JMP Securities Reaffirms Market Outperform Rating for PennantPark Floating Rate Capital (NASDAQ:PFLT)

JMP Securities reiterated their market outperform rating on shares of PennantPark Floating Rate Capital (NASDAQ:PFLT) in a research note released on Tuesday, Benzinga reports. The brokerage currently has a $12.50 target price on the asset manager’s stock.

PennantPark Floating Rate Capital Stock Performance

Shares of PFLT opened at $11.38 on Tuesday. The stock has a 50 day moving average price of $11.34 and a 200 day moving average price of $11.18. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $701.33 million, a price-to-earnings ratio of 10.16 and a beta of 1.69. PennantPark Floating Rate Capital has a 52-week low of $9.69 and a 52-week high of $12.63.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.02. The business had revenue of $37.97 million during the quarter, compared to the consensus estimate of $35.03 million. PennantPark Floating Rate Capital had a return on equity of 11.83% and a net margin of 43.40%. Research analysts predict that PennantPark Floating Rate Capital will post 1.26 EPS for the current fiscal year.

PennantPark Floating Rate Capital Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, April 1st. Stockholders of record on Monday, March 18th will be issued a $0.1025 dividend. This represents a $1.23 annualized dividend and a dividend yield of 10.81%. The ex-dividend date is Friday, March 15th. PennantPark Floating Rate Capital’s payout ratio is currently 109.82%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several large investors have recently modified their holdings of the company. Creekmur Asset Management LLC acquired a new stake in shares of PennantPark Floating Rate Capital in the fourth quarter valued at approximately $125,000. Legal & General Group Plc raised its stake in shares of PennantPark Floating Rate Capital by 26.9% during the fourth quarter. Legal & General Group Plc now owns 455,786 shares of the asset manager’s stock worth $5,513,000 after purchasing an additional 96,697 shares during the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth approximately $132,000. Prevail Innovative Wealth Advisors LLC raised its stake in shares of PennantPark Floating Rate Capital by 22.7% during the fourth quarter. Prevail Innovative Wealth Advisors LLC now owns 208,471 shares of the asset manager’s stock worth $2,522,000 after purchasing an additional 38,626 shares during the last quarter. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of PennantPark Floating Rate Capital during the fourth quarter worth approximately $242,000. 19.77% of the stock is owned by institutional investors and hedge funds.

PennantPark Floating Rate Capital Company Profile

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.