PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Receives $9.80 Average PT from Analysts

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have received a consensus recommendation of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $9.80.

Several brokerages have commented on PFLT. Zacks Research raised shares of PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings reiterated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Wednesday, August 5th. Finally, Truist Financial decreased their target price on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, May 19th.

PennantPark Floating Rate Capital Stock Performance

Shares of PennantPark Floating Rate Capital stock opened at $7.42 on Monday. The stock has a market capitalization of $735.72 million, a price-to-earnings ratio of 14.54 and a beta of 0.78. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.19 and a quick ratio of 0.19. The business has a 50-day moving average of $7.27 and a 200 day moving average of $7.93. PennantPark Floating Rate Capital has a 12 month low of $6.83 and a 12 month high of $10.30.

PennantPark Floating Rate Capital (NYSE:PFLT) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01). The business had revenue of $66.09 million for the quarter. PennantPark Floating Rate Capital had a return on equity of 10.24% and a net margin of 18.53%. As a group, sell-side analysts forecast that PennantPark Floating Rate Capital will post 1.06 earnings per share for the current year.

PennantPark Floating Rate Capital Cuts Dividend

The business also recently declared a monthly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a c) dividend on an annualized basis and a yield of 12.9%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 188.24%.

Institutional Trading of PennantPark Floating Rate Capital

A number of large investors have recently made changes to their positions in PFLT. Northwestern Mutual Wealth Management Co. purchased a new position in PennantPark Floating Rate Capital in the second quarter worth approximately $30,000. International Assets Investment Management LLC acquired a new position in PennantPark Floating Rate Capital during the 4th quarter worth approximately $33,000. Quarry LP purchased a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter valued at approximately $36,000. McIlrath & Eck LLC increased its position in shares of PennantPark Floating Rate Capital by 177.9% in the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock valued at $38,000 after purchasing an additional 3,002 shares during the last quarter. Finally, Allied Private Wealth LLC purchased a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter valued at approximately $51,000. 19.77% of the stock is currently 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.