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

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) have received a consensus rating of "Moderate Buy" from the seven analysts that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $11.08.

Several brokerages have recently commented on PFLT. 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 target for the company in a research report on Tuesday, May 13th. UBS Group decreased their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating for the company in a report on Thursday, April 17th. Maxim Group set a $11.50 price objective on shares of PennantPark Floating Rate Capital and gave the company a "buy" rating in a report on Wednesday, May 14th. Truist Financial decreased their price objective on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th.

PennantPark Floating Rate Capital Stock Down 0.1%

Shares of NASDAQ:PFLT opened at $10.23 on Friday. PennantPark Floating Rate Capital has a one year low of $8.82 and a one year high of $12.02. The company has a 50 day moving average of $10.03 and a 200-day moving average of $10.72. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The stock has a market cap of $1.01 billion, a price-to-earnings ratio of 7.31 and a beta of 0.96.

PennantPark Floating Rate Capital Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a $0.1025 dividend. This represents a $1.23 dividend on an annualized basis and a yield of 12.03%. The ex-dividend date of this dividend is Monday, June 16th. PennantPark Floating Rate Capital's payout ratio is currently 136.67%.

Insider Buying and Selling at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones purchased 9,840 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were purchased at an average price of $10.15 per share, with a total value of $99,876.00. Following the completion of the purchase, the director now owns 329,438 shares in the company, valued at $3,343,795.70. This represents a 3.08% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Raymond James Financial Inc. bought a new position in PennantPark Floating Rate Capital in the fourth quarter valued at approximately $283,000. LPL Financial LLC lifted its stake in PennantPark Floating Rate Capital by 20.4% in the fourth quarter. LPL Financial LLC now owns 432,287 shares of the asset manager's stock valued at $4,725,000 after buying an additional 73,365 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth $131,000. BNP Paribas Financial Markets lifted its position in shares of PennantPark Floating Rate Capital by 1,455.3% in the fourth quarter. BNP Paribas Financial Markets now owns 20,219 shares of the asset manager's stock worth $221,000 after purchasing an additional 18,919 shares in the last quarter. Finally, Invesco Ltd. bought a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter worth $10,533,000. 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. 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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