PennantPark Floating Rate Capital (NASDAQ:PFLT) Hits New 1-Year Low – Here’s Why

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)’s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $8.40 and last traded at $8.4950, with a volume of 702021 shares. The stock had previously closed at $8.63.

Analyst Upgrades and Downgrades

PFLT has been the subject of a number of analyst reports. Maxim Group set a $10.50 price objective on shares of PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. Keefe, Bruyette & Woods lowered their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, PennantPark Floating Rate Capital has a consensus rating of “Buy” and an average target price of $10.42.

PennantPark Floating Rate Capital Stock Down 1.1%

The stock has a fifty day moving average of $9.32 and a two-hundred day moving average of $9.44. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market cap of $846.83 million, a price-to-earnings ratio of 6.10 and a beta of 0.76.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 17th will be issued a dividend of $0.1025 per share. The ex-dividend date is Tuesday, February 17th. This represents a c) dividend on an annualized basis and a dividend yield of 14.4%. PennantPark Floating Rate Capital’s payout ratio is presently 361.76%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP grew its stake in PennantPark Floating Rate Capital by 1,603.7% during the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock worth $29,000 after buying an additional 2,614 shares during the period. International Assets Investment Management LLC purchased a new position in shares of PennantPark Floating Rate Capital in the 4th quarter valued at $33,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter valued at $41,000. Quarry LP acquired a new position in shares of PennantPark Floating Rate Capital during the 3rd quarter valued at $36,000. Finally, State of Alaska Department of Revenue purchased a new stake in PennantPark Floating Rate Capital during the 3rd quarter worth $41,000. 19.77% of the stock is owned by institutional investors and hedge funds.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.