PennantPark Floating Rate Capital (NASDAQ:PFLT) Sets New 52-Week Low – Time to Sell?

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $8.82 and last traded at $9.86, with a volume of 2704663 shares trading hands. The stock had previously closed at $9.18.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. 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. StockNews.com upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Raymond James began coverage on PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating for the company. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $11.67.

PennantPark Floating Rate Capital Stock Performance

The stock has a market cap of $837.78 million, a price-to-earnings ratio of 6.80 and a beta of 1.30. The company’s 50 day simple moving average is $10.91 and its 200 day simple moving average is $11.10. 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 Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be paid a dividend of $0.1025 per share. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 12.91%. PennantPark Floating Rate Capital’s dividend payout ratio is presently 87.86%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd bought a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter worth $182,000. Wilmington Savings Fund Society FSB acquired a new stake in PennantPark Floating Rate Capital in the 3rd quarter valued at about $39,000. Tidal Investments LLC boosted its position in shares of PennantPark Floating Rate Capital by 7.4% during the 3rd quarter. Tidal Investments LLC now owns 101,012 shares of the asset manager’s stock valued at $1,169,000 after purchasing an additional 6,966 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of PennantPark Floating Rate Capital by 72.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock worth $2,913,000 after purchasing an additional 105,855 shares during the last quarter. Finally, Graypoint LLC raised its holdings in shares of PennantPark Floating Rate Capital by 2.7% in the 4th quarter. Graypoint LLC now owns 71,156 shares of the asset manager’s stock worth $778,000 after purchasing an additional 1,897 shares in the last quarter. 19.77% of the stock is currently owned by institutional investors and hedge funds.

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.