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

Key Points

• PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has received a consensus rating of "Moderate Buy" from analysts, with two hold ratings, five buy ratings, and one strong buy rating.
• The average 12-month target price for PFLT is currently $10.8750 as reported by market analysts.
• The company announced a dividend of $0.1025 to be paid on November 3rd, resulting in a staggering 1,387.0% yield despite a payout ratio of 146.43%.

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

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

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in PFLT. Scoggin Management LP bought a new position in PennantPark Floating Rate Capital in the 1st quarter valued at approximately $16,446,000. Millennium Management LLC increased its position 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 valued at $13,392,000 after acquiring an additional 550,011 shares during the period. Sound Income Strategies LLC increased its position in PennantPark Floating Rate Capital by 8.9% in the 2nd quarter. Sound Income Strategies LLC now owns 3,904,625 shares of the asset manager's stock valued at $40,335,000 after acquiring an additional 319,424 shares during the period. Jane Street Group LLC increased its position in PennantPark Floating Rate Capital by 692.7% in the 1st 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 during the period. Finally, TrueMark Investments LLC increased its position in PennantPark Floating Rate Capital by 735.7% in the 1st 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 during the period. Institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Stock Performance

Shares of PennantPark Floating Rate Capital stock opened at $8.81 on Thursday. The company has a 50 day moving average of $9.91 and a 200-day moving average of $10.17. PennantPark Floating Rate Capital has a 1-year low of $8.69 and a 1-year high of $11.90. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The company has a market cap of $873.61 million, a PE ratio of 6.29 and a beta of 0.97.

PennantPark Floating Rate Capital Announces Dividend

The business also recently disclosed a oct 25 dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.1025 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a yield of 1,387.0%. PennantPark Floating Rate Capital's dividend payout ratio is presently 146.43%.

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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