Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) Short Interest Up 57.2% in August

Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 178,600 shares, an increase of 57.2% from the August 15th total of 113,600 shares. Based on an average trading volume of 184,900 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.5% of the shares of the company are short sold.

PFLT has been the topic of a number of recent research reports. ValuEngine cut shares of Pennantpark Floating Rate Capital from a “sell” rating to a “strong sell” rating in a research note on Monday, August 3rd. Maxim Group reissued a “hold” rating on shares of Pennantpark Floating Rate Capital in a report on Tuesday, August 11th. TheStreet raised shares of Pennantpark Floating Rate Capital from a “d+” rating to a “c” rating in a report on Monday, August 24th. BidaskClub lowered shares of Pennantpark Floating Rate Capital from a “buy” rating to a “hold” rating in a report on Tuesday, July 7th. Finally, Zacks Investment Research lowered shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $10.58.

Shares of NASDAQ PFLT opened at $8.80 on Wednesday. The firm has a 50 day moving average of $8.51 and a 200 day moving average of $7.86. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $341.18 million, a price-to-earnings ratio of 40.00 and a beta of 1.78. Pennantpark Floating Rate Capital has a 12-month low of $3.34 and a 12-month high of $12.67.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last issued its quarterly earnings results on Wednesday, August 5th. The asset manager reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.02). Pennantpark Floating Rate Capital had a net margin of 9.02% and a return on equity of 9.14%. The firm had revenue of $22.77 million for the quarter, compared to analysts’ expectations of $25.46 million. Sell-side analysts predict that Pennantpark Floating Rate Capital will post 1.11 EPS for the current year.

The company also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be issued a dividend of $0.095 per share. This represents a $1.14 annualized dividend and a yield of 12.95%. The ex-dividend date is Wednesday, September 16th. Pennantpark Floating Rate Capital’s dividend payout ratio is currently 97.44%.

A number of large investors have recently modified their holdings of PFLT. Dynamic Technology Lab Private Ltd purchased a new position in shares of Pennantpark Floating Rate Capital in the first quarter worth $189,000. Advisor Group Holdings Inc. purchased a new position in shares of Pennantpark Floating Rate Capital in the first quarter worth $1,564,000. Two Sigma Advisers LP lifted its holdings in shares of Pennantpark Floating Rate Capital by 19.3% in the first quarter. Two Sigma Advisers LP now owns 286,975 shares of the asset manager’s stock worth $1,395,000 after buying an additional 46,500 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Pennantpark Floating Rate Capital by 100.3% in the first quarter. Acadian Asset Management LLC now owns 286,076 shares of the asset manager’s stock worth $1,390,000 after buying an additional 143,271 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Pennantpark Floating Rate Capital by 152.0% in the first quarter. Tower Research Capital LLC TRC now owns 9,215 shares of the asset manager’s stock worth $45,000 after buying an additional 5,558 shares in the last quarter. 32.01% of the stock is currently owned by institutional investors and hedge funds.

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.

Featured Article: What are the risks of holding treasury bonds?

Receive News & Ratings for Pennantpark Floating Rate Capital Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pennantpark Floating Rate Capital and related companies with MarketBeat.com's FREE daily email newsletter.