PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has earned an average rating of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $11.08.

A number of analysts have issued reports on the company. Truist Financial decreased their price target on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 14th. Wall Street Zen lowered PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 13th. UBS Group decreased their price target 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, April 17th. Maxim Group set a $11.50 price target on PennantPark Floating Rate Capital and gave the stock a “buy” rating in a research note on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods reduced their price objective on 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.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT opened at $10.46 on Friday. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 7.47 and a beta of 0.96. PennantPark Floating Rate Capital has a 52-week low of $8.82 and a 52-week high of $12.02. The stock has a 50 day moving average price of $9.99 and a 200 day moving average price of $10.71. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57.

PennantPark Floating Rate Capital Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be issued a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a dividend yield of 11.76%. The ex-dividend date of this dividend is Monday, June 16th. PennantPark Floating Rate Capital’s dividend payout ratio is 136.67%.

Insider Activity

In other PennantPark Floating Rate Capital news, Director Jose A. Briones acquired 9,840 shares of PennantPark Floating Rate Capital stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average cost of $10.15 per share, with a total value of $99,876.00. Following the purchase, the director now owns 329,438 shares in the company, valued at approximately $3,343,795.70. The trade was a 3.08% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Jane Street Group LLC increased its holdings in shares of PennantPark Floating Rate Capital by 692.7% during the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the asset manager’s stock valued at $3,578,000 after acquiring an additional 279,399 shares during the last quarter. Millennium Management LLC increased its holdings in shares of PennantPark Floating Rate Capital by 85.0% during the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock valued at $13,392,000 after acquiring an additional 550,011 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of PennantPark Floating Rate Capital by 6.1% during the 1st quarter. Advisors Asset Management Inc. now owns 331,123 shares of the asset manager’s stock valued at $3,705,000 after acquiring an additional 18,963 shares during the last quarter. Scoggin Management LP acquired a new position in shares of PennantPark Floating Rate Capital during the 1st quarter valued at about $16,446,000. Finally, Magnetar Financial LLC acquired a new position in shares of PennantPark Floating Rate Capital during the 1st quarter valued at about $1,481,000. 19.77% of the stock is owned by institutional investors and hedge funds.

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.