PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have been given a consensus rating of “Moderate Buy” by the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $11.08.

A number of equities analysts recently weighed in on the company. Maxim Group set a $11.50 price target on PennantPark Floating Rate Capital and gave the company a “buy” rating in a research report on Wednesday. Truist Financial decreased their target price on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $10.50 price target on the stock in a report on Tuesday, May 13th. UBS Group reduced their price target on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating for the company in a research report on Thursday, April 17th. Finally, Keefe, Bruyette & Woods lowered 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 report on Tuesday, April 8th.

PennantPark Floating Rate Capital Stock Performance

Shares of NASDAQ PFLT opened at $10.23 on Monday. The stock’s fifty day simple moving average is $10.31 and its 200 day simple moving average is $10.81. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of 7.30 and a beta of 1.01. 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 52-week low of $8.82 and a 52-week high of $12.02.

PennantPark Floating Rate Capital Announces Dividend

The business 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 $0.1025 dividend. This represents a $1.23 dividend on an annualized basis and a dividend yield of 12.03%. The ex-dividend date of this dividend is Thursday, May 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 136.67%.

Insider Buying and Selling

In related news, Director Jose A. Briones acquired 9,840 shares of the company’s stock in a transaction on Wednesday, May 14th. The shares were purchased at an average price of $10.15 per share, for a total transaction of $99,876.00. Following the purchase, the director now owns 329,438 shares in the company, valued at $3,343,795.70. This represents a 3.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new position in shares of PennantPark Floating Rate Capital in the third quarter worth $39,000. Quarry LP grew its stake in PennantPark Floating Rate Capital by 190.2% in the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock valued at $40,000 after purchasing an additional 2,408 shares in the last quarter. Mpwm Advisory Solutions LLC acquired a new position in PennantPark Floating Rate Capital in the 4th quarter worth about $55,000. Investment Partners LTD. purchased a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter worth about $109,000. Finally, Sigma Planning Corp acquired a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter valued at about $119,000. Institutional investors and hedge funds 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.