PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Given Average Rating of "Moderate Buy" by Brokerages

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the eight analysts that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $10.92.

Several research firms have commented on PFLT. Truist Financial decreased their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Maxim Group set a $11.50 price objective on PennantPark Floating Rate Capital and gave the company a "buy" rating in a research report on Wednesday, May 14th. Citigroup restated an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price objective for the company in a research note on Tuesday, May 13th. Finally, UBS Group decreased their price target on 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.

PennantPark Floating Rate Capital Price Performance

NASDAQ PFLT opened at $10.35 on Tuesday. The company has a 50 day simple moving average of $10.19 and a 200-day simple moving average of $10.63. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 7.39 and a beta of 0.96. PennantPark Floating Rate Capital has a 52-week low of $8.82 and a 52-week high of $12.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, July 1st. Investors of record on Monday, June 16th will be issued a $0.1025 dividend. This represents a $1.23 dividend on an annualized basis and a dividend yield of 11.88%. The ex-dividend date is Monday, June 16th. PennantPark Floating Rate Capital's dividend payout ratio is currently 136.67%.

Insider Activity at PennantPark Floating Rate Capital

In other news, Director Jose A. Briones acquired 9,840 shares of the company's stock in a transaction on Wednesday, May 14th. The stock was purchased at an average cost of $10.15 per share, with a total value of $99,876.00. Following the acquisition, the director owned 329,438 shares of the company's stock, valued at $3,343,795.70. This trade represents a 3.08% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently bought and sold shares of the business. Scoggin Management LP bought a new position in shares of PennantPark Floating Rate Capital during the 1st quarter valued at about $16,446,000. Invesco Ltd. acquired a new position in shares of PennantPark Floating Rate Capital during the 4th quarter worth approximately $10,533,000. Millennium Management LLC lifted its stake in PennantPark Floating Rate Capital by 85.0% in the first 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. Balyasny Asset Management L.P. grew its holdings in PennantPark Floating Rate Capital by 57.4% during the fourth 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 during the period. Finally, Jane Street Group LLC lifted its holdings in 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 purchasing an additional 279,399 shares during the last quarter. 19.77% of the stock is 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.

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