PennantPark Floating Rate Capital (NASDAQ:PFLT) Sees Strong Trading Volume

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) saw unusually-high trading volume on Thursday . Approximately 2,273,606 shares traded hands during trading, an increase of 224% from the previous session’s volume of 701,512 shares.The stock last traded at $11.48 and had previously closed at $11.59.

Wall Street Analysts Forecast Growth

Separately, JMP Securities reiterated a “market outperform” rating and issued a $12.50 price objective on shares of PennantPark Floating Rate Capital in a report on Tuesday, March 26th.

PennantPark Floating Rate Capital Stock Down 1.0 %

The company has a fifty day moving average of $11.32 and a 200 day moving average of $11.33. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.34. The company has a market cap of $706.87 million, a P/E ratio of 10.35 and a beta of 1.66.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its quarterly earnings results on Wednesday, February 7th. The asset manager reported $0.33 EPS for the quarter, beating the consensus estimate of $0.31 by $0.02. The firm had revenue of $37.97 million during the quarter, compared to analyst estimates of $35.03 million. PennantPark Floating Rate Capital had a net margin of 43.40% and a return on equity of 11.83%. On average, research analysts anticipate that PennantPark Floating Rate Capital Ltd. will post 1.29 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a dividend yield of 10.72%. The ex-dividend date is Tuesday, May 14th. PennantPark Floating Rate Capital’s payout ratio is 109.82%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Graypoint LLC lifted its stake in shares of PennantPark Floating Rate Capital by 2.6% during the 1st quarter. Graypoint LLC now owns 65,630 shares of the asset manager’s stock valued at $747,000 after buying an additional 1,692 shares in the last quarter. Capstone Investment Advisors LLC boosted its stake in shares of PennantPark Floating Rate Capital by 9.0% in the first quarter. Capstone Investment Advisors LLC now owns 21,800 shares of the asset manager’s stock worth $248,000 after acquiring an additional 1,800 shares during the period. Janney Montgomery Scott LLC grew its position in shares of PennantPark Floating Rate Capital by 50.9% during the first quarter. Janney Montgomery Scott LLC now owns 58,395 shares of the asset manager’s stock worth $665,000 after purchasing an additional 19,685 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of PennantPark Floating Rate Capital by 13.1% in the first quarter. Van ECK Associates Corp now owns 1,155,121 shares of the asset manager’s stock worth $13,145,000 after buying an additional 133,600 shares during the period. Finally, Global Retirement Partners LLC boosted its holdings in PennantPark Floating Rate Capital by 107.8% during the 1st quarter. Global Retirement Partners LLC now owns 3,259 shares of the asset manager’s stock valued at $37,000 after acquiring an additional 1,691 shares during the period. Institutional investors 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.