PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Short Interest Update

Key Points

• PennantPark Floating Rate Capital experienced a significant decrease in short interest, dropping by 22.3% to 994,600 shares in August.
• Analysts have mixed views on the stock, with target prices ranging from $10.50 to $11.00, and a consensus rating of Moderate Buy.
• The company declared a monthly dividend of $0.1025, which translates to an annual yield of 12.6%, though it faces a high dividend payout ratio of 146.43%.

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 994,600 shares, a drop of 22.3% from the August 15th total of 1,280,000 shares. Based on an average daily volume of 779,000 shares, the days-to-cover ratio is currently 1.3 days. Approximately 1.0% of the shares of the company are sold short. Approximately 1.0% of the shares of the company are sold short. Based on an average daily volume of 779,000 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Ratings Changes

PFLT has been the topic of a number of recent analyst reports. 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 research note on Wednesday, August 13th. 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. LADENBURG THALM/SH SH raised shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a research note on Wednesday, August 13th. UBS Group lifted their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Finally, Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $10.88.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds have recently modified their holdings of PFLT. Allworth Financial LP raised its stake 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 buying an additional 2,614 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in PennantPark Floating Rate Capital during the second quarter worth $41,000. CWM LLC bought a new position in PennantPark Floating Rate Capital during the second quarter worth $49,000. Mpwm Advisory Solutions LLC bought a new position in PennantPark Floating Rate Capital during the fourth quarter worth $55,000. Finally, BNP Paribas Financial Markets bought a new position in PennantPark Floating Rate Capital during the second quarter worth $55,000. Institutional investors and hedge funds own 19.77% of the company's stock.

PennantPark Floating Rate Capital Trading Down 0.4%

Shares of NASDAQ:PFLT traded down $0.04 during mid-day trading on Friday, reaching $9.79. 1,639,809 shares of the company's stock were exchanged, compared to its average volume of 1,098,224. The firm has a market capitalization of $970.85 million, a price-to-earnings ratio of 6.99 and a beta of 0.98. The business's fifty day moving average price is $10.33 and its 200-day moving average price is $10.34. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. PennantPark Floating Rate Capital has a twelve month low of $8.82 and a twelve month high of $11.90.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.1025 per share. This represents a c) dividend on an annualized basis and a dividend yield of 12.6%. The ex-dividend date is Monday, September 15th. PennantPark Floating Rate Capital's payout ratio is 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.