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

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%.

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the eight research firms that are covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $10.8750.

PFLT has been the topic of a number of recent research reports. UBS Group lifted their target price on PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital to a "strong-buy" rating in a research note on Wednesday, August 13th. JMP Securities reiterated a "market outperform" rating and issued a $11.00 price objective on shares of PennantPark Floating Rate Capital in a report on Wednesday, September 3rd. Keefe, Bruyette & Woods decreased their price objective on shares of PennantPark Floating Rate Capital from $11.00 to $10.50 and set a "market perform" rating on the stock in a report on Wednesday, August 13th. Finally, Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th.

PennantPark Floating Rate Capital Trading Down 1.0%

NASDAQ PFLT traded down $0.10 on Friday, hitting $9.73. 563,524 shares of the company were exchanged, compared to its average volume of 1,091,218. The firm has a market capitalization of $964.90 million, a P/E ratio of 6.95 and a beta of 0.98. PennantPark Floating Rate Capital has a twelve month low of $8.82 and a twelve month 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 company's 50 day moving average price is $10.35 and its 200-day moving average price is $10.36.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.1025 dividend. This represents a c) dividend on an annualized basis and a yield of 12.6%. The ex-dividend date of this dividend is Monday, September 15th. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is currently 146.43%.

Institutional Trading of PennantPark Floating Rate Capital

Institutional investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. lifted its stake in shares of PennantPark Floating Rate Capital by 17.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager's stock valued at $661,000 after buying an additional 8,830 shares in the last quarter. Sound Income Strategies LLC increased its holdings in PennantPark Floating Rate Capital by 8.0% in the 1st quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager's stock worth $40,118,000 after buying an additional 265,162 shares during the period. Janney Montgomery Scott LLC grew its position in shares of PennantPark Floating Rate Capital by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 43,716 shares of the asset manager's stock valued at $489,000 after acquiring an additional 2,579 shares during the period. Bank of America Corp DE lifted its holdings in PennantPark Floating Rate Capital by 14.6% in the 4th quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager's stock valued at $163,000 after purchasing an additional 1,891 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its holdings in shares of PennantPark Floating Rate Capital by 199.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 30,558 shares of the asset manager's stock worth $334,000 after acquiring an additional 20,345 shares during the period. 19.77% of the stock is currently 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.