Shares of Pennantpark Floating Rate Capital Ltd (NASDAQ:PFLT) have been given an average recommendation of “Hold” by the seven ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $13.83.
A number of analysts have commented on the company. BidaskClub upgraded Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research report on Thursday. ValuEngine cut Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a report on Thursday. Keefe, Bruyette & Woods cut Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $14.00 to $13.00 in a report on Wednesday. Zacks Investment Research raised Pennantpark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. Finally, Maxim Group reissued a “buy” rating and issued a $14.50 target price on shares of Pennantpark Floating Rate Capital in a report on Thursday, February 7th.
Institutional investors and hedge funds have recently modified their holdings of the company. Flagship Harbor Advisors LLC acquired a new position in shares of Pennantpark Floating Rate Capital in the 4th quarter worth approximately $48,000. Psagot Investment House Ltd. acquired a new stake in Pennantpark Floating Rate Capital during the 1st quarter valued at $82,000. Advisor Group Inc. increased its holdings in Pennantpark Floating Rate Capital by 22.3% during the 1st quarter. Advisor Group Inc. now owns 10,149 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 1,850 shares in the last quarter. Stephens Inc. AR acquired a new stake in Pennantpark Floating Rate Capital during the 4th quarter valued at $127,000. Finally, First Allied Advisory Services Inc. acquired a new stake in Pennantpark Floating Rate Capital during the 1st quarter valued at $149,000. 36.49% of the stock is owned by institutional investors and hedge funds.
Shares of PFLT stock traded up $0.17 during mid-day trading on Monday, reaching $12.17. The stock had a trading volume of 527,746 shares, compared to its average volume of 168,789. Pennantpark Floating Rate Capital has a one year low of $11.05 and a one year high of $14.12. The company has a market capitalization of $465.27 million, a P/E ratio of 10.00 and a beta of 0.72.
Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings data on Wednesday, May 8th. The asset manager reported $0.30 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.30. Pennantpark Floating Rate Capital had a return on equity of 8.72% and a net margin of 17.80%. The company had revenue of $23.01 million during the quarter, compared to the consensus estimate of $22.99 million. On average, equities analysts expect that Pennantpark Floating Rate Capital will post 1.2 EPS for the current year.
The business also recently announced a monthly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a $0.095 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 9.37%. Pennantpark Floating Rate Capital’s payout ratio is presently 71.70%.
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.
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