Analysts Set PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) PT at $10.67

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has been given a consensus recommendation of “Buy” by the seven research firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $10.6667.

A number of equities research analysts have commented on PFLT shares. Keefe, Bruyette & Woods upgraded PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and set a $10.50 price target for the company in a research note on Monday, October 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $11.00 price objective on shares of PennantPark Floating Rate Capital in a research report on Wednesday, September 3rd. Finally, UBS Group dropped their target price on shares of PennantPark Floating Rate Capital from $10.50 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, October 14th.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC grew its stake in PennantPark Floating Rate Capital by 5.8% during the 3rd quarter. Sound Income Strategies LLC now owns 4,131,430 shares of the asset manager’s stock valued at $35,654,000 after purchasing an additional 226,805 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of PennantPark Floating Rate Capital by 7.4% during the third quarter. Van ECK Associates Corp now owns 2,533,205 shares of the asset manager’s stock worth $22,520,000 after purchasing an additional 174,630 shares during the period. Marshall Wace LLP boosted its position in PennantPark Floating Rate Capital by 42.9% in the third quarter. Marshall Wace LLP now owns 2,057,399 shares of the asset manager’s stock valued at $18,290,000 after buying an additional 617,657 shares during the last quarter. Scoggin Management LP purchased a new stake in PennantPark Floating Rate Capital in the first quarter valued at approximately $16,446,000. Finally, UBS Group AG increased its holdings in PennantPark Floating Rate Capital by 16.0% in the 3rd quarter. UBS Group AG now owns 1,296,070 shares of the asset manager’s stock worth $11,522,000 after buying an additional 178,423 shares during the period. Hedge funds and other institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Stock Down 0.5%

PennantPark Floating Rate Capital stock opened at $9.11 on Tuesday. PennantPark Floating Rate Capital has a 1-year low of $8.40 and a 1-year high of $11.50. The business has a fifty day moving average price of $9.18 and a 200-day moving average price of $9.72. 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 market capitalization of $903.38 million, a price-to-earnings ratio of 6.50 and a beta of 0.75.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Monday, December 15th will be issued a dividend of $0.1025 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a c) dividend on an annualized basis and a dividend yield of 13.5%. PennantPark Floating Rate Capital’s payout ratio is 168.49%.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.