PennantPark Floating Rate Capital (NASDAQ:PFLT) Sets New 12-Month Low – Here’s What Happened

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) hit a new 52-week low during trading on Monday . The company traded as low as $7.97 and last traded at $8.1650, with a volume of 300939 shares changing hands. The stock had previously closed at $8.16.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Maxim Group set a $10.50 price target on shares of PennantPark Floating Rate Capital in a research report on Wednesday, February 11th. Keefe, Bruyette & Woods cut their price objective 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. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $10.42.

PennantPark Floating Rate Capital Stock Down 1.0%

The company has a market capitalization of $816.56 million, a PE ratio of 5.88 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15. The company’s 50-day moving average is $9.13 and its 200 day moving average is $9.29.

PennantPark Floating Rate Capital Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Monday, March 2nd. Investors of record on Tuesday, February 17th were issued a $0.1025 dividend. This represents a c) dividend on an annualized basis and a yield of 14.9%. The ex-dividend date was Tuesday, February 17th. PennantPark Floating Rate Capital’s payout ratio is presently 361.76%.

Insider Buying and Selling

In other PennantPark Floating Rate Capital news, Director Jose A. Briones bought 5,895 shares of the business’s stock in a transaction on Thursday, February 19th. The shares were acquired at an average cost of $8.48 per share, for a total transaction of $49,989.60. Following the purchase, the director owned 342,313 shares in the company, valued at approximately $2,902,814.24. This trade represents a 1.75% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

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

PennantPark Floating Rate Capital Company Profile

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.