PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Receives Average Rating of “Hold” from Analysts

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have received an average recommendation of “Hold” from the five brokerages that are covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $11.38.

A number of analysts have recently commented on PFLT shares. UBS Group cut their price target on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating on the stock in a research report on Thursday. StockNews.com upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Saturday, April 12th. Raymond James initiated coverage on PennantPark Floating Rate Capital in a report on Friday, December 20th. They set a “market perform” rating on the stock. Finally, Keefe, Bruyette & Woods lowered 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.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several large investors have recently modified their holdings of the stock. XTX Topco Ltd acquired a new stake in PennantPark Floating Rate Capital during the third quarter worth approximately $182,000. Wilmington Savings Fund Society FSB acquired a new position in PennantPark Floating Rate Capital in the 3rd quarter valued at $39,000. Tidal Investments LLC lifted its holdings in shares of PennantPark Floating Rate Capital by 7.4% during the third quarter. Tidal Investments LLC now owns 101,012 shares of the asset manager’s stock worth $1,169,000 after buying an additional 6,966 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of PennantPark Floating Rate Capital by 72.6% in the third quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock valued at $2,913,000 after acquiring an additional 105,855 shares during the period. Finally, Graypoint LLC grew its stake in shares of PennantPark Floating Rate Capital by 2.7% in the fourth quarter. Graypoint LLC now owns 71,156 shares of the asset manager’s stock valued at $778,000 after acquiring an additional 1,897 shares in the last quarter. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Trading Up 2.8 %

Shares of PFLT traded up $0.27 during trading hours on Thursday, hitting $9.75. 1,043,507 shares of the stock traded hands, compared to its average volume of 1,460,454. The business has a fifty day moving average of $10.83 and a 200-day moving average of $11.06. The firm has a market capitalization of $857.13 million, a PE ratio of 6.96 and a beta of 1.30. 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.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be paid a $0.1025 dividend. This represents a $1.23 dividend on an annualized basis and a yield of 12.62%. The ex-dividend date of this dividend is Tuesday, April 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 87.86%.

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.