PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) reported that director Jose A. Briones has recently increased his stake in the company. According to the latest filing, Briones purchased 885 shares of common stock at a price of $11.33 per share, totaling approximately $10,026.
The transaction, dated May 28, 2024, was disclosed in a regulatory filing with the SEC on June 3, 2024. Following the purchase, Briones now directly owns 317,738 shares of PennantPark Floating Rate Capital Ltd. Additionally, it was noted that 7,930 shares are indirectly owned by Briones' spouse.
Investors often monitor insider buying and selling as it can provide insights into how corporate executives view the stock's valuation and future prospects. The recent acquisition by Briones may be interpreted as a signal of confidence in the financial health and future of the company.
PennantPark Floating Rate Capital Ltd. specializes in providing access to floating rate loans and other investments. The company's stock is traded on the NASDAQ under the ticker symbol PFLT.
InvestingPro Insights
Following the recent insider purchase by director Jose A. Briones, PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has shown interesting financial metrics that could further enlighten investors on the company's standing. With a market capitalization of approximately $702.56 million, PFLT's valuation reflects its size in the investment market. The company's price-to-earnings (P/E) ratio stands at 7.49, which can be appealing for value-oriented investors seeking lower multiples. Additionally, PennantPark has a notable dividend yield of 10.8%, which is significantly higher than the average yield offered by other companies in the sector, as of the last dividend's ex-date on May 14, 2024.
InvestingPro Tips indicate that PennantPark not only pays a substantial dividend to its shareholders but has also been consistent in maintaining these payments for 14 consecutive years, showcasing a stable return for income-focused investors. Moreover, the company's stock generally trades with low price volatility, offering a less risky profile for those concerned with market fluctuations.
For potential investors or current shareholders looking for deeper insights, there are additional InvestingPro Tips available for PennantPark Floating Rate Capital Ltd. These tips could provide further understanding of the company's financial health and investment potential. Interested readers can access these tips and enhance their investment strategy by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.