PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have been given an average recommendation of “Moderate Buy” by the six brokerages that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $9.80.

A number of equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 5th. 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. Finally, Truist Financial lowered their price target on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, May 19th.

Institutional Trading of PennantPark Floating Rate Capital

A number of institutional investors have recently bought and sold shares of PFLT. Cetera Investment Advisers increased its stake in PennantPark Floating Rate Capital by 2.1% during the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock valued at $658,000 after purchasing an additional 1,329 shares in the last quarter. Sovran Advisors LLC grew its stake in PennantPark Floating Rate Capital by 3.7% during the 1st quarter. Sovran Advisors LLC now owns 37,801 shares of the company’s stock valued at $304,000 after purchasing an additional 1,337 shares during the last quarter. Foundations Investment Advisors LLC increased its holdings in shares of PennantPark Floating Rate Capital by 7.9% in the fourth quarter. Foundations Investment Advisors LLC now owns 21,201 shares of the company’s stock valued at $197,000 after purchasing an additional 1,547 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of PennantPark Floating Rate Capital by 4.1% during the first quarter. Janney Montgomery Scott LLC now owns 41,802 shares of the company’s stock worth $336,000 after purchasing an additional 1,661 shares during the period. Finally, CWM LLC raised its position in PennantPark Floating Rate Capital by 37.4% during the 4th quarter. CWM LLC now owns 7,382 shares of the company’s stock worth $68,000 after buying an additional 2,011 shares during the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Trading Down 0.7%

Shares of PFLT stock opened at $7.38 on Monday. PennantPark Floating Rate Capital has a 52-week low of $6.83 and a 52-week high of $10.30. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.19 and a current ratio of 0.19. The firm has a market capitalization of $732.24 million, a PE ratio of 14.47 and a beta of 0.78. The stock has a fifty day simple moving average of $7.27 and a two-hundred day simple moving average of $7.92.

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

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently announced a special dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.0033 per share. This represents a yield of 1,295.0%. The ex-dividend date of this dividend is Tuesday, September 15th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 188.24%.

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.