PennantPark Floating Rate Capital (NASDAQ:PFLT) Reaches New 1-Year Low – Here’s What Happened

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)’s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $8.29 and last traded at $8.3250, with a volume of 525828 shares changing hands. The stock had previously closed at $8.44.

Analysts Set New Price Targets

Several brokerages recently commented on PFLT. Keefe, Bruyette & Woods reduced their price target on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Maxim Group set a $10.50 price objective on PennantPark Floating Rate Capital in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $10.42.

PennantPark Floating Rate Capital Trading Down 2.8%

The company has a debt-to-equity ratio of 0.57, a current ratio of 0.15 and a quick ratio of 0.15. The business has a 50-day simple moving average of $9.25 and a two-hundred day simple moving average of $9.39. The stock has a market cap of $814.08 million, a price-to-earnings ratio of 5.86 and a beta of 0.76.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 2nd. Investors of record on Tuesday, February 17th will be issued a dividend of $0.1025 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a c) dividend on an annualized basis and a dividend yield of 15.0%. PennantPark Floating Rate Capital’s payout ratio is presently 361.76%.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP increased its holdings in shares of PennantPark Floating Rate Capital by 1,603.7% in the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 2,614 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter worth about $33,000. Quarry LP acquired a new position in PennantPark Floating Rate Capital in the 3rd quarter valued at about $36,000. State of Alaska Department of Revenue acquired a new position in PennantPark Floating Rate Capital in the 3rd quarter valued at about $41,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in PennantPark Floating Rate Capital in the 2nd quarter valued at about $41,000. 19.77% of the stock is owned by institutional investors.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.