PennantPark Floating Rate Capital (NASDAQ:PFLT) Hits New 52-Week Low - Here's What Happened

Key Points

• PennantPark Floating Rate Capital (PFLT) shares have reached a new 52-week low of $8.67, with trading volume at 340,333 shares.
• Analysts have set a consensus price target of $10.88 for PFLT, with ratings ranging from Strong Buy to Moderate Buy.
• A dividend of $0.1025 has been announced to be paid on November 3rd, representing an extraordinarily high yield of 1,387.0%.

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report) shares hit a new 52-week low on Thursday . The company traded as low as $8.67 and last traded at $8.71, with a volume of 340333 shares trading hands. The stock had previously closed at $8.80.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PFLT shares. JMP Securities reaffirmed a "market outperform" rating and issued a $11.00 target price on shares of PennantPark Floating Rate Capital in a research note on Wednesday, September 3rd. Citigroup reaffirmed an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. Keefe, Bruyette & Woods upgraded shares of PennantPark Floating Rate Capital from a "market perform" rating to an "outperform" rating and set a $10.50 price target on the stock in a research report on Monday. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, UBS Group increased their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $10.88.

PennantPark Floating Rate Capital Price Performance

The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The firm has a market cap of $857.74 million, a PE ratio of 6.18 and a beta of 0.97. The firm has a 50-day simple moving average of $9.88 and a 200 day simple moving average of $10.15.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently disclosed a oct 25 dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be issued a $0.1025 dividend. This represents a yield of 1,387.0%. The ex-dividend date is Wednesday, October 15th. PennantPark Floating Rate Capital's dividend payout ratio (DPR) is presently 146.43%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several large investors have recently bought and sold shares of the business. Teamwork Financial Advisors LLC bought a new stake in PennantPark Floating Rate Capital in the 3rd quarter worth about $126,000. Corient Private Wealth LLC grew its stake in shares of PennantPark Floating Rate Capital by 247.0% during the 2nd quarter. Corient Private Wealth LLC now owns 53,747 shares of the asset manager's stock valued at $555,000 after purchasing an additional 38,258 shares during the period. Osaic Holdings Inc. grew its stake in shares of PennantPark Floating Rate Capital by 38.4% during the 2nd quarter. Osaic Holdings Inc. now owns 162,389 shares of the asset manager's stock valued at $1,678,000 after purchasing an additional 45,022 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in shares of PennantPark Floating Rate Capital by 3.4% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 86,588 shares of the asset manager's stock valued at $896,000 after purchasing an additional 2,823 shares during the period. Finally, Tidal Investments LLC grew its stake in shares of PennantPark Floating Rate Capital by 2.2% during the 2nd quarter. Tidal Investments LLC now owns 105,656 shares of the asset manager's stock valued at $1,091,000 after purchasing an additional 2,322 shares during the period. 19.77% of the stock is currently owned by 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.

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