PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Stock Has Average Target Price of $9.80 According to Analysts

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $9.80.

Several analysts recently commented on the company. Zacks Research upgraded PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 5th.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Institutional investors and hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. raised its holdings in PennantPark Floating Rate Capital by 4,538.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,546 shares of the company’s stock valued at $1,768,000 after acquiring an additional 181,546 shares during the last quarter. BlackRock Inc. acquired a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter worth approximately $2,811,000. NewEdge Wealth LLC acquired a new position in shares of PennantPark Floating Rate Capital during the 2nd quarter worth approximately $1,261,000. Altshuler Shaham Ltd grew its position in shares of PennantPark Floating Rate Capital by 44.1% in the fourth quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company’s stock valued at $12,238,000 after purchasing an additional 404,117 shares in the last quarter. Finally, Sound Income Strategies LLC grew its position in shares of PennantPark Floating Rate Capital by 6.4% in the first quarter. Sound Income Strategies LLC now owns 4,940,809 shares of the company’s stock valued at $39,576,000 after purchasing an additional 296,851 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Trading Down 0.2%

PFLT stock opened at $6.97 on Friday. PennantPark Floating Rate Capital has a 12-month low of $6.83 and a 12-month high of $9.75. The business’s 50-day moving average is $7.22 and its 200 day moving average is $7.79. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.94. The stock has a market cap of $692.06 million, a price-to-earnings ratio of 13.68 and a beta of 0.78.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its earnings results on Monday, August 10th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The firm had revenue of $66.09 million for the quarter. PennantPark Floating Rate Capital had a net margin of 18.53% and a return on equity of 10.24%. On average, sell-side analysts anticipate that PennantPark Floating Rate Capital will post 1.06 EPS for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a special dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a $0.0033 dividend. This represents a dividend yield of 1,368.0%. The ex-dividend date is Tuesday, September 15th. PennantPark Floating Rate Capital’s dividend payout ratio is 188.24%.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) is a business development company (BDC) that provides financing to middle-market companies. The company primarily invests in floating-rate, senior secured loans, with a focus on first-lien and other secured debt investments. It may also make second-lien debt investments and receive equity interests in portfolio companies.

PFLT seeks to generate current income and, to a lesser extent, capital appreciation by investing in privately owned businesses across a range of industries.