PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Receives Average Rating of “Hold” from Analysts

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has earned a consensus rating of “Hold” from the five brokerages that are covering the stock, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $11.38.

PFLT has been the topic of a number of research analyst reports. UBS Group dropped their target price on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating on the stock in a report on Thursday, April 17th. Keefe, Bruyette & Woods decreased their target price on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a report on Tuesday, April 8th. Finally, StockNews.com downgraded PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Sunday.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB bought a new position in shares of PennantPark Floating Rate Capital during the third quarter worth approximately $39,000. Quarry LP increased its stake 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 worth $40,000 after acquiring an additional 2,408 shares during the period. Mpwm Advisory Solutions LLC acquired a new position in PennantPark Floating Rate Capital in the 4th quarter valued at $55,000. Investment Partners LTD. bought a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter valued at $109,000. Finally, Sigma Planning Corp acquired a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter worth $119,000. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT opened at $9.43 on Thursday. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The company’s fifty day simple moving average is $10.73 and its 200 day simple moving average is $11.01. PennantPark Floating Rate Capital has a 1-year low of $8.82 and a 1-year high of $12.02. The company has a market cap of $829.43 million, a price-to-earnings ratio of 6.74 and a beta of 1.30.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a dividend yield of 13.04%. The ex-dividend date is Tuesday, April 15th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 87.86%.

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.