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PennantPark Floating Rate Capital (NASDAQ:PFLT) Hits New 1-Year Low - Here's Why

PennantPark Floating Rate Capital logo with Finance background

Key Points

  • PennantPark Floating Rate Capital (PFLT) shares hit a new 52-week low of $8.48 during trading, reflecting ongoing market challenges.
  • Analysts maintain a "Moderate Buy" rating for PFLT, with average price targets ranging from $9.50 to $11.00.
  • The company announced a dividend of $0.1025, yielding a significant 1,413.0%, although its payout ratio stands at 146.43%.
  • Five stocks to consider instead of PennantPark Floating Rate Capital.

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $8.48 and last traded at $8.49, with a volume of 713434 shares. The stock had previously closed at $8.70.

Wall Street Analyst Weigh In

Several analysts have weighed in on PFLT shares. JMP Securities reiterated a "market outperform" rating and set a $11.00 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday, September 3rd. Keefe, Bruyette & Woods raised shares of PennantPark Floating Rate Capital from a "market perform" rating to an "outperform" rating and set a $10.50 price target for the company in a report on Monday, October 6th. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital to a "strong-buy" rating in a report on Wednesday, August 13th. Finally, UBS Group lowered their price target on PennantPark Floating Rate Capital from $10.50 to $9.50 and set a "neutral" rating on the stock in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $10.67.

Check Out Our Latest Report on PFLT

PennantPark Floating Rate Capital Price Performance

The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The company has a 50-day moving average of $9.74 and a 200-day moving average of $10.07. The firm has a market capitalization of $837.90 million, a price-to-earnings ratio of 6.03 and a beta of 0.97.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared a oct 25 dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.1025 dividend. This represents a yield of 1,413.0%. The ex-dividend date is Wednesday, October 15th. PennantPark Floating Rate Capital's dividend payout ratio is 146.43%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in shares of PennantPark Floating Rate Capital by 1,603.7% during the 2nd quarter. Allworth Financial LP now owns 2,777 shares of the asset manager's stock worth $29,000 after purchasing an additional 2,614 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of PennantPark Floating Rate Capital during the second quarter worth about $41,000. CWM LLC bought a new position in shares of PennantPark Floating Rate Capital during the second quarter worth about $49,000. BNP Paribas Financial Markets bought a new stake in PennantPark Floating Rate Capital in the second quarter worth approximately $55,000. Finally, Farther Finance Advisors LLC increased its holdings in PennantPark Floating Rate Capital by 462.6% in the third quarter. Farther Finance Advisors LLC now owns 8,968 shares of the asset manager's stock worth $80,000 after purchasing an additional 7,374 shares in the last quarter. Institutional investors own 19.77% of the company's stock.

About PennantPark Floating Rate Capital

(Get Free Report)

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.

Further Reading

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