Brokerages Set PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Target Price at $10.42

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) has earned a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $10.4167.

PFLT has been the topic of several recent analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Monday, December 29th. Maxim Group set a $10.50 price objective on shares of PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday, February 12th.

PennantPark Floating Rate Capital Trading Down 1.1%

PFLT stock opened at $8.05 on Friday. The company has a market cap of $799.02 million, a price-to-earnings ratio of 23.69 and a beta of 0.77. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.15 and a current ratio of 0.15. The stock has a 50-day simple moving average of $8.99. PennantPark Floating Rate Capital has a 1-year low of $7.92 and a 1-year high of $11.46.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its earnings results on Monday, February 9th. The company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.03). PennantPark Floating Rate Capital had a net margin of 13.03% and a return on equity of 9.72%. The business had revenue of $12.72 million for the quarter.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, April 1st. Investors of record on Monday, March 16th will be given a $0.1025 dividend. This represents a c) dividend on an annualized basis and a yield of 15.3%. The ex-dividend date of this dividend is Monday, March 16th. PennantPark Floating Rate Capital’s payout ratio is presently 361.76%.

Insider Buying and Selling

In other news, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were acquired at an average cost of $8.15 per share, with a total value of $122,250.00. Following the purchase, the chief financial officer owned 25,000 shares in the company, valued at $203,750. This represents a 150.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jose A. Briones purchased 5,895 shares of the business’s stock in a transaction on Thursday, February 19th. The stock was purchased at an average price of $8.48 per share, for a total transaction of $49,989.60. Following the acquisition, the director owned 342,313 shares of the company’s stock, valued at approximately $2,902,814.24. This represents a 1.75% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Large investors have recently modified their holdings of the company. Millennium Management LLC raised its stake in shares of PennantPark Floating Rate Capital by 85.0% in the first quarter. Millennium Management LLC now owns 1,196,752 shares of the company’s stock worth $13,392,000 after purchasing an additional 550,011 shares during the last quarter. Jane Street Group LLC boosted its position in shares of PennantPark Floating Rate Capital by 692.7% during the first quarter. Jane Street Group LLC now owns 319,736 shares of the company’s stock valued at $3,578,000 after buying an additional 279,399 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in PennantPark Floating Rate Capital during the second quarter worth $101,000. Wedbush Securities Inc. raised its position in PennantPark Floating Rate Capital by 5.0% in the 2nd quarter. Wedbush Securities Inc. now owns 139,202 shares of the company’s stock valued at $1,438,000 after buying an additional 6,673 shares during the last quarter. Finally, AE Wealth Management LLC raised its position in PennantPark Floating Rate Capital by 18.7% in the 2nd quarter. AE Wealth Management LLC now owns 21,641 shares of the company’s stock valued at $224,000 after buying an additional 3,416 shares during the last quarter. 19.77% of the stock is currently owned by institutional investors.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.