Brokerages Set PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Price Target at $11.08

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the seven brokerages that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $11.08.

Several equities analysts recently weighed in on the company. Truist Financial cut their price target on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price objective on the stock in a report on Tuesday, May 13th. Wall Street Zen cut PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research report on Tuesday, May 13th. UBS Group decreased their target price on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th.

PennantPark Floating Rate Capital Stock Performance

NASDAQ:PFLT traded up $0.10 during trading hours on Friday, reaching $10.45. The company had a trading volume of 760,166 shares, compared to its average volume of 1,010,268. 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 has a 1-year low of $8.82 and a 1-year high of $12.02. The business's 50 day moving average price is $10.01 and its 200-day moving average price is $10.71. The firm has a market cap of $1.04 billion, a PE ratio of 7.46 and a beta of 0.96.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a $0.1025 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.23 annualized dividend and a dividend yield of 11.78%. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 136.67%.

Insider Transactions at PennantPark Floating Rate Capital

In other news, Director Jose A. Briones acquired 9,840 shares of PennantPark Floating Rate Capital stock in a transaction that occurred 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 purchase, the director now owns 329,438 shares in the company, valued at $3,343,795.70. This trade represents a 3.08% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.00% of the company's stock.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP raised its position in shares of PennantPark Floating Rate Capital by 190.2% in the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager's stock valued at $40,000 after buying an additional 2,408 shares during the last quarter. Mpwm Advisory Solutions LLC purchased a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at about $55,000. Investment Partners LTD. acquired a new stake in PennantPark Floating Rate Capital in the 4th quarter valued at about $109,000. Sigma Planning Corp acquired a new stake in PennantPark Floating Rate Capital in the 4th quarter valued at about $119,000. Finally, Miracle Mile Advisors LLC purchased a new position in PennantPark Floating Rate Capital in the 1st quarter worth approximately $124,000. Institutional investors and hedge funds own 19.77% of the company's stock.

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.