PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Stock Has Average Target Price of $9.80 According to Brokerages

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $9.80.

Several brokerages have recently commented on PFLT. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 5th. 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.

PennantPark Floating Rate Capital Price Performance

Shares of NYSE PFLT opened at $6.96 on Friday. The company has a market capitalization of $690.67 million, a PE ratio of 13.65 and a beta of 0.80. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.94. PennantPark Floating Rate Capital has a twelve month low of $6.83 and a twelve month high of $9.75. The firm has a fifty day simple moving average of $7.22 and a 200 day simple moving average of $7.75.

PennantPark Floating Rate Capital (NYSE:PFLT) last issued its quarterly 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). 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%. On average, sell-side analysts forecast that PennantPark Floating Rate Capital will post 1.06 EPS for the current year.

PennantPark Floating Rate Capital Announces Dividend

The company also recently disclosed a special dividend, which was paid on Thursday, October 1st. Investors of record on Tuesday, September 15th were paid a $0.0033 dividend. This represents a yield of 1,368.0%. The ex-dividend date was Tuesday, September 15th. PennantPark Floating Rate Capital’s payout ratio is currently 188.24%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of large investors have recently modified their holdings of PFLT. Integrated Wealth Concepts LLC purchased a new position in shares of PennantPark Floating Rate Capital during the second quarter worth about $40,000. NewEdge Advisors LLC raised its holdings in shares of PennantPark Floating Rate Capital by 264.2% during the second quarter. NewEdge Advisors LLC now owns 17,167 shares of the company’s stock valued at $128,000 after acquiring an additional 12,453 shares in the last quarter. Squarepoint Ops LLC lifted its holdings in PennantPark Floating Rate Capital by 80.0% in the second quarter. Squarepoint Ops LLC now owns 33,287 shares of the company’s stock worth $249,000 after buying an additional 14,795 shares during the period. Van ECK Associates Corp lifted 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 buying an additional 668,394 shares during the period. Finally, Glenview Trust Co bought a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter worth approximately $80,000. 19.77% of the stock is currently owned by institutional investors.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) is a business development company (BDC) that provides financing to middle-market companies. The company primarily invests in floating-rate, senior secured loans, with a focus on first-lien and other secured debt investments. It may also make second-lien debt investments and receive equity interests in portfolio companies.

PFLT seeks to generate current income and, to a lesser extent, capital appreciation by investing in privately owned businesses across a range of industries.