PennantPark Floating Rate Capital (NASDAQ:PFLT) Upgraded at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH upgraded shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) to a strong-buy rating in a research report report published on Wednesday morning,Zacks.com reports.

PFLT has been the subject of several other research reports. Wall Street Zen downgraded shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Tuesday, May 13th. Keefe, Bruyette & Woods reduced their price target on shares of PennantPark Floating Rate Capital from $11.00 to $10.50 and set a “market perform” rating for the company in a report on Wednesday. Truist Financial reduced their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. Citigroup reiterated an “outperform” rating on shares of PennantPark Floating Rate Capital in a report on Tuesday, June 24th. Finally, JMP Securities reduced their price target on shares of PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “market outperform” rating for the company in a report on Tuesday, June 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $10.88.

PennantPark Floating Rate Capital Stock Down 2.1%

Shares of NASDAQ:PFLT opened at $10.23 on Wednesday. PennantPark Floating Rate Capital has a 52 week low of $8.82 and a 52 week high of $11.90. 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 has a market capitalization of $1.02 billion, a PE ratio of 7.31 and a beta of 0.97. The company has a 50 day moving average price of $10.48 and a two-hundred day moving average price of $10.53.

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 15th will be issued a dividend of $0.1025 per share. The ex-dividend date is Friday, August 15th. This represents a $0.41 annualized dividend and a yield of 4.0%. PennantPark Floating Rate Capital’s dividend payout ratio is presently 146.43%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. raised its position in PennantPark Floating Rate Capital by 17.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,048 shares of the asset manager’s stock worth $661,000 after acquiring an additional 8,830 shares in the last quarter. Sound Income Strategies LLC raised its position in PennantPark Floating Rate Capital by 8.0% during the first quarter. Sound Income Strategies LLC now owns 3,585,201 shares of the asset manager’s stock worth $40,118,000 after acquiring an additional 265,162 shares in the last quarter. Janney Montgomery Scott LLC raised its position in PennantPark Floating Rate Capital by 6.3% during the first quarter. Janney Montgomery Scott LLC now owns 43,716 shares of the asset manager’s stock worth $489,000 after acquiring an additional 2,579 shares in the last quarter. Bank of America Corp DE raised its position in PennantPark Floating Rate Capital by 14.6% during the fourth quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager’s stock worth $163,000 after acquiring an additional 1,891 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. raised its position in PennantPark Floating Rate Capital by 199.2% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 30,558 shares of the asset manager’s stock worth $334,000 after acquiring an additional 20,345 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.