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

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

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

PennantPark Floating Rate Capital Price Performance

NYSE PFLT opened at $7.38 on Monday. PennantPark Floating Rate Capital has a 52 week low of $6.83 and a 52 week high of $10.30. The firm has a market capitalization of $732.24 million, a P/E ratio of 14.47 and a beta of 0.78. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.94. The company has a 50-day moving average price of $7.27 and a 200-day moving average price of $7.92.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The business had revenue of $66.09 million during the quarter. PennantPark Floating Rate Capital had a return on equity of 10.24% and a net margin of 18.53%. Equities research analysts anticipate that PennantPark Floating Rate Capital will post 1.06 earnings per share for the current year.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently announced a special dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.0033 per share. The ex-dividend date is Tuesday, September 15th. This represents a yield of 1,295.0%. PennantPark Floating Rate Capital’s payout ratio is 188.24%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its position in shares of PennantPark Floating Rate Capital by 37.0% during the 2nd quarter. Van ECK Associates Corp now owns 2,473,706 shares of the company’s stock valued at $18,503,000 after buying an additional 668,394 shares in the last quarter. Glenview Trust Co purchased a new stake in PennantPark Floating Rate Capital in the 2nd quarter worth approximately $80,000. Corient Private Wealth LP bought a new stake in PennantPark Floating Rate Capital during the 2nd quarter worth approximately $96,000. Bank of America Corp DE bought a new stake in PennantPark Floating Rate Capital during the 2nd quarter worth approximately $1,228,000. Finally, Legal & General Group Plc purchased a new position in PennantPark Floating Rate Capital during the second quarter valued at approximately $6,061,000. Institutional investors own 19.77% of the company’s stock.

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.