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

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have been given an average recommendation of “Moderate Buy” by the eight ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $9.80.

A number of brokerages recently issued reports on PFLT. Zacks Research lowered PennantPark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Citizens Jmp decreased their price target on 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 decreased their price target on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Friday, May 8th. Finally, Wall Street Zen raised PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT stock opened at $7.77 on Tuesday. PennantPark Floating Rate Capital has a 12-month low of $7.68 and a 12-month high of $10.88. The firm has a market capitalization of $770.54 million, a price-to-earnings ratio of 12.53 and a beta of 0.75. The business has a 50 day simple moving average of $8.46 and a 200 day simple moving average of $8.76. 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 issued its quarterly earnings data on Thursday, May 7th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 9.95% and a net margin of 23.08%.The business had revenue of $44.81 million during the quarter. On average, equities research analysts anticipate that PennantPark Floating Rate Capital will post 1.08 EPS for the current year.

PennantPark Floating Rate Capital Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be paid a dividend of $0.0833 per share. This represents a c) dividend on an annualized basis and a yield of 12.9%. The ex-dividend date of this dividend is Monday, June 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 198.39%.

Insider Transactions at PennantPark Floating Rate Capital

In other news, Director Jose A. Briones purchased 5,770 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was purchased at an average cost of $8.67 per share, with a total value of $50,025.90. Following the purchase, the director owned 348,083 shares in the company, valued at $3,017,879.61. This trade represents a 1.69% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new position in PennantPark Floating Rate Capital during the 4th quarter valued at $33,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of PennantPark Floating Rate Capital during the 2nd quarter worth $41,000. Quarry LP bought a new stake in shares of PennantPark Floating Rate Capital during the 3rd quarter worth $36,000. McIlrath & Eck LLC boosted its stake in shares of PennantPark Floating Rate Capital by 177.9% during the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock worth $38,000 after acquiring an additional 3,002 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of PennantPark Floating Rate Capital during the 2nd quarter worth $55,000. 19.77% of the stock is owned by institutional investors.

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.