Brokerages Set PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) PT at $10.96

Key Points

• PennantPark Floating Rate Capital Ltd. has received a consensus rating of "Moderate Buy" from eight analysts, with an average twelve-month price target of $10.96.
• The company will pay a monthly dividend of $0.1025 per share on August 1st, presenting a strong annualized yield of 11.51%.
• Recent institutional activity includes significant increases in holdings, with Millennium Management LLC boosting its stake by 85.0% and now owning over 1.19 million shares.

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) has been given an average rating of "Moderate Buy" by the eight brokerages that are presently covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $10.96.

A number of research firms have recently commented on PFLT. JMP Securities dropped their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating for the company in a report on Tuesday, June 24th. Maxim Group set a $11.50 target price on shares of PennantPark Floating Rate Capital and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Keefe, Bruyette & Woods lowered their price target on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price objective for the company in a research report on Tuesday, May 13th. Finally, Citigroup restated an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th.

PennantPark Floating Rate Capital Stock Performance

Shares of PennantPark Floating Rate Capital stock traded down $0.07 on Friday, hitting $10.48. The stock had a trading volume of 438,938 shares, compared to its average volume of 1,144,133. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 7.48 and a beta of 0.95. 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's 50 day moving average price is $10.41 and its 200 day moving average price is $10.59. PennantPark Floating Rate Capital has a 52-week low of $8.82 and a 52-week high of $11.90.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a $0.1025 dividend. This represents a $1.23 annualized dividend and a yield of 11.74%. The ex-dividend date of this dividend is Tuesday, July 15th. PennantPark Floating Rate Capital's dividend payout ratio is currently 136.67%.

Insider Activity

In other PennantPark Floating Rate Capital news, Director Jose A. Briones acquired 9,840 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was bought at an average cost of $10.15 per share, with a total value of $99,876.00. Following the completion of the transaction, the director directly owned 329,438 shares in the company, valued at approximately $3,343,795.70. This represents a 3.08% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Large investors have recently modified their holdings of the business. CWM LLC bought a new position in shares of PennantPark Floating Rate Capital in the second quarter valued at approximately $49,000. PFG Investments LLC boosted its holdings in shares of PennantPark Floating Rate Capital by 5.6% during the 2nd quarter. PFG Investments LLC now owns 118,908 shares of the asset manager's stock valued at $1,228,000 after purchasing an additional 6,318 shares during the last quarter. Sound Income Strategies LLC raised 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 worth $40,335,000 after purchasing an additional 319,424 shares during the period. GraniteShares Advisors LLC boosted its stake in shares of PennantPark Floating Rate Capital by 6.7% during the second quarter. GraniteShares Advisors LLC now owns 255,250 shares of the asset manager's stock valued at $2,637,000 after purchasing an additional 15,950 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in 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 purchasing an additional 279,399 shares during the period. 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.