PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Receives $10.42 Average Price Target from Analysts

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $10.4167.

PFLT has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Monday, December 29th. Maxim Group set a $10.50 target price on shares of PennantPark Floating Rate Capital in a report on Wednesday, February 11th. Keefe, Bruyette & Woods dropped their target price on shares of PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Finally, Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th.

PennantPark Floating Rate Capital Stock Up 0.9%

PFLT opened at $8.45 on Thursday. PennantPark Floating Rate Capital has a one year low of $7.68 and a one year high of $10.88. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.15 and a current ratio of 0.15. The stock’s fifty day moving average is $8.48 and its 200-day moving average is $8.94. The company has a market capitalization of $837.91 million, a PE ratio of 24.84 and a beta of 0.75.

PennantPark Floating Rate Capital (NYSE:PFLT) last posted its quarterly earnings data on Monday, February 9th. The company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.03). PennantPark Floating Rate Capital had a return on equity of 9.72% and a net margin of 13.03%.The firm had revenue of $12.72 million during the quarter.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th will be given a dividend of $0.1025 per share. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a c) dividend on an annualized basis and a dividend yield of 14.6%. PennantPark Floating Rate Capital’s payout ratio is 361.76%.

Insiders Place Their Bets

In related news, Director Jose A. Briones bought 5,895 shares of the business’s stock in a transaction dated Thursday, February 19th. The shares were bought at an average cost 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 of the company’s stock, valued at approximately $2,902,814.24. This trade represents a 1.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Richard T. Allorto, Jr. bought 15,000 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were bought at an average cost of $8.15 per share, for a total transaction of $122,250.00. Following the completion of the transaction, the chief financial officer directly owned 25,000 shares of the company’s stock, valued at $203,750. This trade represents a 150.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of large investors have recently made changes to their positions in PFLT. Sound Income Strategies LLC raised its position in PennantPark Floating Rate Capital by 5.8% during the third quarter. Sound Income Strategies LLC now owns 4,131,430 shares of the company’s stock valued at $35,654,000 after buying an additional 226,805 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in PennantPark Floating Rate Capital by 81.2% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 147,213 shares of the company’s stock valued at $1,309,000 after buying an additional 65,977 shares during the period. Van ECK Associates Corp raised its position in PennantPark Floating Rate Capital by 7.4% during the third quarter. Van ECK Associates Corp now owns 2,533,205 shares of the company’s stock valued at $22,520,000 after buying an additional 174,630 shares during the period. Muzinich & Co. Inc. raised its position in PennantPark Floating Rate Capital by 62.9% during the third quarter. Muzinich & Co. Inc. now owns 170,836 shares of the company’s stock valued at $1,519,000 after buying an additional 65,977 shares during the period. Finally, Yelin Lapidot Holdings Management Ltd. increased its stake in PennantPark Floating Rate Capital by 281.7% in the 3rd quarter. Yelin Lapidot Holdings Management Ltd. now owns 74,427 shares of the company’s stock valued at $662,000 after buying an additional 54,927 shares during the period. Institutional investors and hedge funds 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.