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

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $9.80.

A number of research firms recently issued reports on PFLT. Truist Financial decreased their price target on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Wall Street Zen raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Citizens Jmp reduced their target price on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Zacks Research downgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 12th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Friday, May 8th.

PennantPark Floating Rate Capital Price Performance

NYSE:PFLT traded up $0.10 during trading hours on Friday, reaching $7.17. The stock had a trading volume of 841,986 shares, compared to its average volume of 1,188,336. The stock has a market capitalization of $710.91 million, a PE ratio of 11.56 and a beta of 0.76. PennantPark Floating Rate Capital has a 52 week low of $7.02 and a 52 week high of $10.88. The company has a 50 day moving average price of $7.99 and a two-hundred day moving average price of $8.51. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.18 and a current ratio of 0.18.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its earnings results on Thursday, May 7th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. The firm had revenue of $44.81 million for the quarter. As a group, sell-side analysts anticipate that PennantPark Floating Rate Capital will post 1.08 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

The business also recently disclosed a special dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be paid a dividend of $0.0033 per share. This represents a yield of 53.0%. The ex-dividend date of this dividend is Wednesday, July 15th. PennantPark Floating Rate Capital’s payout ratio is presently 154.84%.

Insider Transactions at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones acquired 5,770 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were acquired at an average cost of $8.67 per share, for a total transaction of $50,025.90. Following the completion of the transaction, the director directly owned 348,083 shares in the company, valued at approximately $3,017,879.61. This trade represents a 1.69% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Large investors have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at $33,000. Quarry LP purchased a new position in PennantPark Floating Rate Capital during the third quarter worth $36,000. McIlrath & Eck LLC boosted its stake in PennantPark Floating Rate Capital by 177.9% during the first quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock worth $38,000 after buying an additional 3,002 shares during the period. Northwestern Mutual Wealth Management Co. bought a new position in PennantPark Floating Rate Capital during the second quarter valued at $41,000. Finally, Allied Private Wealth LLC bought a new position in PennantPark Floating Rate Capital during the second quarter valued at $51,000. 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. 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.