PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• PennantPark Floating Rate Capital has a consensus analyst rating of “Moderate Buy” from eight brokerages, with an average 12-month price target of $9.80.
• The stock traded down 2.7% to $7.77, near its 52-week low of $7.68, while the company reported Q1 EPS of $0.27, missing estimates by $0.01.
• The company declared a monthly dividend of $0.0833 per share, implying an annualized yield of 12.9%, though the payout ratio is high at 198.39%.

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT - Get Free Report) have earned a consensus rating of "Moderate Buy" from the eight brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $9.80.

Several brokerages have issued reports on PFLT. Zacks Research cut PennantPark Floating Rate Capital from a "hold" rating to a "strong sell" rating in a research note on Tuesday, May 12th. Citizens Jmp dropped their price target on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a "market outperform" rating on the stock in a research report on Wednesday, April 22nd. Weiss Ratings reiterated a "hold (c-)" rating on shares of PennantPark Floating Rate Capital in a research report on Friday, May 8th. Wall Street Zen upgraded PennantPark Floating Rate Capital from a "sell" rating to a "hold" rating in a research report on Saturday, March 28th. Finally, Truist Financial dropped their price target on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, May 19th.

Insider Buying and Selling at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones purchased 5,770 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were acquired at an average cost of $8.67 per share, for a total transaction of $50,025.90. Following 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company's stock.

Institutional Trading of PennantPark Floating Rate Capital

A number of institutional investors and hedge funds have recently made changes to their positions in PFLT. Millennium Management LLC grew its holdings in PennantPark Floating Rate Capital by 85.0% in the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the company's stock worth $13,392,000 after buying an additional 550,011 shares in the last quarter. Jane Street Group LLC grew its holdings in PennantPark Floating Rate Capital by 692.7% in the 1st quarter. Jane Street Group LLC now owns 319,736 shares of the company's stock worth $3,578,000 after buying an additional 279,399 shares in the last quarter. Cetera Investment Advisers grew its holdings in PennantPark Floating Rate Capital by 2.1% in the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company's stock worth $658,000 after buying an additional 1,329 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in PennantPark Floating Rate Capital in the 2nd quarter worth approximately $41,000. Finally, Quantbot Technologies LP bought a new position in PennantPark Floating Rate Capital in the 2nd quarter worth approximately $219,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Trading Down 2.7%

Shares of NYSE PFLT opened at $7.77 on Tuesday. The stock's 50 day moving average price is $8.46 and its two-hundred day moving average price is $8.76. PennantPark Floating Rate Capital has a 52-week low of $7.68 and a 52-week high of $10.88. The stock has a market capitalization of $770.54 million, a P/E ratio of 12.53 and a beta of 0.75. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92.

PennantPark Floating Rate Capital (NYSE:PFLT - Get Free Report) last announced its quarterly earnings data 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 net margin of 23.08% and a return on equity of 9.95%. The firm had revenue of $44.81 million for the quarter. On average, analysts anticipate that PennantPark Floating Rate Capital will post 1.08 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Monday, June 15th will be given a dividend of $0.0833 per share. This represents a c) dividend on an annualized basis and a dividend yield of 12.9%. The ex-dividend date is Monday, June 15th. PennantPark Floating Rate Capital's dividend payout ratio is presently 198.39%.

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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