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

Key Points

• PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has received an average recommendation of "Moderate Buy" from analysts, with three hold ratings, four buy ratings, and one strong buy rating.
• The stock recently traded at $10.17, with a 1-year price range between $8.82 and $11.90, and a market capitalization of $1.01 billion.
• PennantPark Floating Rate Capital announced a monthly dividend of $0.1025 per share, resulting in an annualized yield of 12.1%, despite a high payout ratio of 146.43%.

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the eight analysts that are presently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $10.8750.

Several analysts recently weighed in on the company. LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital to a "strong-buy" rating in a report on Wednesday, August 13th. Keefe, Bruyette & Woods lowered their target price on shares of PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating for the company in a report on Wednesday, August 13th. JMP Securities reiterated a "market outperform" rating and set a $11.00 price target on shares of PennantPark Floating Rate Capital in a report on Wednesday, September 3rd. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. Finally, UBS Group boosted their target price on PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a research report on Wednesday, July 16th.

PennantPark Floating Rate Capital Trading Down 0.4%

Shares of NASDAQ PFLT opened at $10.17 on Friday. PennantPark Floating Rate Capital has a 1-year low of $8.82 and a 1-year high of $11.90. 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 business's 50 day moving average is $10.42 and its two-hundred day moving average is $10.39. The stock has a market capitalization of $1.01 billion, a P/E ratio of 7.27 and a beta of 0.98.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be issued a dividend of $0.1025 per share. The ex-dividend date is Monday, September 15th. This represents a c) dividend on an annualized basis and a yield of 12.1%. PennantPark Floating Rate Capital's payout ratio is presently 146.43%.

Institutional Trading of PennantPark Floating Rate Capital

Large investors have recently made changes to their positions in the stock. Scoggin Management LP purchased a new position in PennantPark Floating Rate Capital in the 1st quarter worth about $16,446,000. Millennium Management LLC grew its stake in PennantPark Floating Rate Capital by 85.0% in the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager's stock worth $13,392,000 after acquiring an additional 550,011 shares in the last quarter. Sound Income Strategies LLC increased its position in shares of PennantPark Floating Rate Capital by 8.9% during the second quarter. Sound Income Strategies LLC now owns 3,904,625 shares of the asset manager's stock worth $40,335,000 after acquiring an additional 319,424 shares during the period. Jane Street Group LLC raised its stake in shares of PennantPark Floating Rate Capital by 692.7% during the first 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 in the last quarter. Finally, TrueMark Investments LLC raised its stake in shares of PennantPark Floating Rate Capital by 735.7% during the first quarter. TrueMark Investments LLC now owns 310,616 shares of the asset manager's stock valued at $3,476,000 after acquiring an additional 273,448 shares in the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

About PennantPark Floating Rate Capital

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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