PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Receives Consensus Recommendation 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 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 been assigned a consensus rating of "Moderate Buy" from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $10.8750.

PFLT has been the subject of a number of recent research reports. Citigroup reaffirmed an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. Keefe, Bruyette & Woods reduced 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. Truist Financial lowered 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 note on Wednesday, May 14th. 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, Wall Street Zen cut PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a report on Tuesday, May 13th.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Allworth Financial LP raised its position in PennantPark Floating Rate Capital by 1,603.7% during the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager's stock worth $29,000 after acquiring an additional 2,614 shares in the last quarter. Quarry LP increased its stake in shares of PennantPark Floating Rate Capital by 190.2% during the 4th quarter. Quarry LP now owns 3,674 shares of the asset manager's stock worth $40,000 after purchasing an additional 2,408 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at about $41,000. CWM LLC acquired a new stake in PennantPark Floating Rate Capital in the 2nd quarter valued at about $49,000. Finally, Mpwm Advisory Solutions LLC bought a new position in PennantPark Floating Rate Capital during the fourth quarter worth about $55,000. Institutional investors own 19.77% of the company's stock.

PennantPark Floating Rate Capital Stock Up 0.2%

PFLT stock opened at $10.2250 on Wednesday. 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 capitalization of $1.01 billion, a P/E ratio of 7.30 and a beta of 0.97. PennantPark Floating Rate Capital has a fifty-two week low of $8.82 and a fifty-two week high of $11.90. The business has a 50-day moving average of $10.47 and a 200-day moving average of $10.52.

PennantPark Floating Rate Capital Dividend Announcement

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

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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