PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Stock Has Consensus Target Price of $9.80

Key Points

• PennantPark Floating Rate Capital has a “Moderate Buy” consensus rating, split evenly between three buy and three hold recommendations. Analysts’ average 12-month price target is $9.80.
• The stock opened at $6.99, near its 52-week low of $6.83 and below its 52-week high of $9.75. Institutional investors own approximately 19.77% of the shares, with several large firms recently increasing or initiating positions.
• The company reported quarterly EPS of $0.26, slightly below the $0.27 consensus estimate, on revenue of $66.09 million. It also announced a $0.0033 special dividend payable October 1 to shareholders of record September 15.

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) has earned a consensus rating of "Moderate Buy" from the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $9.80.

Several equities research analysts have issued reports on the company. Zacks Research raised PennantPark Floating Rate Capital from a "strong sell" rating to a "hold" rating in a research note on Monday, July 20th. Weiss Ratings reiterated a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 5th.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Sound Income Strategies LLC boosted its stake in shares of PennantPark Floating Rate Capital by 6.4% in the 1st quarter. Sound Income Strategies LLC now owns 4,940,809 shares of the company's stock valued at $39,576,000 after purchasing an additional 296,851 shares in the last quarter. Van ECK Associates Corp raised its position in PennantPark Floating Rate Capital by 37.0% in the 2nd quarter. Van ECK Associates Corp now owns 2,473,706 shares of the company's stock worth $18,503,000 after purchasing an additional 668,394 shares during the period. Altshuler Shaham Ltd raised its position in PennantPark Floating Rate Capital by 44.1% in the 4th quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company's stock worth $12,238,000 after purchasing an additional 404,117 shares during the period. Legal & General Group Plc bought a new stake in PennantPark Floating Rate Capital in the second quarter worth $6,061,000. Finally, BlackRock Inc. bought a new stake in PennantPark Floating Rate Capital in the second quarter worth $2,811,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Stock Performance

PennantPark Floating Rate Capital stock opened at $6.99 on Friday. PennantPark Floating Rate Capital has a fifty-two week low of $6.83 and a fifty-two week high of $9.75. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.19 and a current ratio of 0.19. The stock has a market cap of $693.05 million, a P/E ratio of 13.70 and a beta of 0.78. The firm's fifty day moving average price is $7.23 and its 200-day moving average price is $7.79.

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

PennantPark Floating Rate Capital Dividend Announcement

The company also recently announced a special dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.0033 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a yield of 1,368.0%. PennantPark Floating Rate Capital's dividend payout ratio is currently 188.24%.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. NYSE: PFLT is a business development company (BDC) that provides financing to middle-market companies. The company primarily invests in floating-rate, senior secured loans, with a focus on first-lien and other secured debt investments. It may also make second-lien debt investments and receive equity interests in portfolio companies.

PFLT seeks to generate current income and, to a lesser extent, capital appreciation by investing in privately owned businesses across a range of industries.

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