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

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have been assigned an average recommendation of “Hold” from the five brokerages that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $11.38.

PFLT has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 8th. UBS Group reduced their price objective on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating on the stock in a research note on Thursday. Raymond James began coverage on PennantPark Floating Rate Capital in a research note on Friday, December 20th. They set a “market perform” rating for the company. Finally, StockNews.com upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, April 12th.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Hedge funds have recently added to or reduced their stakes in the business. NewEdge Wealth LLC lifted its holdings in shares of PennantPark Floating Rate Capital by 0.6% during the fourth quarter. NewEdge Wealth LLC now owns 288,372 shares of the asset manager’s stock worth $3,152,000 after purchasing an additional 1,700 shares during the period. Bank of America Corp DE raised its position in shares of PennantPark Floating Rate Capital by 14.6% during the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager’s stock worth $163,000 after acquiring an additional 1,891 shares during the last quarter. Graypoint LLC boosted its holdings in PennantPark Floating Rate Capital by 2.7% in the fourth quarter. Graypoint LLC now owns 71,156 shares of the asset manager’s stock valued at $778,000 after acquiring an additional 1,897 shares during the last quarter. Legal & General Group Plc raised its holdings in PennantPark Floating Rate Capital by 0.4% during the 4th quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager’s stock worth $5,315,000 after purchasing an additional 2,081 shares during the last quarter. Finally, PFG Investments LLC lifted its position in shares of PennantPark Floating Rate Capital by 2.0% in the 4th quarter. PFG Investments LLC now owns 107,180 shares of the asset manager’s stock worth $1,171,000 after purchasing an additional 2,118 shares during the period. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Price Performance

PFLT stock traded up $0.27 during midday trading on Thursday, reaching $9.75. The company had a trading volume of 1,043,507 shares, compared to its average volume of 1,460,454. The company has a market capitalization of $857.13 million, a price-to-earnings ratio of 6.96 and a beta of 1.30. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. PennantPark Floating Rate Capital has a 1-year low of $8.82 and a 1-year high of $12.02. The stock has a 50 day moving average price of $10.83 and a 200-day moving average price of $11.06.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 12.62%. The ex-dividend date of this dividend is Tuesday, April 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 87.86%.

About PennantPark Floating Rate Capital

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.