PennantPark Floating Rate Capital (NYSE:PFLT) Upgraded at Zacks Research

Zacks Research upgraded shares of PennantPark Floating Rate Capital (NYSE:PFLT) from a strong sell rating to a hold rating in a report published on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on the stock. Wall Street Zen raised shares of PennantPark Floating Rate Capital from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Truist Financial cut their price objective on shares of PennantPark Floating Rate Capital from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday, May 19th. Citizens Jmp decreased their price objective on shares of 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. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a research note on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.80.

PennantPark Floating Rate Capital Trading Down 1.9%

Shares of NYSE:PFLT opened at $7.01 on Monday. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.92. PennantPark Floating Rate Capital has a 12-month low of $6.93 and a 12-month high of $10.78. The business has a 50 day moving average of $7.71 and a two-hundred day moving average of $8.39. The company has a market capitalization of $695.63 million, a PE ratio of 11.31 and a beta of 0.76.

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

PennantPark Floating Rate Capital Announces Dividend

The firm also recently announced a special dividend, which will be paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.0033 per share. The ex-dividend date is Wednesday, July 15th. This represents a dividend yield of 55.0%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is 154.84%.

Insider Transactions at PennantPark Floating Rate Capital

In related news, Director Jose A. Briones purchased 5,770 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average price of $8.67 per share, with a total value of $50,025.90. Following the purchase, the director owned 348,083 shares of the company’s stock, valued at $3,017,879.61. The trade was a 1.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of PennantPark Floating Rate Capital

Institutional investors have recently modified their holdings of the stock. Sovran Advisors LLC raised its position in shares of PennantPark Floating Rate Capital by 3.4% during the 4th quarter. Sovran Advisors LLC now owns 36,464 shares of the company’s stock worth $354,000 after purchasing an additional 1,190 shares during the last quarter. Cetera Investment Advisers boosted its holdings in PennantPark Floating Rate Capital by 2.1% in the 2nd quarter. Cetera Investment Advisers now owns 63,704 shares of the company’s stock worth $658,000 after buying an additional 1,329 shares during the last quarter. PFG Investments LLC increased its stake in PennantPark Floating Rate Capital by 1.1% during the 4th quarter. PFG Investments LLC now owns 123,507 shares of the company’s stock worth $1,145,000 after buying an additional 1,372 shares in the last quarter. Foundations Investment Advisors LLC increased its stake in PennantPark Floating Rate Capital by 7.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 21,201 shares of the company’s stock worth $197,000 after buying an additional 1,547 shares in the last quarter. Finally, Ethos Financial Group LLC raised its holdings in shares of PennantPark Floating Rate Capital by 7.9% during the fourth quarter. Ethos Financial Group LLC now owns 21,308 shares of the company’s stock valued at $198,000 after acquiring an additional 1,555 shares during 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. 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.