PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Stock Has Average Price Target of $9.60

Key Points

• Analysts have a “Moderate Buy” consensus on PennantPark Floating Rate Capital, with four buys, one hold and one sell; the average 12-month price target is $9.60.
• PFLT opened at $6.32, near its one-year low of $6.29, and remains below its 50-day and 200-day moving averages. Its latest quarterly EPS of $0.26 fell short of the $0.27 consensus estimate.
• The company declared a monthly dividend of $0.08, or $0.96 annualized, representing a 15.2% yield; its dividend payout ratio is 188.24%.

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) have been given an average rating of "Moderate Buy" by the six analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $9.60.

A number of research analysts have weighed in on PFLT shares. Zacks Research upgraded shares of PennantPark Floating Rate Capital from a "strong sell" rating to a "hold" rating in a research report on Monday, July 20th. UBS Group reissued a "buy" rating and set a $8.50 target price (down from $9.50) on shares of PennantPark Floating Rate Capital in a research note on Friday, October 9th. Finally, Weiss Ratings cut PennantPark Floating Rate Capital from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, October 8th.

PennantPark Floating Rate Capital Stock Performance

PFLT opened at $6.32 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.19 and a quick ratio of 0.19. The firm has a fifty day moving average price of $7.10 and a 200 day moving average price of $7.63. PennantPark Floating Rate Capital has a 1 year low of $6.29 and a 1 year high of $9.75. The stock has a market cap of $626.57 million, a P/E ratio of 12.38 and a beta of 0.80.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). The firm had revenue of $66.09 million for the quarter. PennantPark Floating Rate Capital had a return on equity of 10.24% and a net margin of 18.53%. Equities research analysts anticipate that PennantPark Floating Rate Capital will post 1.06 earnings per share for the current year.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.96 dividend on an annualized basis and a yield of 15.2%. PennantPark Floating Rate Capital's dividend payout ratio is presently 188.24%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. acquired a new stake in PennantPark Floating Rate Capital in the 2nd quarter valued at $30,000. McIlrath & Eck LLC increased its holdings in PennantPark Floating Rate Capital by 177.9% in the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company's stock worth $38,000 after acquiring an additional 3,002 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in PennantPark Floating Rate Capital in the 2nd quarter worth $40,000. Allied Private Wealth LLC purchased a new stake in PennantPark Floating Rate Capital in the 2nd quarter worth $51,000. Finally, Glenview Trust Co acquired a new position in PennantPark Floating Rate Capital during the second quarter worth $80,000. Hedge funds and other institutional investors own 19.77% of the company's stock.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. NYSE: PFLT is a business development company that invests in privately held, middle-market businesses. The company seeks to generate current income and preserve capital primarily through investments in floating-rate, senior secured loans.

PennantPark Floating Rate Capital's portfolio may also include second-lien loans, subordinated debt and equity-related investments. Its investments are generally made in companies across a range of industries, with an emphasis on providing financing to businesses that may not have access to traditional public debt markets.

The company was established in 2011 and is externally managed by PennantPark Investment Advisers, LLC, an affiliate of PennantPark Investment Corporation.

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