PennantPark Floating Rate Capital (NASDAQ:PFLT) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a research note published on Friday.

Separately, Raymond James initiated coverage on PennantPark Floating Rate Capital in a research note on Friday, December 20th. They set a “market perform” rating on the stock.

PennantPark Floating Rate Capital Stock Performance

Shares of PennantPark Floating Rate Capital stock opened at $11.15 on Friday. The company has a market capitalization of $980.27 million, a PE ratio of 7.96 and a beta of 1.67. PennantPark Floating Rate Capital has a 12 month low of $10.28 and a 12 month 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’s fifty day simple moving average is $11.13 and its 200 day simple moving average is $11.22.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.1025 per share. This represents a $1.23 dividend on an annualized basis and a yield of 11.04%. The ex-dividend date is Friday, March 14th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 87.86%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of large investors have recently added to or reduced their stakes in PFLT. Invesco Ltd. bought a new position in PennantPark Floating Rate Capital during the 4th quarter worth about $10,533,000. Strategic Financial Concepts LLC increased its holdings in PennantPark Floating Rate Capital by 1,080.4% during the 4th quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock worth $7,909,000 after purchasing an additional 662,266 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in PennantPark Floating Rate Capital by 57.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock worth $16,477,000 after purchasing an additional 549,905 shares in the last quarter. Sound Income Strategies LLC increased its holdings in PennantPark Floating Rate Capital by 12.0% during the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock worth $36,288,000 after purchasing an additional 356,781 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in PennantPark Floating Rate Capital by 94.4% during the 4th quarter. Millennium Management LLC now owns 646,741 shares of the asset manager’s stock worth $7,069,000 after purchasing an additional 314,064 shares in the last quarter. 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.