PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $10.62 and traded as high as $10.77. PennantPark Floating Rate Capital shares last traded at $10.64, with a volume of 780,163 shares traded.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on PFLT shares. Citigroup restated an "outperform" rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. UBS Group boosted their price objective on PennantPark Floating Rate Capital from $10.50 to $10.75 and gave the stock a "neutral" rating in a report on Wednesday. LADENBURG THALM/SH SH upgraded PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price objective for the company in a report on Tuesday, May 13th. Keefe, Bruyette & Woods reduced their price objective on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating for the company in a report on Tuesday, April 8th. Finally, Maxim Group set a $11.50 price objective on PennantPark Floating Rate Capital and gave the stock a "buy" rating in a report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, PennantPark Floating Rate Capital presently has a consensus rating of "Hold" and an average price target of $10.96.
View Our Latest Research Report on PFLT
PennantPark Floating Rate Capital Trading Up 1.0%
The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 7.67 and a beta of 0.95. 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 business's 50-day moving average price is $10.31 and its two-hundred day moving average price is $10.62.
PennantPark Floating Rate Capital Dividend Announcement
The company also recently disclosed a monthly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be given a dividend of $0.1025 per share. The ex-dividend date is Tuesday, July 15th. This represents a $1.23 annualized dividend and a yield of 11.45%. PennantPark Floating Rate Capital's dividend payout ratio is currently 136.67%.
Insider Buying and Selling
In other news, Director Jose A. Briones acquired 9,840 shares of the stock in a transaction on Wednesday, May 14th. The stock was acquired at an average cost of $10.15 per share, for a total transaction of $99,876.00. Following the completion of the transaction, the director directly owned 329,438 shares in the company, valued at approximately $3,343,795.70. This trade represents a 3.08% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 1.00% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth $283,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth $1,046,000. Commonwealth Equity Services LLC grew its stake in shares of PennantPark Floating Rate Capital by 10.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 40,826 shares of the asset manager's stock worth $446,000 after buying an additional 3,782 shares during the last quarter. Corient Private Wealth LLC bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth $171,000. Finally, GWN Securities Inc. bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth $250,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.
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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