PennantPark Floating Rate Capital (NASDAQ:PFLT) Price Target Lowered to $10.00 at Keefe, Bruyette & Woods

PennantPark Floating Rate Capital (NASDAQ:PFLT) had its price target trimmed by Keefe, Bruyette & Woods from $10.50 to $10.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the asset manager’s stock.

Separately, Maxim Group set a $10.50 price objective on shares of PennantPark Floating Rate Capital in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $10.42.

PennantPark Floating Rate Capital Stock Down 1.6%

Shares of PFLT opened at $8.92 on Thursday. The firm has a market cap of $884.53 million, a P/E ratio of 6.37 and a beta of 0.76. PennantPark Floating Rate Capital has a 12 month low of $8.40 and a 12 month high of $11.46. The stock’s 50 day moving average is $9.36 and its two-hundred day moving average is $9.49. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Tuesday, February 17th will be issued a dividend of $0.1025 per share. The ex-dividend date is Tuesday, February 17th. This represents a c) dividend on an annualized basis and a dividend yield of 13.8%. PennantPark Floating Rate Capital’s dividend payout ratio (DPR) is currently 361.76%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP raised its position in PennantPark Floating Rate Capital by 1,603.7% in the second quarter. Allworth Financial LP now owns 2,777 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 2,614 shares during the period. International Assets Investment Management LLC purchased a new stake in PennantPark Floating Rate Capital in the 4th quarter valued at about $33,000. Quarry LP purchased a new stake in PennantPark Floating Rate Capital in the 3rd quarter valued at about $36,000. State of Alaska Department of Revenue acquired a new position in PennantPark Floating Rate Capital in the third quarter valued at about $41,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in PennantPark Floating Rate Capital during the second quarter worth about $41,000. 19.77% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital, Inc (NASDAQ: PFLT) is a closed-end management investment company organized as a business development company (BDC) under the Investment Company Act of 1940. The firm’s primary objective is to generate current income and, secondarily, capital appreciation for its shareholders through debt and equity investments in middle-market companies. PennantPark Floating Rate Capital focuses on floating-rate instruments to help mitigate interest-rate risk and align cash flows with its dividend strategy.

The company’s portfolio is concentrated in senior secured loans, second-lien debt, mezzanine securities and, from time to time, equity investments.