Brokerages Set PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Target Price at $9.80

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) has been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are presently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $9.80.

A number of equities research analysts have recently commented on PFLT shares. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Friday, May 8th. Citizens Jmp lowered their target price on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a research note on Wednesday, April 22nd. Truist Financial dropped their target price on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Wall Street Zen raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Finally, Zacks Research cut shares of PennantPark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 12th.

PennantPark Floating Rate Capital Price Performance

PennantPark Floating Rate Capital stock opened at $7.18 on Friday. The stock’s 50 day moving average is $7.92 and its 200 day moving average is $8.47. PennantPark Floating Rate Capital has a one year low of $7.02 and a one year high of $10.88. The firm has a market cap of $712.90 million, a P/E ratio of 11.59 and a beta of 0.76. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.18 and a quick ratio of 0.18.

PennantPark Floating Rate Capital (NYSE:PFLT) last released its earnings results on Thursday, May 7th. The company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. The firm had revenue of $44.81 million for the quarter. As a group, research analysts expect that PennantPark Floating Rate Capital will post 1.08 EPS for the current year.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently disclosed a special dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be paid a $0.0033 dividend. This represents a dividend yield of 55.0%. The ex-dividend date of this dividend is Wednesday, July 15th. PennantPark Floating Rate Capital’s payout ratio is currently 154.84%.

Insider Activity

In related news, Director Jose A. Briones acquired 5,770 shares of PennantPark Floating Rate Capital stock in a transaction dated Tuesday, May 12th. The stock was bought at an average price of $8.67 per share, with a total value of $50,025.90. Following the transaction, the director directly owned 348,083 shares in the company, valued at $3,017,879.61. This represents a 1.69% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PFLT. Sound Income Strategies LLC grew its holdings in PennantPark Floating Rate Capital by 6.4% in the first quarter. Sound Income Strategies LLC now owns 4,940,809 shares of the company’s stock worth $39,576,000 after purchasing an additional 296,851 shares during the period. Marshall Wace LLP raised its holdings in shares of PennantPark Floating Rate Capital by 42.9% during the third quarter. Marshall Wace LLP now owns 2,057,399 shares of the company’s stock valued at $18,290,000 after purchasing an additional 617,657 shares during the period. UBS Group AG raised its holdings in shares of PennantPark Floating Rate Capital by 5.5% during the fourth quarter. UBS Group AG now owns 1,367,442 shares of the company’s stock valued at $12,676,000 after purchasing an additional 71,372 shares during the period. Altshuler Shaham Ltd boosted its position in shares of PennantPark Floating Rate Capital by 44.1% during the 4th quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock worth $12,238,000 after purchasing an additional 404,117 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of PennantPark Floating Rate Capital by 17.3% during the 3rd quarter. Invesco Ltd. now owns 1,262,880 shares of the company’s stock worth $11,227,000 after purchasing an additional 186,570 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Company Profile

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.