StockNews.com Upgrades PennantPark Floating Rate Capital (NASDAQ:PFLT) to Hold

StockNews.com upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a report published on Monday.

Other equities research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods dropped their price target on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 8th. UBS Group reduced their target price on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating for the company in a research note on Thursday, April 17th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.38.

PennantPark Floating Rate Capital Stock Performance

Shares of NASDAQ:PFLT opened at $10.06 on Monday. The company has a market cap of $884.84 million, a P/E ratio of 7.19 and a beta of 1.30. PennantPark Floating Rate Capital has a one year low of $8.82 and a one year high of $12.02. The business’s 50-day simple moving average is $10.49 and its 200 day simple moving average is $10.89. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be given a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a dividend yield of 12.23%. The ex-dividend date is Thursday, May 15th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 87.86%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of institutional investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB acquired a new position in PennantPark Floating Rate Capital in the third quarter valued at approximately $39,000. Quarry LP boosted its position in PennantPark Floating Rate Capital by 190.2% during the 4th quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock valued at $40,000 after purchasing an additional 2,408 shares during the period. Mpwm Advisory Solutions LLC bought a new position in PennantPark Floating Rate Capital during the 4th quarter worth $55,000. Investment Partners LTD. acquired a new stake in shares of PennantPark Floating Rate Capital in the 4th quarter worth about $109,000. Finally, Sigma Planning Corp acquired a new position in shares of PennantPark Floating Rate Capital during the fourth quarter worth approximately $119,000. 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.