PennantPark Floating Rate Capital (NASDAQ:PFLT - Free Report) had its target price decreased by JMP Securities from $12.00 to $11.00 in a report released on Tuesday,Benzinga reports. JMP Securities currently has a market outperform rating on the asset manager's stock.
Other research analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research note on Tuesday, May 13th. Truist Financial reduced 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 report on Wednesday, May 14th. UBS Group decreased their price target on PennantPark Floating Rate Capital from $11.50 to $10.50 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Maxim Group set a $11.50 price objective on PennantPark Floating Rate Capital and gave the company a "buy" rating in a research note on Wednesday, May 14th. Finally, LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 target price on the stock in a report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, PennantPark Floating Rate Capital presently has an average rating of "Hold" and an average target price of $10.92.
View Our Latest Report on PennantPark Floating Rate Capital
PennantPark Floating Rate Capital Stock Down 0.0%
Shares of PennantPark Floating Rate Capital stock traded down $0.01 on Tuesday, hitting $10.23. 466,500 shares of the company's stock traded hands, compared to its average volume of 1,017,722. PennantPark Floating Rate Capital has a 52-week low of $8.82 and a 52-week high of $12.02. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market cap of $1.01 billion, a P/E ratio of 7.30 and a beta of 0.96. The firm's 50-day moving average is $10.16 and its 200 day moving average is $10.64.
PennantPark Floating Rate Capital Dividend Announcement
The business also recently announced a monthly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be paid a $0.1025 dividend. The ex-dividend date is Monday, June 16th. This represents a $1.23 dividend on an annualized basis and a yield of 12.03%. PennantPark Floating Rate Capital's payout ratio is currently 136.67%.
Insider Activity
In other news, Director Jose A. Briones purchased 9,840 shares of PennantPark Floating Rate Capital stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $10.15 per share, with a total value of $99,876.00. Following the completion of the acquisition, the director now owns 329,438 shares in the company, valued at $3,343,795.70. The trade was a 3.08% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company's stock.
Institutional Trading of PennantPark Floating Rate Capital
A number of large investors have recently modified their holdings of the company. Jane Street Group LLC boosted its stake in PennantPark Floating Rate Capital by 692.7% during the 1st 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. Millennium Management LLC raised its holdings in shares of PennantPark Floating Rate Capital by 85.0% during the first quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager's stock valued at $13,392,000 after buying an additional 550,011 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of PennantPark Floating Rate Capital by 6.1% during the first quarter. Advisors Asset Management Inc. now owns 331,123 shares of the asset manager's stock worth $3,705,000 after buying an additional 18,963 shares during the period. Scoggin Management LP bought a new position in PennantPark Floating Rate Capital in the 1st quarter worth approximately $16,446,000. Finally, Magnetar Financial LLC bought a new position in PennantPark Floating Rate Capital in the 1st quarter worth approximately $1,481,000. Institutional investors and hedge funds own 19.77% of the company's stock.
About PennantPark Floating Rate Capital
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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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