PennantPark Floating Rate Capital (NASDAQ:PFLT) Lowered to “Sell” Rating by StockNews.com

StockNews.com cut shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a sell rating in a report issued on Tuesday morning.

Several other equities research analysts have also commented on the company. LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $10.50 target price on the stock in a research report on Tuesday. Keefe, Bruyette & Woods cut their target price on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 8th. Finally, UBS Group cut their target price on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating on the stock in a research report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, PennantPark Floating Rate Capital currently has a consensus rating of “Hold” and a consensus target price of $11.20.

PennantPark Floating Rate Capital Trading Down 0.7%

Shares of PFLT stock opened at $10.14 on Tuesday. PennantPark Floating Rate Capital has a 1-year low of $8.82 and a 1-year high of $12.02. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a 50-day moving average of $10.36 and a 200-day moving average of $10.84. The stock has a market cap of $891.87 million, a price-to-earnings ratio of 7.24 and a beta of 1.01.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be issued a $0.1025 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.23 annualized dividend and a yield of 12.13%. PennantPark Floating Rate Capital’s payout ratio is currently 87.86%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP boosted its holdings in PennantPark Floating Rate Capital by 190.2% in the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock worth $40,000 after acquiring an additional 2,408 shares in the last quarter. Mpwm Advisory Solutions LLC bought a new position in shares of PennantPark Floating Rate Capital in the fourth quarter valued at approximately $55,000. Investment Partners LTD. bought a new position in shares of PennantPark Floating Rate Capital in the fourth quarter valued at approximately $109,000. Sigma Planning Corp bought a new position in shares of PennantPark Floating Rate Capital in the fourth quarter valued at approximately $119,000. Finally, Miracle Mile Advisors LLC bought a new position in shares of PennantPark Floating Rate Capital in the first quarter valued at approximately $124,000. Institutional investors 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.