PennantPark Floating Rate Capital (NASDAQ:PFLT) Sets New 12-Month Low – Should You Sell?

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $8.40 and last traded at $8.4950, with a volume of 702021 shares traded. The stock had previously closed at $8.63.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PFLT. Keefe, Bruyette & Woods dropped their price target on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Maxim Group set a $10.50 price objective on shares of PennantPark Floating Rate Capital in a report on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $10.42.

PennantPark Floating Rate Capital Trading Down 0.3%

The company has a market capitalization of $848.81 million, a P/E ratio of 6.11 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The stock has a fifty day moving average of $9.27 and a 200 day moving average of $9.42.

PennantPark Floating Rate Capital Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 17th will be issued a $0.1025 dividend. This represents a c) annualized dividend and a yield of 14.4%. The ex-dividend date of this dividend is Tuesday, February 17th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 361.76%.

Institutional Trading of PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently modified their holdings of the company. Sovran Advisors LLC raised its position in shares of PennantPark Floating Rate Capital by 3.2% during the 3rd quarter. Sovran Advisors LLC now owns 35,274 shares of the asset manager’s stock valued at $320,000 after buying an additional 1,090 shares in the last quarter. Global Retirement Partners LLC grew its position in PennantPark Floating Rate Capital by 32.1% in the third quarter. Global Retirement Partners LLC now owns 5,188 shares of the asset manager’s stock worth $46,000 after acquiring an additional 1,260 shares in the last quarter. Cetera Investment Advisers increased its stake in PennantPark Floating Rate Capital by 2.1% during the second quarter. Cetera Investment Advisers now owns 63,704 shares of the asset manager’s stock worth $658,000 after acquiring an additional 1,329 shares during the last quarter. PFG Investments LLC raised its position in PennantPark Floating Rate Capital by 1.1% during the fourth quarter. PFG Investments LLC now owns 123,507 shares of the asset manager’s stock valued at $1,145,000 after purchasing an additional 1,372 shares during the period. Finally, Foundations Investment Advisors LLC lifted its stake in shares of PennantPark Floating Rate Capital by 7.9% in the 4th quarter. Foundations Investment Advisors LLC now owns 21,201 shares of the asset manager’s stock valued at $197,000 after purchasing an additional 1,547 shares during the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.