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

Key Points

• Analysts have a “Moderate Buy” consensus on PennantPark Floating Rate Capital, with four buys, one hold and one sell among six analysts; the average one-year price target is $9.60.
• The stock opened at $6.67, compared with the $9.60 average target, while recent analyst actions were mixed: UBS initiated coverage with a buy rating, while Weiss downgraded the stock to sell.
• The company declared a monthly dividend of $0.08 per share, equal to a 14.4% annualized 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 brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $9.60.

PFLT has been the subject of a number of research analyst reports. Weiss Ratings cut PennantPark Floating Rate Capital from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, October 8th. UBS Group started coverage on PennantPark Floating Rate Capital in a research note on Friday, October 9th. They issued a "buy" rating and a $8.50 price target on the stock. Finally, Zacks Research raised shares of PennantPark Floating Rate Capital from a "strong sell" rating to a "hold" rating in a research note on Monday, July 20th.

PennantPark Floating Rate Capital Stock Down 0.8%

PFLT stock opened at $6.67 on Friday. The stock has a market capitalization of $662.29 million, a P/E ratio of 13.09 and a beta of 0.79. The firm has a 50-day simple moving average of $6.83 and a 200-day simple moving average of $7.74. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.94. PennantPark Floating Rate Capital has a 52 week low of $6.15 and a 52 week high of $9.75.

PennantPark Floating Rate Capital Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be given a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a yield of 14.4%. The ex-dividend date is Friday, November 13th. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 188.24%.

Institutional Trading of PennantPark Floating Rate Capital

Several institutional investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. purchased a new position in PennantPark Floating Rate Capital in the second quarter worth approximately $30,000. McIlrath & Eck LLC raised its position in PennantPark Floating Rate Capital by 177.9% in the first quarter. McIlrath & Eck LLC now owns 4,689 shares of the company's stock valued at $38,000 after purchasing an additional 3,002 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in PennantPark Floating Rate Capital in the second quarter valued at $40,000. Allied Private Wealth LLC purchased a new stake in PennantPark Floating Rate Capital in the second quarter valued at $51,000. Finally, Glenview Trust Co acquired a new position in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at $80,000. Hedge funds and other 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 that provides debt financing to middle-market businesses. Its investment strategy emphasizes floating-rate, senior secured loans, with additional investments in other debt securities and, in some cases, equity. The company primarily invests in U.S. companies, often alongside private equity sponsors. Its floating-rate lending focus is intended to provide income that can adjust as benchmark interest rates change, while its investments expose it to the credit risks of the borrowers and industries in which it operates.

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