Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have been assigned a consensus recommendation of “Buy” from the seven research firms that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $14.75.

Several analysts have weighed in on PFLT shares. Zacks Investment Research downgraded PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Thursday, April 13th. Keefe, Bruyette & Woods upgraded PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $15.00 to $15.50 in a research report on Wednesday, May 10th. Finally, Ladenburg Thalmann Financial Services upgraded PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $14.75 price objective for the company in a research report on Thursday, May 11th.

Institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its position in shares of PennantPark Floating Rate Capital by 44.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 9,379 shares of the asset manager’s stock worth $132,000 after buying an additional 2,868 shares in the last quarter. Two Sigma Securities LLC acquired a new position in shares of PennantPark Floating Rate Capital during the first quarter worth approximately $169,000. Raymond James Financial Services Advisors Inc. increased its position in shares of PennantPark Floating Rate Capital by 16.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 14,133 shares of the asset manager’s stock worth $197,000 after buying an additional 2,000 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of PennantPark Floating Rate Capital during the first quarter worth approximately $240,000. Finally, Wedbush Securities Inc. increased its position in shares of PennantPark Floating Rate Capital by 18.0% in the first quarter. Wedbush Securities Inc. now owns 17,363 shares of the asset manager’s stock worth $242,000 after buying an additional 2,653 shares in the last quarter. Institutional investors own 34.38% of the company’s stock.

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PennantPark Floating Rate Capital (PFLT) traded up 0.63% during mid-day trading on Tuesday, reaching $14.29. 117,125 shares of the company’s stock were exchanged. PennantPark Floating Rate Capital has a one year low of $12.21 and a one year high of $14.45. The stock has a 50-day moving average of $14.16 and a 200-day moving average of $13.95.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Tuesday, May 9th. The asset manager reported $0.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.01. PennantPark Floating Rate Capital had a net margin of 87.29% and a return on equity of 7.45%. The company had revenue of $13.22 million during the quarter, compared to the consensus estimate of $14.43 million. On average, equities analysts forecast that PennantPark Floating Rate Capital will post $1.10 earnings per share for the current fiscal year.

The firm also recently announced a monthly dividend, which will be paid on Tuesday, August 1st. Investors of record on Thursday, July 20th will be issued a dividend of $0.095 per share. The ex-dividend date of this dividend is Tuesday, July 18th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.98%. PennantPark Floating Rate Capital’s dividend payout ratio is presently 68.26%.

PennantPark Floating Rate Capital 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.

Analyst Recommendations for PennantPark Floating Rate Capital (NASDAQ:PFLT)

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