PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Given Average Recommendation of “Buy” by Brokerages

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has earned an average rating of “Buy” from the seven analysts that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $10.6667.

Several equities analysts have weighed in on PFLT shares. Keefe, Bruyette & Woods raised shares of PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and set a $10.50 price target on the stock in a report on Monday, October 6th. UBS Group lowered their target price on shares of PennantPark Floating Rate Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday, October 14th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $11.00 price target on shares of PennantPark Floating Rate Capital in a research note on Wednesday, September 3rd.

PennantPark Floating Rate Capital Trading Up 0.3%

PennantPark Floating Rate Capital stock opened at $9.06 on Tuesday. PennantPark Floating Rate Capital has a 52-week low of $8.40 and a 52-week high of $11.50. The company has a market cap of $898.42 million, a P/E ratio of 6.47 and a beta of 0.75. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $9.13 and a two-hundred day simple moving average of $9.77.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a dividend of $0.1025 per share. The ex-dividend date is Monday, December 15th. This represents a c) annualized dividend and a dividend yield of 13.6%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 168.49%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors have recently bought and sold shares of PFLT. Allworth Financial LP lifted its stake in shares of PennantPark Floating Rate Capital by 1,603.7% in the 2nd quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 2,614 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in PennantPark Floating Rate Capital in the second quarter worth $41,000. Quarry LP purchased a new position in PennantPark Floating Rate Capital during the third quarter worth $36,000. State of Alaska Department of Revenue bought a new position in PennantPark Floating Rate Capital during the third quarter valued at $41,000. Finally, CWM LLC bought a new position in PennantPark Floating Rate Capital during the second quarter valued at $49,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.