PennantPark Floating Rate Capital (NASDAQ:PFLT) Coverage Initiated at StockNews.com

StockNews.com began coverage on shares of PennantPark Floating Rate Capital (NASDAQ:PFLT – Get Rating) in a report published on Thursday. The brokerage issued a sell rating on the asset manager’s stock.

A number of other brokerages also recently weighed in on PFLT. Truist Financial reduced their target price on PennantPark Floating Rate Capital from $13.00 to $12.00 and set a buy rating on the stock in a report on Monday, February 13th. JMP Securities reiterated a market outperform rating and issued a $12.00 price target on shares of PennantPark Floating Rate Capital in a research note on Monday, March 13th.

PennantPark Floating Rate Capital Trading Down 2.1 %

Shares of NASDAQ:PFLT opened at $10.01 on Thursday. The company has a market capitalization of $497.30 million, a P/E ratio of 8.73 and a beta of 1.64. PennantPark Floating Rate Capital has a 1 year low of $9.43 and a 1 year high of $14.38. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.13 and a quick ratio of 0.13. The business’s 50 day simple moving average is $11.01 and its 200 day simple moving average is $11.06.

PennantPark Floating Rate Capital (NASDAQ:PFLT – Get Rating) last issued its quarterly earnings results on Thursday, February 9th. The asset manager reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $31.34 million for the quarter, compared to the consensus estimate of $29.59 million. PennantPark Floating Rate Capital had a positive return on equity of 9.60% and a negative net margin of 11.40%. During the same quarter in the prior year, the business posted $0.33 earnings per share. On average, research analysts anticipate that PennantPark Floating Rate Capital will post 1.25 EPS for the current fiscal year.

PennantPark Floating Rate Capital Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, March 15th. This is an increase from PennantPark Floating Rate Capital’s previous monthly dividend of $0.10. This represents a $1.20 annualized dividend and a dividend yield of 11.99%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently -375.00%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Hedge funds have recently added to or reduced their stakes in the stock. Private Trust Co. NA purchased a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter worth approximately $29,000. IFP Advisors Inc raised its holdings in PennantPark Floating Rate Capital by 286.9% during the 3rd quarter. IFP Advisors Inc now owns 4,055 shares of the asset manager’s stock valued at $55,000 after acquiring an additional 3,007 shares during the period. BNP Paribas Arbitrage SA bought a new stake in PennantPark Floating Rate Capital during the 1st quarter valued at $102,000. Wells Fargo & Company MN grew its position in shares of PennantPark Floating Rate Capital by 11.2% during the 4th quarter. Wells Fargo & Company MN now owns 9,951 shares of the asset manager’s stock valued at $109,000 after purchasing an additional 1,001 shares in the last quarter. Finally, Belpointe Asset Management LLC grew its position in shares of PennantPark Floating Rate Capital by 25.8% during the 3rd quarter. Belpointe Asset Management LLC now owns 11,200 shares of the asset manager’s stock valued at $108,000 after purchasing an additional 2,300 shares in the last quarter. Institutional investors and hedge funds own 21.02% of the company’s stock.

About PennantPark Floating Rate Capital

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PennantPark Floating Rate Capital Ltd., a traded fund, invests in middle market companies located in the United States. It targets companies operating across a broad range of sectors. It provides debt investment in mezzanine and buyout stage capital requirements.