PennantPark Floating Rate Capital (NASDAQ:PFLT) Hits New 52-Week Low – What’s Next?

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) reached a new 52-week low on Monday . The stock traded as low as $7.97 and last traded at $8.1650, with a volume of 300939 shares traded. The stock had previously closed at $8.16.

Analysts Set New Price Targets

A number of brokerages have weighed in on PFLT. Maxim Group set a $10.50 target price on PennantPark Floating Rate Capital in a report on Wednesday, February 11th. Keefe, Bruyette & Woods reduced their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, PennantPark Floating Rate Capital presently has a consensus rating of “Buy” and an average price target of $10.42.

PennantPark Floating Rate Capital Trading Up 2.0%

The company has a market cap of $825.89 million, a PE ratio of 5.95 and a beta of 0.76. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The firm has a fifty day moving average of $9.16 and a two-hundred day moving average of $9.32.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 17th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a c) annualized dividend and a yield of 14.8%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 361.76%.

Insiders Place Their Bets

In other PennantPark Floating Rate Capital news, Director Jose A. Briones bought 5,895 shares of the stock in a transaction on Thursday, February 19th. The shares were acquired at an average price of $8.48 per share, with a total value of $49,989.60. Following the acquisition, the director directly owned 342,313 shares of the company’s stock, valued at $2,902,814.24. The trade was a 1.75% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of institutional investors and hedge funds have recently modified their holdings of PFLT. Allworth Financial LP increased its position in shares of PennantPark Floating Rate Capital by 1,603.7% in the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock worth $29,000 after purchasing an additional 2,614 shares during the last quarter. International Assets Investment Management LLC purchased a new position in PennantPark Floating Rate Capital in the fourth quarter worth $33,000. Quarry LP bought a new position in PennantPark Floating Rate Capital in the third quarter valued at $36,000. State of Alaska Department of Revenue bought a new stake in PennantPark Floating Rate Capital during the third quarter worth about $41,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter worth about $41,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Company Profile

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.