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

Key Points

• PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) has received a consensus rating of "Moderate Buy" from analysts, with three hold recommendations, four buy, and one strong buy.
• The average one-year price target for the stock among analysts is $10.8750, with several firms adjusting their ratings and price targets in recent months.
• The company declared a quarterly dividend of $0.1025, which translates to an annualized yield of 4.0%, despite a high dividend payout ratio of 146.43%.

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

Several research analysts recently issued reports on the stock. Truist Financial reduced their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a research report on Wednesday, August 13th. JMP Securities reduced their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating on the stock in a research report on Tuesday, June 24th. Maxim Group set a $11.50 price target on shares of PennantPark Floating Rate Capital and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Finally, 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 research report on Wednesday, July 16th.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT traded up $0.0550 during trading hours on Wednesday, hitting $10.1850. The stock had a trading volume of 853,552 shares, compared to its average volume of 1,114,653. The company's fifty day moving average is $10.45 and its two-hundred day moving average is $10.49. 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 52 week low of $8.82 and a 52 week high of $11.90. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 7.28 and a beta of 0.97.

PennantPark Floating Rate Capital Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be given a dividend of $0.1025 per share. The ex-dividend date is Friday, August 15th. This represents a $0.41 annualized dividend and a yield of 4.0%. PennantPark Floating Rate Capital's dividend payout ratio is 146.43%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. bought a new stake in PennantPark Floating Rate Capital during the 4th quarter worth about $10,533,000. Raymond James Financial Inc. bought a new stake in PennantPark Floating Rate Capital during the 4th quarter worth about $283,000. Guggenheim Capital LLC raised its holdings in PennantPark Floating Rate Capital by 6.4% during the 4th quarter. Guggenheim Capital LLC now owns 47,999 shares of the asset manager's stock worth $525,000 after purchasing an additional 2,890 shares during the last quarter. MGO One Seven LLC bought a new stake in PennantPark Floating Rate Capital during the 4th quarter worth about $726,000. Finally, Nebula Research & Development LLC bought a new stake in PennantPark Floating Rate Capital during the 4th quarter worth about $140,000. 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.