PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) Receives $10.50 Average PT from Brokerages

Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) have received a consensus recommendation of “Buy” from the seven research firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $10.4167.

A number of research analysts have recently issued reports on PFLT shares. Maxim Group set a $10.50 price target on PennantPark Floating Rate Capital in a report on Wednesday. Keefe, Bruyette & Woods dropped their price objective on PennantPark Floating Rate Capital from $10.50 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PFLT. Allworth Financial LP boosted its stake 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 acquiring an additional 2,614 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter valued at $33,000. Quarry LP acquired a new stake in shares of PennantPark Floating Rate Capital in the 3rd quarter worth $36,000. State of Alaska Department of Revenue purchased a new position in PennantPark Floating Rate Capital during the 3rd quarter worth $41,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in PennantPark Floating Rate Capital during the 2nd quarter worth $41,000. Institutional investors own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Price Performance

Shares of PFLT opened at $8.65 on Wednesday. The company has a 50 day moving average price of $9.34 and a 200-day moving average price of $9.47. PennantPark Floating Rate Capital has a fifty-two week low of $8.40 and a fifty-two week high of $11.46. The stock has a market capitalization of $857.74 million, a PE ratio of 6.18 and a beta of 0.76. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.15 and a current ratio of 0.15.

PennantPark Floating Rate Capital Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 17th will be given a dividend of $0.1025 per share. This represents a c) annualized dividend and a dividend yield of 14.2%. The ex-dividend date of this dividend is Tuesday, February 17th. PennantPark Floating Rate Capital’s dividend payout ratio is presently 361.76%.

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.