PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the eight ratings firms that are presently covering the firm, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $10.92.

A number of equities research analysts recently weighed in on PFLT shares. Citigroup reaffirmed an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a research note on Wednesday, May 14th. UBS Group lowered their target price on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating on the stock in a research note on Thursday, April 17th. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 target price on the stock in a research note on Tuesday, May 13th. Finally, JMP Securities decreased their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating on the stock in a research note on Tuesday, June 24th.

PennantPark Floating Rate Capital Price Performance

Shares of PennantPark Floating Rate Capital stock traded up $0.08 on Tuesday, reaching $10.54. The stock had a trading volume of 465,101 shares, compared to its average volume of 1,022,258. PennantPark Floating Rate Capital has a 1 year low of $8.82 and a 1 year high of $12.02. The company has a market cap of $1.05 billion, a P/E ratio of 7.53 and a beta of 0.95. 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 business's 50 day moving average is $10.24 and its two-hundred day moving average is $10.62.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a dividend yield of 11.68%. The ex-dividend date is Tuesday, July 15th. PennantPark Floating Rate Capital's payout ratio is currently 136.67%.

Insider Activity at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones acquired 9,840 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The stock was bought at an average cost of $10.15 per share, for a total transaction of $99,876.00. Following the purchase, the director owned 329,438 shares in the company, valued at $3,343,795.70. The trade was a 3.08% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC boosted its position in shares of PennantPark Floating Rate Capital by 692.7% during the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the asset manager's stock valued at $3,578,000 after acquiring an additional 279,399 shares during the last quarter. Millennium Management LLC boosted its position in shares of PennantPark Floating Rate Capital by 85.0% during the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager's stock valued at $13,392,000 after acquiring an additional 550,011 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of PennantPark Floating Rate Capital by 6.1% during the 1st quarter. Advisors Asset Management Inc. now owns 331,123 shares of the asset manager's stock valued at $3,705,000 after acquiring an additional 18,963 shares during the last quarter. Scoggin Management LP bought a new position in shares of PennantPark Floating Rate Capital during the 1st quarter valued at approximately $16,446,000. Finally, Magnetar Financial LLC bought a new position in shares of PennantPark Floating Rate Capital during the 1st quarter valued at approximately $1,481,000. 19.77% of the stock is currently owned by institutional investors.

PennantPark Floating Rate Capital Company Profile

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.