PennantPark Floating Rate Capital (NASDAQ:PFLT) Given New $10.75 Price Target at UBS Group

PennantPark Floating Rate Capital (NASDAQ:PFLT - Free Report) had its price target raised by UBS Group from $10.50 to $10.75 in a report published on Wednesday,Benzinga reports. They currently have a neutral rating on the asset manager's stock.

PFLT has been the subject of several other research reports. 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. Wall Street Zen downgraded shares of PennantPark Floating Rate Capital from a "hold" rating to a "sell" rating in a research report on Tuesday, May 13th. JMP Securities lowered their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a "market outperform" rating for the company in a report on Tuesday, June 24th. Keefe, Bruyette & Woods reduced their price objective on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup reiterated an "outperform" rating on shares of PennantPark Floating Rate Capital in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $10.96.

PennantPark Floating Rate Capital Trading Up 1.0%

NASDAQ PFLT traded up $0.11 on Wednesday, reaching $10.74. The company had a trading volume of 710,150 shares, compared to its average volume of 1,022,136. The firm has a market cap 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. PennantPark Floating Rate Capital has a fifty-two week low of $8.82 and a fifty-two week high of $11.90. The business has a 50 day moving average of $10.32 and a two-hundred day moving average of $10.62.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared 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. This represents a $1.23 dividend on an annualized basis and a dividend yield of 11.45%. The ex-dividend date of this dividend is Tuesday, July 15th. PennantPark Floating Rate Capital's payout ratio is 136.67%.

Insider Activity at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones acquired 9,840 shares of the stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $10.15 per share, for a total transaction of $99,876.00. Following the purchase, the director directly owned 329,438 shares of the company's stock, valued at $3,343,795.70. The trade was a 3.08% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of large investors have recently bought and sold shares of PFLT. Sound Income Strategies LLC raised its holdings in shares of PennantPark Floating Rate Capital by 8.0% during 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 purchasing an additional 265,162 shares during the period. Balyasny Asset Management L.P. increased its position in PennantPark Floating Rate Capital by 57.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager's stock valued at $16,477,000 after buying an additional 549,905 shares in the last quarter. Scoggin Management LP acquired a new position in PennantPark Floating Rate Capital during the 1st quarter worth approximately $16,446,000. Millennium Management LLC boosted its holdings in PennantPark Floating Rate Capital by 85.0% in the first quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager's stock worth $13,392,000 after acquiring an additional 550,011 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in PennantPark Floating Rate Capital by 8.9% in the first quarter. Invesco Ltd. now owns 1,049,808 shares of the asset manager's stock worth $11,747,000 after acquiring an additional 86,099 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.