PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Given Consensus Rating of “Moderate Buy” by Analysts

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) has earned an average rating of “Moderate Buy” from the seven analysts that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $9.80.

Several equities research analysts have commented on the company. Truist Financial dropped their target price on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Tuesday, May 19th. Zacks Research upgraded PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a report on Monday, July 20th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research report on Wednesday, August 5th. Finally, Citizens Jmp dropped their price target on shares of PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating on the stock in a research note on Wednesday, April 22nd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter valued at approximately $33,000. Quarry LP bought a new position in PennantPark Floating Rate Capital in the 3rd quarter valued at approximately $36,000. McIlrath & Eck LLC increased its holdings in shares of PennantPark Floating Rate Capital by 177.9% in the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock worth $38,000 after purchasing an additional 3,002 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of PennantPark Floating Rate Capital in the 2nd quarter worth $41,000. Finally, Allied Private Wealth LLC bought a new position in shares of PennantPark Floating Rate Capital during the second quarter valued at $51,000. Institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Price Performance

PFLT opened at $7.40 on Thursday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.18 and a current ratio of 0.18. PennantPark Floating Rate Capital has a 52-week low of $6.83 and a 52-week high of $10.60. The stock has a market capitalization of $734.23 million, a PE ratio of 11.94 and a beta of 0.76. The stock’s 50 day moving average price is $7.41 and its 200-day moving average price is $8.17.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The business had revenue of $22.73 million during the quarter. PennantPark Floating Rate Capital had a return on equity of 9.95% and a net margin of 23.08%. On average, equities research analysts predict that PennantPark Floating Rate Capital will post 1.08 EPS for the current year.

PennantPark Floating Rate Capital Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a c) annualized dividend and a yield of 13.0%. PennantPark Floating Rate Capital’s payout ratio is 154.84%.

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. 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.