PennantPark Floating Rate Capital Ltd. (PFLT) – What Are Investment Firms Thinking About This Stock?

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) has been given a consensus recommendation of “Moderate Buy” by the six brokerages that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $9.60.

Several research firms recently commented on PFLT. Weiss Ratings cut PennantPark Floating Rate Capital from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. UBS Group reaffirmed a “buy” rating and issued a $8.50 price target (down from $9.50) on shares of PennantPark Floating Rate Capital in a report on Friday, October 9th. 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.

Institutional Trading of PennantPark Floating Rate Capital

A number of hedge funds have recently made changes to their positions in PFLT. Legal & General Group Plc purchased a new position in PennantPark Floating Rate Capital in the second quarter worth $6,061,000. Van ECK Associates Corp raised its position in PennantPark Floating Rate Capital by 37.0% during the second quarter. Van ECK Associates Corp now owns 2,473,706 shares of the company’s stock valued at $18,503,000 after purchasing an additional 668,394 shares in the last quarter. BlackRock Inc. bought a new stake in PennantPark Floating Rate Capital during the second quarter worth about $2,811,000. Sound Income Strategies LLC lifted its stake in PennantPark Floating Rate Capital by 6.4% during the first quarter. Sound Income Strategies LLC now owns 4,940,809 shares of the company’s stock worth $39,576,000 after purchasing an additional 296,851 shares during the last quarter. Finally, NewEdge Wealth LLC bought a new stake in PennantPark Floating Rate Capital during the second quarter worth about $1,261,000. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Price Performance

PFLT stock opened at $6.41 on Tuesday. The firm has a 50 day moving average of $7.01 and a 200-day moving average of $7.94. The firm has a market capitalization of $635.90 million, a P/E ratio of 5.91 and a beta of 0.80. PennantPark Floating Rate Capital has a 12 month low of $6.15 and a 12 month high of $9.75. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.94.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its earnings results on Monday, August 10th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 10.24% and a net margin of 18.53%. The firm had revenue of $66.09 million for the quarter. As a group, sell-side analysts predict that PennantPark Floating Rate Capital will post 1.05 earnings per share for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be paid a $0.08 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 15.0%. The ex-dividend date of this dividend is Thursday, October 15th. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 188.24%.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) is a business development company that invests in privately owned, middle-market companies. Its investment portfolio is focused primarily on floating-rate, senior secured loans, particularly first-lien and unitranche debt, although it may also make select junior debt and equity investments.

The company seeks to provide financing to businesses across a range of industries, generally working with companies that may have limited access to traditional bank lending.