PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Receives Consensus Rating of “Moderate Buy” from Brokerages

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) has been assigned an average recommendation of “Moderate Buy” from the seven brokerages that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $9.80.

A number of equities research analysts have recently weighed in on PFLT shares. Zacks Research lowered PennantPark Floating Rate Capital from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Friday, May 8th. Citizens Jmp lowered their price objective on PennantPark Floating Rate Capital from $11.00 to $10.00 and set a “market outperform” rating for the company in a research report on Wednesday, April 22nd. Truist Financial dropped their price objective on PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, May 19th. Finally, Wall Street Zen upgraded shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th.

Insiders Place Their Bets

In other news, Director Jose A. Briones purchased 5,770 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were acquired at an average price of $8.67 per share, with a total value of $50,025.90. Following the acquisition, the director directly owned 348,083 shares in the company, valued at approximately $3,017,879.61. The trade was a 1.69% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.00% of the stock is owned by insiders.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently modified their holdings of the company. Allied Private Wealth LLC bought a new stake in shares of PennantPark Floating Rate Capital in the second quarter worth about $51,000. McIlrath & Eck LLC raised its position in PennantPark Floating Rate Capital by 177.9% during the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock valued at $38,000 after purchasing an additional 3,002 shares during the last quarter. Royal Bank of Canada lifted its holdings in PennantPark Floating Rate Capital by 25.3% in the 1st quarter. Royal Bank of Canada now owns 27,629 shares of the company’s stock worth $222,000 after buying an additional 5,576 shares during the period. Cetera Investment Advisers lifted its holdings in PennantPark Floating Rate Capital by 2.4% in the 1st quarter. Cetera Investment Advisers now owns 69,941 shares of the company’s stock worth $562,000 after buying an additional 1,663 shares during the period. Finally, NewEdge Wealth LLC grew its position in shares of PennantPark Floating Rate Capital by 3.5% in the 1st quarter. NewEdge Wealth LLC now owns 177,682 shares of the company’s stock worth $1,429,000 after buying an additional 5,938 shares during the last quarter. 19.77% of the stock is owned by institutional investors.

PennantPark Floating Rate Capital Stock Performance

PennantPark Floating Rate Capital stock opened at $7.32 on Friday. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $725.79 million, a PE ratio of 11.80 and a beta of 0.76. The firm has a fifty day simple moving average of $7.84 and a two-hundred day simple moving average of $8.45. PennantPark Floating Rate Capital has a twelve month low of $7.02 and a twelve month high of $10.88.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). PennantPark Floating Rate Capital had a net margin of 23.08% and a return on equity of 9.95%. The company had revenue of $44.81 million for the quarter. Research analysts expect that PennantPark Floating Rate Capital will post 1.08 EPS for the current year.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently declared a special dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a dividend of $0.0033 per share. This represents a yield of 55.0%. The ex-dividend date is Wednesday, July 15th. PennantPark Floating Rate Capital’s dividend payout ratio is currently 154.84%.

PennantPark Floating Rate Capital Company Profile

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.