Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) Sees Large Drop in Short Interest

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) saw a large drop in short interest in September. As of September 30th, there was short interest totalling 113,400 shares, a drop of 44.1% from the August 30th total of 203,000 shares. Based on an average daily volume of 143,200 shares, the days-to-cover ratio is presently 0.8 days. Currently, 0.3% of the shares of the company are sold short.

PFLT stock traded up $0.06 during trading on Friday, hitting $11.52. The company had a trading volume of 134,821 shares, compared to its average volume of 117,588. The company has a fifty day moving average price of $11.54 and a two-hundred day moving average price of $11.96. The company has a market cap of $442.39 million, a P/E ratio of 10.87 and a beta of 0.73. Pennantpark Floating Rate Capital has a fifty-two week low of $11.05 and a fifty-two week high of $13.42.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.29 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.01). The company had revenue of $22.88 million during the quarter, compared to analyst estimates of $22.90 million. Pennantpark Floating Rate Capital had a net margin of 16.65% and a return on equity of 8.83%. As a group, analysts expect that Pennantpark Floating Rate Capital will post 1.19 earnings per share for the current year.

The business also recently declared a monthly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 17th will be paid a $0.095 dividend. This represents a $1.14 annualized dividend and a yield of 9.90%. The ex-dividend date of this dividend is Wednesday, October 16th. Pennantpark Floating Rate Capital’s dividend payout ratio is 107.55%.

In other news, insider Arthur H. Penn acquired 9,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were bought at an average price of $11.66 per share, with a total value of $104,940.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Arthur H. Penn acquired 8,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were purchased at an average cost of $11.57 per share, for a total transaction of $92,560.00. The disclosure for this purchase can be found here. Insiders have bought a total of 50,000 shares of company stock worth $575,400 in the last three months. 1.00% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the stock. Wiley BROS. Aintree Capital LLC boosted its stake in Pennantpark Floating Rate Capital by 2.7% in the 3rd quarter. Wiley BROS. Aintree Capital LLC now owns 59,439 shares of the asset manager’s stock valued at $782,000 after buying an additional 1,563 shares in the last quarter. Sound Income Strategies LLC boosted its stake in Pennantpark Floating Rate Capital by 16.9% in the third quarter. Sound Income Strategies LLC now owns 1,869,117 shares of the asset manager’s stock worth $21,682,000 after purchasing an additional 270,417 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in Pennantpark Floating Rate Capital by 4.6% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 314,247 shares of the asset manager’s stock worth $3,633,000 after purchasing an additional 13,711 shares in the last quarter. Susquehanna International Group LLP boosted its stake in Pennantpark Floating Rate Capital by 118.5% in the second quarter. Susquehanna International Group LLP now owns 82,653 shares of the asset manager’s stock worth $955,000 after purchasing an additional 44,825 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new position in Pennantpark Floating Rate Capital in the second quarter worth $133,000. 35.97% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have recently weighed in on the company. JMP Securities decreased their price objective on Pennantpark Floating Rate Capital from $13.50 to $13.00 and set a “market outperform” rating on the stock in a report on Tuesday, August 13th. BidaskClub lowered Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Wednesday, August 14th. Finally, Zacks Investment Research raised Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. Pennantpark Floating Rate Capital currently has a consensus rating of “Hold” and a consensus target price of $13.50.

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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