PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Given Consensus Recommendation of "Moderate Buy" by Analysts

Key Points

• PennantPark Floating Rate Capital has a consensus analyst rating of “Moderate Buy” from seven firms, with an average 12-month price target of $9.80.
• The company recently reported Q1 earnings of $0.27 per share, missing estimates by $0.01, while revenue came in at $44.81 million. Analysts currently expect full-year EPS of 1.08.
• PFLT announced a special dividend of $0.0033 per share payable on August 3, implying a very high 53.0% dividend yield, and insider buying was also reported by Director Jose A. Briones.

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) has been given an average rating of "Moderate Buy" by the seven ratings firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $9.80.

A number of equities analysts have weighed in on the stock. Zacks Research lowered shares of PennantPark Floating Rate Capital from a "hold" rating to a "strong sell" rating in a research report on Tuesday, May 12th. Weiss Ratings restated a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research report on Friday, May 8th. Citizens Jmp lowered their target price on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a "market outperform" rating on the stock in a research note on Wednesday, April 22nd. Truist Financial lowered their target price on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating on the stock in a research note on Tuesday, May 19th. Finally, Wall Street Zen raised shares of PennantPark Floating Rate Capital from a "sell" rating to a "hold" rating in a report on Saturday, March 28th.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT stock traded up $0.10 during trading hours on Friday, reaching $7.17. 841,986 shares of the company traded hands, compared to its average volume of 1,188,336. PennantPark Floating Rate Capital has a 12-month low of $7.02 and a 12-month high of $10.88. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.18 and a quick ratio of 0.18. The company has a market cap of $710.91 million, a P/E ratio of 11.56 and a beta of 0.76. The firm has a 50-day moving average price of $7.99 and a 200 day moving average price of $8.51.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 9.95% and a net margin of 23.08%.The firm had revenue of $44.81 million during the quarter. As a group, sell-side analysts predict that PennantPark Floating Rate Capital will post 1.08 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a special dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a $0.0033 dividend. This represents a dividend yield of 53.0%. The ex-dividend date is Wednesday, July 15th. PennantPark Floating Rate Capital's payout ratio is presently 154.84%.

Insider Buying and Selling at PennantPark Floating Rate Capital

In other PennantPark Floating Rate Capital news, Director Jose A. Briones bought 5,770 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The stock was purchased at an average price of $8.67 per share, for a total transaction of $50,025.90. Following the completion of the transaction, the director owned 348,083 shares of the company's stock, valued at $3,017,879.61. This trade represents a 1.69% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Sound Income Strategies LLC increased its holdings in PennantPark Floating Rate Capital by 12.4% in the 4th quarter. Sound Income Strategies LLC now owns 4,643,958 shares of the company's stock valued at $44,257,000 after acquiring an additional 512,528 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of PennantPark Floating Rate Capital by 4,538.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 185,546 shares of the company's stock valued at $1,768,000 after purchasing an additional 181,546 shares during the last quarter. Altshuler Shaham Ltd boosted its holdings in shares of PennantPark Floating Rate Capital by 44.1% during the 4th quarter. Altshuler Shaham Ltd now owns 1,320,156 shares of the company's stock valued at $12,238,000 after purchasing an additional 404,117 shares during the last quarter. UBS Group AG grew its position in shares of PennantPark Floating Rate Capital by 5.5% during the fourth quarter. UBS Group AG now owns 1,367,442 shares of the company's stock valued at $12,676,000 after purchasing an additional 71,372 shares in the last quarter. Finally, Legal & General Group Plc grew its position in shares of PennantPark Floating Rate Capital by 14.0% during the fourth quarter. Legal & General Group Plc now owns 687,570 shares of the company's stock valued at $6,377,000 after purchasing an additional 84,231 shares in the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.

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