PennantPark Floating Rate Capital (NASDAQ:PFLT) Sets New 12-Month Low – Time to Sell?

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)’s share price hit a new 52-week low during trading on Monday . The company traded as low as $7.94 and last traded at $7.96, with a volume of 365749 shares trading hands. The stock had previously closed at $8.12.

Analysts Set New Price Targets

A number of brokerages have commented on PFLT. Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. Keefe, Bruyette & Woods reduced their price objective on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $10.42.

PennantPark Floating Rate Capital Price Performance

The stock has a market cap of $806.64 million, a P/E ratio of 5.81 and a beta of 0.77. The business has a 50 day simple moving average of $9.04 and a 200-day simple moving average of $9.22. 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 firm also recently disclosed a monthly dividend, which was paid on Monday, March 2nd. Shareholders of record on Tuesday, February 17th were issued a dividend of $0.1025 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a c) annualized dividend and a yield of 15.1%. PennantPark Floating Rate Capital’s dividend payout ratio is 361.76%.

Insider Buying and Selling at PennantPark Floating Rate Capital

In other PennantPark Floating Rate Capital news, Director Jose A. Briones purchased 5,895 shares of the stock in a transaction dated Thursday, February 19th. The shares were bought at an average price of $8.48 per share, with a total value of $49,989.60. Following the completion of the transaction, the director directly owned 342,313 shares in the company, valued at approximately $2,902,814.24. This trade represents a 1.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several hedge funds have recently made changes to their positions in the stock. Millennium Management LLC increased its position in shares of PennantPark Floating Rate Capital by 85.0% during the first quarter. Millennium Management LLC now owns 1,196,752 shares of the asset manager’s stock valued at $13,392,000 after buying an additional 550,011 shares during the period. Jane Street Group LLC raised its position in shares of PennantPark Floating Rate Capital by 692.7% in the first quarter. Jane Street Group LLC now owns 319,736 shares of the asset manager’s stock worth $3,578,000 after buying an additional 279,399 shares in the last quarter. AE Wealth Management LLC grew its position in PennantPark Floating Rate Capital by 18.7% during the second quarter. AE Wealth Management LLC now owns 21,641 shares of the asset manager’s stock worth $224,000 after buying an additional 3,416 shares in the last quarter. PFG Advisors increased its stake in PennantPark Floating Rate Capital by 1.8% in the 2nd quarter. PFG Advisors now owns 110,108 shares of the asset manager’s stock worth $1,137,000 after acquiring an additional 1,958 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in shares of PennantPark Floating Rate Capital by 1,603.7% in the 2nd quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 2,614 shares in the last quarter. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

About PennantPark Floating Rate Capital

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.