PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) from a sell rating to a hold rating in a research report sent to investors on Monday.

A number of other equities analysts have also recently issued reports on the stock. UBS Group cut their target price on shares of PennantPark Floating Rate Capital from $11.50 to $10.50 and set a “neutral” rating for the company in a research report on Thursday, April 17th. Keefe, Bruyette & Woods reduced their target price on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating on the stock in a research note on Tuesday, April 8th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, PennantPark Floating Rate Capital currently has an average rating of “Hold” and a consensus price target of $11.38.

PennantPark Floating Rate Capital Stock Performance

NASDAQ:PFLT opened at $10.06 on Monday. The firm’s fifty day simple moving average is $10.49 and its 200-day simple moving average is $10.89. The company has a quick ratio of 0.15, a current ratio of 0.15 and a debt-to-equity ratio of 0.57. The stock has a market cap of $884.84 million, a PE ratio of 7.19 and a beta of 1.30. PennantPark Floating Rate Capital has a fifty-two week low of $8.82 and a fifty-two week high of $12.02.

PennantPark Floating Rate Capital Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.23 annualized dividend and a yield of 12.23%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is presently 87.86%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several hedge funds have recently made changes to their positions in PFLT. Sound Income Strategies LLC grew its holdings in PennantPark Floating Rate Capital by 8.0% in the 1st quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager’s stock valued at $40,118,000 after buying an additional 265,162 shares during the period. Van ECK Associates Corp grew its position in PennantPark Floating Rate Capital by 10.4% during the fourth quarter. Van ECK Associates Corp now owns 1,985,730 shares of the asset manager’s stock valued at $21,704,000 after acquiring an additional 187,465 shares during the period. Balyasny Asset Management L.P. increased its stake in PennantPark Floating Rate Capital by 57.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock worth $16,477,000 after acquiring an additional 549,905 shares during the last quarter. Invesco Ltd. acquired a new position in shares of PennantPark Floating Rate Capital in the 4th quarter valued at about $10,533,000. Finally, Strategic Financial Concepts LLC lifted its stake in shares of PennantPark Floating Rate Capital by 1,080.4% in the 4th quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock valued at $7,909,000 after purchasing an additional 662,266 shares in the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

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.