PennantPark Floating Rate Capital (NASDAQ:PFLT) Sets New 1-Year Low – Here’s Why

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $10.26 and last traded at $10.29, with a volume of 2587426 shares trading hands. The stock had previously closed at $11.06.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. StockNews.com raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Thursday. Raymond James began coverage on shares of PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating for the company.

PennantPark Floating Rate Capital Stock Performance

The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The stock has a 50-day moving average price of $11.17 and a 200 day moving average price of $11.20. The company has a market cap of $882.64 million, a price-to-earnings ratio of 7.17 and a beta of 1.67.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 12.26%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 87.86%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. acquired a new position in shares of PennantPark Floating Rate Capital during the 4th quarter worth approximately $10,533,000. Strategic Financial Concepts LLC increased its holdings in PennantPark Floating Rate Capital by 1,080.4% during the fourth quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock worth $7,909,000 after buying an additional 662,266 shares during the last quarter. Balyasny Asset Management L.P. raised its position in PennantPark Floating Rate Capital by 57.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock worth $16,477,000 after acquiring an additional 549,905 shares in the last quarter. Sound Income Strategies LLC raised its holdings in shares of PennantPark Floating Rate Capital by 12.0% in the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock valued at $36,288,000 after purchasing an additional 356,781 shares during the period. Finally, Millennium Management LLC lifted its stake in PennantPark Floating Rate Capital by 94.4% in the 4th quarter. Millennium Management LLC now owns 646,741 shares of the asset manager’s stock valued at $7,069,000 after purchasing an additional 314,064 shares during the last quarter. Institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Company Profile

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.