PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Receives $10.67 Average PT from Brokerages

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have received a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $10.6667.

A number of research analysts recently weighed in on PFLT shares. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital to a “strong-buy” rating in a research note on Wednesday, August 13th. JMP Securities reaffirmed a “market outperform” rating and set a $11.00 target price on shares of PennantPark Floating Rate Capital in a research report on Wednesday, September 3rd. Keefe, Bruyette & Woods upgraded PennantPark Floating Rate Capital from a “market perform” rating to an “outperform” rating and set a $10.50 target price on the stock in a report on Monday, October 6th. Finally, UBS Group decreased their price target on shares of PennantPark Floating Rate Capital from $10.50 to $9.50 and set a “neutral” rating for the company in a research note on Tuesday, October 14th.

Institutional Trading of PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sound Income Strategies LLC raised its holdings in shares of PennantPark Floating Rate Capital by 8.9% in the second quarter. Sound Income Strategies LLC now owns 3,904,625 shares of the asset manager’s stock valued at $40,335,000 after purchasing an additional 319,424 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in PennantPark Floating Rate Capital by 17.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager’s stock worth $661,000 after purchasing an additional 8,830 shares during the last quarter. Cetera Investment Advisers grew its position in PennantPark Floating Rate Capital by 94.5% in the 1st quarter. Cetera Investment Advisers now owns 62,375 shares of the asset manager’s stock worth $698,000 after purchasing an additional 30,313 shares in the last quarter. M&T Bank Corp bought a new stake in PennantPark Floating Rate Capital in the 1st quarter worth about $245,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in PennantPark Floating Rate Capital by 57.3% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 81,236 shares of the asset manager’s stock valued at $839,000 after buying an additional 29,581 shares during the last quarter. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Trading Up 1.5%

NASDAQ:PFLT opened at $9.26 on Monday. PennantPark Floating Rate Capital has a 12 month low of $8.40 and a 12 month high of $11.50. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $918.26 million, a price-to-earnings ratio of 6.61 and a beta of 0.96. The firm has a fifty day simple moving average of $9.31 and a two-hundred day simple moving average of $9.97.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a $0.1025 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date is Monday, November 17th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 146.43%.

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.