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

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have been assigned a consensus recommendation of “Hold” from the five research firms that are covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $11.38.

PFLT has been the topic of several analyst reports. Keefe, Bruyette & Woods dropped their price target 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. StockNews.com raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a research report on Monday, May 5th. Finally, UBS Group dropped their price target on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating on the stock in a research report on Thursday, April 17th.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently modified their holdings of PFLT. Wilmington Savings Fund Society FSB acquired a new position in shares of PennantPark Floating Rate Capital in the third quarter valued at $39,000. JPMorgan Chase & Co. increased its holdings in shares of PennantPark Floating Rate Capital by 72.6% in the third quarter. JPMorgan Chase & Co. now owns 251,733 shares of the asset manager’s stock valued at $2,913,000 after purchasing an additional 105,855 shares during the last quarter. Sound Income Strategies LLC increased its holdings in shares of PennantPark Floating Rate Capital by 12.0% in the fourth quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager’s stock valued at $36,288,000 after purchasing an additional 356,781 shares during the last quarter. PFG Investments LLC increased its holdings in shares of PennantPark Floating Rate Capital by 2.0% in the fourth quarter. PFG Investments LLC now owns 107,180 shares of the asset manager’s stock valued at $1,171,000 after purchasing an additional 2,118 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of PennantPark Floating Rate Capital in the fourth quarter valued at $131,000. 19.77% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT stock opened at $10.06 on Monday. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The company’s fifty day simple moving average is $10.40 and its 200-day simple moving average is $10.85. PennantPark Floating Rate Capital has a 12 month low of $8.82 and a 12 month high of $12.02. The firm has a market cap of $884.84 million, a PE ratio of 7.19 and a beta of 1.01.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be given a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a yield of 12.23%. The ex-dividend date is Thursday, May 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 87.86%.

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.