PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded to “Buy” at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a neutral rating to a buy rating in a research report report published on Tuesday, Marketbeat Ratings reports. The brokerage currently has $10.50 price target on the asset manager’s stock.

PFLT has been the topic of a number of other reports. UBS Group dropped their target price on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating on the stock in a report on Thursday, April 17th. Keefe, Bruyette & Woods lowered their price target on shares of PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating for the company in a research report on Tuesday, April 8th. Finally, StockNews.com upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.20.

PennantPark Floating Rate Capital Stock Down 0.7%

Shares of NASDAQ:PFLT opened at $10.14 on Tuesday. The stock has a market capitalization of $891.87 million, a price-to-earnings ratio of 7.24 and a beta of 1.01. PennantPark Floating Rate Capital has a 1-year low of $8.82 and a 1-year high of $12.02. The company’s fifty day moving average is $10.36 and its two-hundred day moving average is $10.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be given a dividend of $0.1025 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.23 annualized dividend and a dividend yield of 12.13%. PennantPark Floating Rate Capital’s dividend payout ratio is currently 87.86%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors have recently modified their holdings of the company. Invesco Ltd. bought a new position in PennantPark Floating Rate Capital in the 4th quarter valued at about $10,533,000. Strategic Financial Concepts LLC grew its position in PennantPark Floating Rate Capital by 1,080.4% in the 4th quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock valued at $7,909,000 after buying an additional 662,266 shares in the last quarter. Balyasny Asset Management L.P. grew 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. Sound Income Strategies LLC grew its position in PennantPark Floating Rate Capital by 12.0% in the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock valued at $36,288,000 after buying an additional 356,781 shares in the last quarter. Finally, Millennium Management LLC grew its position in PennantPark Floating Rate Capital by 94.4% in the 4th quarter. Millennium Management LLC now owns 646,741 shares of the asset manager’s stock valued at $7,069,000 after buying an additional 314,064 shares in the last quarter. Institutional investors own 19.77% of the company’s stock.

About PennantPark Floating Rate Capital

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.