PennantPark Floating Rate Capital (NASDAQ:PFLT - Free Report) had its price objective hoisted by UBS Group from $10.50 to $10.75 in a research note released on Wednesday,Benzinga reports. UBS Group currently has a neutral rating on the asset manager's stock.
A number of other equities research analysts have also issued reports on PFLT. Truist Financial decreased their price target on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Citigroup reissued an "outperform" rating on shares of PennantPark Floating Rate Capital in a research note on Tuesday, June 24th. Maxim Group set a $11.50 price target on PennantPark Floating Rate Capital and gave the stock a "buy" rating in a research note on Wednesday, May 14th. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a "neutral" rating to a "buy" rating and set a $10.50 price target for the company in a research note on Tuesday, May 13th. Finally, Wall Street Zen lowered PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $10.96.
Check Out Our Latest Stock Analysis on PennantPark Floating Rate Capital
PennantPark Floating Rate Capital Price Performance
NASDAQ PFLT traded down $0.09 during trading on Wednesday, hitting $10.74. 651,866 shares of the stock traded hands, compared to its average volume of 1,022,026. The company has a market capitalization of $1.07 billion, a P/E ratio of 7.67 and a beta of 0.95. The firm has a 50-day simple moving average of $10.35 and a 200-day simple moving average of $10.61. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. PennantPark Floating Rate Capital has a 12-month low of $8.82 and a 12-month high of $11.90.
PennantPark Floating Rate Capital Announces Dividend
The company also recently announced a monthly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be issued a dividend of $0.1025 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 11.46%. PennantPark Floating Rate Capital's payout ratio is currently 136.67%.
Insider Activity
In related news, Director Jose A. Briones purchased 9,840 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $3,343,795.70. This trade represents a 3.08% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. raised its stake in shares of PennantPark Floating Rate Capital by 17.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager's stock valued at $661,000 after acquiring an additional 8,830 shares in the last quarter. Sound Income Strategies LLC raised its stake in shares of PennantPark Floating Rate Capital by 8.0% in the first quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager's stock valued at $40,118,000 after acquiring an additional 265,162 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter valued at $283,000. Janney Montgomery Scott LLC raised its stake in shares of PennantPark Floating Rate Capital by 6.3% in the first quarter. Janney Montgomery Scott LLC now owns 43,716 shares of the asset manager's stock valued at $489,000 after acquiring an additional 2,579 shares in the last quarter. Finally, LPL Financial LLC raised its stake in shares of PennantPark Floating Rate Capital by 20.4% in the fourth quarter. LPL Financial LLC now owns 432,287 shares of the asset manager's stock valued at $4,725,000 after acquiring an additional 73,365 shares in the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.
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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