Analysts Set PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) PT at $9.80

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have received an average rating of “Moderate Buy” from the six ratings firms that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $9.80.

A number of equities analysts recently commented on PFLT shares. Truist Financial dropped their price target on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 5th. Citizens Jmp decreased their price objective on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 22nd. Finally, Zacks Research upgraded PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th.

PennantPark Floating Rate Capital Trading Up 0.4%

Shares of PennantPark Floating Rate Capital stock opened at $7.52 on Thursday. PennantPark Floating Rate Capital has a fifty-two week low of $6.83 and a fifty-two week high of $10.52. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.18 and a current ratio of 0.18. The company has a market capitalization of $746.13 million, a P/E ratio of 14.75 and a beta of 0.76. The company has a fifty day moving average of $7.38 and a 200 day moving average of $8.14.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its quarterly earnings results on Monday, August 10th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). PennantPark Floating Rate Capital had a net margin of 18.53% and a return on equity of 10.16%. The business had revenue of $22.73 million for the quarter. On average, sell-side analysts anticipate that PennantPark Floating Rate Capital will post 1.08 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.08 dividend. The ex-dividend date is Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 12.8%. PennantPark Floating Rate Capital’s payout ratio is 188.24%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Large investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in PennantPark Floating Rate Capital during the 4th quarter valued at $33,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter worth $30,000. Quarry LP bought a new position in shares of PennantPark Floating Rate Capital during the 3rd quarter worth $36,000. McIlrath & Eck LLC grew its position in shares of PennantPark Floating Rate Capital by 177.9% during the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock worth $38,000 after buying an additional 3,002 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of PennantPark Floating Rate Capital during the second quarter valued at $55,000. 19.77% of the stock is owned by hedge funds and other institutional investors.

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. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments.