PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has been assigned an average rating of “Buy” from the eight analysts that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $15.00.

Several analysts have commented on the stock. Zacks Investment Research upgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Tuesday, August 15th. BidaskClub upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Maxim Group restated a “buy” rating and set a $14.75 target price on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 9th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $15.50 target price on shares of PennantPark Floating Rate Capital in a report on Thursday, August 31st.

Shares of PennantPark Floating Rate Capital (NASDAQ PFLT) traded down 0.35% on Wednesday, reaching $14.33. 136,497 shares of the company were exchanged. PennantPark Floating Rate Capital has a 12 month low of $12.21 and a 12 month high of $14.45. The stock has a 50 day moving average price of $14.22 and a 200-day moving average price of $14.03.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Tuesday, August 8th. The asset manager reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The firm had revenue of $15.19 million during the quarter, compared to analyst estimates of $15.17 million. PennantPark Floating Rate Capital had a net margin of 73.28% and a return on equity of 7.26%. On average, equities analysts forecast that PennantPark Floating Rate Capital will post $1.16 EPS for the current year.

The firm also recently disclosed a monthly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Wednesday, September 20th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Tuesday, September 19th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 7.96%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 78.08%.

Several hedge funds and other institutional investors have recently bought and sold shares of PFLT. Envestnet Asset Management Inc. grew its stake in shares of PennantPark Floating Rate Capital by 2.6% in the first quarter. Envestnet Asset Management Inc. now owns 9,621 shares of the asset manager’s stock valued at $134,000 after buying an additional 242 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of PennantPark Floating Rate Capital by 132.0% in the first quarter. JPMorgan Chase & Co. now owns 106,471 shares of the asset manager’s stock valued at $1,484,000 after buying an additional 60,588 shares in the last quarter. Stifel Financial Corp grew its stake in shares of PennantPark Floating Rate Capital by 128.1% in the first quarter. Stifel Financial Corp now owns 65,194 shares of the asset manager’s stock valued at $910,000 after buying an additional 36,617 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of PennantPark Floating Rate Capital by 29.0% in the first quarter. Van ECK Associates Corp now owns 204,405 shares of the asset manager’s stock valued at $2,849,000 after buying an additional 45,976 shares in the last quarter. Finally, LGT Capital Partners LTD. grew its stake in shares of PennantPark Floating Rate Capital by 3.8% in the second quarter. LGT Capital Partners LTD. now owns 602,271 shares of the asset manager’s stock valued at $8,498,000 after buying an additional 22,271 shares in the last quarter. Institutional investors own 31.56% of the company’s stock.

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About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

Analyst Recommendations for PennantPark Floating Rate Capital (NASDAQ:PFLT)

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