Keefe, Bruyette & Woods Cuts PennantPark Floating Rate Capital (NASDAQ:PFLT) Price Target to $10.00

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its price target cut by Keefe, Bruyette & Woods from $10.50 to $10.00 in a report released on Thursday,Benzinga reports. They currently have an outperform rating on the asset manager’s stock.

Separately, Maxim Group set a $10.50 price target on PennantPark Floating Rate Capital in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, PennantPark Floating Rate Capital has an average rating of “Buy” and a consensus price target of $10.42.

PennantPark Floating Rate Capital Stock Down 2.9%

Shares of NASDAQ:PFLT opened at $8.65 on Thursday. PennantPark Floating Rate Capital has a fifty-two week low of $8.40 and a fifty-two week high of $11.46. 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 firm’s 50-day simple moving average is $9.34 and its 200-day simple moving average is $9.46. The company has a market cap of $857.74 million, a price-to-earnings ratio of 6.18 and a beta of 0.76.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 17th will be paid a dividend of $0.1025 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a c) annualized dividend and a dividend yield of 14.2%. PennantPark Floating Rate Capital’s payout ratio is 361.76%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Hedge funds and other institutional investors have recently bought and sold shares of the company. Marshall Wace LLP increased its holdings in PennantPark Floating Rate Capital by 42.9% during the 3rd quarter. Marshall Wace LLP now owns 2,057,399 shares of the asset manager’s stock valued at $18,290,000 after acquiring an additional 617,657 shares in the last quarter. Truffle Hound Capital LLC acquired a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter valued at approximately $5,562,000. Millennium Management LLC increased its stake in shares of PennantPark Floating Rate Capital by 85.0% during the 1st quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock worth $13,392,000 after purchasing an additional 550,011 shares in the last quarter. Sound Income Strategies LLC raised its position in shares of PennantPark Floating Rate Capital by 12.4% during the 4th quarter. Sound Income Strategies LLC now owns 4,643,958 shares of the asset manager’s stock worth $44,257,000 after purchasing an additional 512,528 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its stake in PennantPark Floating Rate Capital by 36.9% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,093,973 shares of the asset manager’s stock valued at $9,725,000 after buying an additional 295,157 shares in the last quarter. 19.77% of the stock is owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.