PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Receives $9.80 Average Price Target from Analysts

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have received a consensus recommendation of “Moderate Buy” from the seven analysts that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $9.80.

Several equities research analysts have commented on the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday. Citizens Jmp dropped their price target on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Truist Financial cut their price target on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Finally, Zacks Research upgraded shares of PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a research note on Monday, July 20th.

PennantPark Floating Rate Capital Trading Up 3.1%

PFLT stock opened at $7.52 on Thursday. The company’s 50-day simple moving average is $7.43 and its 200-day simple moving average is $8.19. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. PennantPark Floating Rate Capital has a 52-week low of $6.83 and a 52-week high of $10.60. The firm has a market cap of $746.53 million, a P/E ratio of 12.14 and a beta of 0.76.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its quarterly earnings results on Thursday, May 7th. The company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. The business had revenue of $44.81 million during the quarter. As a group, equities analysts forecast that PennantPark Floating Rate Capital will post 1.08 EPS for the current fiscal year.

PennantPark Floating Rate Capital Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.08 dividend. The ex-dividend date is Friday, August 14th. This represents a c) dividend on an annualized basis and a yield of 12.8%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 154.84%.

Insider Transactions at PennantPark Floating Rate Capital

In other PennantPark Floating Rate Capital news, Director Jose A. Briones purchased 5,770 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was bought at an average cost of $8.67 per share, with a total value of $50,025.90. Following the acquisition, the director directly owned 348,083 shares of the company’s stock, valued at approximately $3,017,879.61. This represents a 1.69% 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 owned by company insiders.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sovran Advisors LLC boosted its holdings in PennantPark Floating Rate Capital by 3.4% in the fourth quarter. Sovran Advisors LLC now owns 36,464 shares of the company’s stock valued at $354,000 after purchasing an additional 1,190 shares in the last quarter. Cetera Investment Advisers raised its holdings in PennantPark Floating Rate Capital by 2.1% during the second quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock worth $658,000 after purchasing an additional 1,329 shares in the last quarter. PFG Investments LLC raised its holdings in PennantPark Floating Rate Capital by 1.1% during the fourth quarter. PFG Investments LLC now owns 123,507 shares of the company’s stock worth $1,145,000 after purchasing an additional 1,372 shares in the last quarter. Foundations Investment Advisors LLC lifted its position in shares of PennantPark Floating Rate Capital by 7.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 21,201 shares of the company’s stock worth $197,000 after buying an additional 1,547 shares during the last quarter. Finally, Ethos Financial Group LLC boosted its holdings in shares of PennantPark Floating Rate Capital by 7.9% in the 4th quarter. Ethos Financial Group LLC now owns 21,308 shares of the company’s stock valued at $198,000 after buying an additional 1,555 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.