position in shares of PennantPark Floating Rate during the fourth quarter valued at approximately $214,000. Stockman Wealth Management Inc. acquired a new stake in shares of PennantPark Floating Rate in the fourth quarter valued at approximately $235,000. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in shares of PennantPark Floating Rate by 77.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 18,049 shares of the asset manager’s stock valued at $248,000 after purchasing an additional 7,877 shares during the last quarter. 31.64% of the stock is owned by institutional investors and hedge funds.
Shares of PFLT stock opened at $13.37 on Friday. The company has a market cap of $520.32, a price-to-earnings ratio of 12.20 and a beta of 0.56. PennantPark Floating Rate has a 12-month low of $12.00 and a 12-month high of $14.65.
The company also recently announced a monthly dividend, which will be paid on Tuesday, May 1st. Shareholders of record on Tuesday, April 17th will be issued a dividend of $0.095 per share. The ex-dividend date of this dividend is Monday, April 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 8.53%. PennantPark Floating Rate’s payout ratio is currently 103.64%.
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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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