BidaskClub cut shares of Pennantpark Floating Rate Capital (NASDAQ:PFLT) from a hold rating to a sell rating in a report issued on Tuesday.

A number of other research firms also recently commented on PFLT. Zacks Investment Research raised Pennantpark Floating Rate Capital from a hold rating to a buy rating and set a $15.00 price objective on the stock in a research note on Tuesday, August 14th. ValuEngine downgraded Pennantpark Floating Rate Capital from a hold rating to a sell rating in a research note on Thursday, November 1st. JPMorgan Chase & Co. boosted their price objective on Pennantpark Floating Rate Capital from $7.50 to $8.00 and gave the stock an overweight rating in a research note on Friday, August 10th. Finally, Maxim Group boosted their price objective on Pennantpark Floating Rate Capital from $14.00 to $14.50 and gave the stock a buy rating in a research note on Friday, August 10th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $13.13.

Shares of PFLT stock opened at $13.06 on Tuesday. Pennantpark Floating Rate Capital has a 1 year low of $12.00 and a 1 year high of $14.32. The firm has a market cap of $503.65 million, a price-to-earnings ratio of 11.60 and a beta of 0.52.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Wednesday, August 8th. The asset manager reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.04. Pennantpark Floating Rate Capital had a return on equity of 7.86% and a net margin of 48.08%. The company had revenue of $19.53 million during the quarter, compared to analyst estimates of $17.93 million. Sell-side analysts expect that Pennantpark Floating Rate Capital will post 1.05 earnings per share for the current fiscal year.

The company also recently disclosed a monthly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Tuesday, November 20th will be paid a $0.078 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.17%. The ex-dividend date is Monday, November 19th. This is an increase from Pennantpark Floating Rate Capital’s previous monthly dividend of $0.01. Pennantpark Floating Rate Capital’s payout ratio is currently 103.64%.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Sound Income Strategies LLC raised its stake in shares of Pennantpark Floating Rate Capital by 12.6% in the 3rd quarter. Sound Income Strategies LLC now owns 1,043,505 shares of the asset manager’s stock worth $13,722,000 after buying an additional 117,138 shares in the last quarter. LGT Capital Partners LTD. raised its position in shares of Pennantpark Floating Rate Capital by 28.3% during the third quarter. LGT Capital Partners LTD. now owns 770,000 shares of the asset manager’s stock worth $10,126,000 after purchasing an additional 170,000 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Pennantpark Floating Rate Capital by 1.7% during the second quarter. Janney Montgomery Scott LLC now owns 508,850 shares of the asset manager’s stock worth $6,951,000 after purchasing an additional 8,586 shares during the period. Van ECK Associates Corp raised its position in shares of Pennantpark Floating Rate Capital by 1.7% during the second quarter. Van ECK Associates Corp now owns 291,319 shares of the asset manager’s stock worth $3,979,000 after purchasing an additional 4,816 shares during the period. Finally, BlackRock Inc. raised its position in shares of Pennantpark Floating Rate Capital by 2.1% during the first quarter. BlackRock Inc. now owns 212,351 shares of the asset manager’s stock worth $2,780,000 after purchasing an additional 4,409 shares during the period. 33.91% of the stock is currently owned by institutional investors.

About Pennantpark Floating Rate Capital

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.

Further Reading: Asset Allocation, Balancing Your Investments

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